Bank of New York Adds Valuations for European Swaptions, FX Options and OTC Equity Options
The Bank of New York has expanded its independent valuation service for OTC derivatives to include European swaptions, foreign exchange options and OTC equity options, in addition to the interest rate swaps and credit default swaps already covered. The bank is currently undergoing a merger with Mellon Financial Corporation, which recently announced the availability of...
Standard & Poor’s Adds IVRS OTC Derivatives Valuations
In line with its strategy to extend its valuations offering into the OTC derivatives area, Standard & Poor’s Securities Evaluations (SPSE) has entered into an agreement with Independent Valuation and Risk Services (IVRS) under which the two companies will provide their valuations to each other’s clients. To date, SPSE has provided its asset-backed securities (ABS)/mortgage-backed...
Omgeo Releases Alert Plus For Bulk SSI Upload Capability
Post-trade, pre-settlement trade management services provider Omgeo, the joint venture company of DTCC and Thomson Financial, has released and signed up the first users for Omgeo Alert Plus. This new feature set within the Omgeo Alert web based database for the maintenance and communication of standing settlement and account instructions is designed to give high...
Raymond James & Associates Takes DTCC’s Scrubbed CA Data
Raymond James & Associates has signed up for DTCC’s Global Corporate Action Validation Service (GCA VS), its centralised source of corporate actions announcements for equities and fixed income instruments traded in Europe, Asia-Pacific and the Americas. The firm becomes one of the more than 20 users of GCA VS, which in 2006 provided almost 900,000...
DSEL Picks FinArch Over GoldenSource for Positions
Daiwa Securities SMBC Europe Limited (DSEL), the UK based investment banking joint venture owned by Daiwa Securities Group and Sumitomo Mitsui Financial Group, has begun the implementation of the Financial Studio finance resource planning software from Financial Architects (FinArch). The implementation of the financial database is the second phase of DSEL’s far reaching project to...
Emirates Bank Deploys Quantifi XL For Structured Credit Pricing
US analytics vendor Quantifi has signed up its first Dubai based client. Emirates Bank has taken Quantifi XL as a front office tool for pricing and analysing structured credit products. Quantifi XL is designed to provide access to pricing and risk analysis of credit products from within Excel, and is targeted at banks, hedge funds,...
Xcitek Completes Swift Testing For Corporate Actions
Xcitek has successfully completed testing of ISO messages submitted by its flagship software, XSP, to Swift’s Corporate Actions Test and Certification Proof of Concept (POC) programme. In an effort to improve the quality of FIN Corporate Actions messages and overall STP, the Swift POC tested the validity of ISO messages submitted by participants to comply...
Goal Acquires Securities Class Actions Specialist Magenta One
Global Operations and Administration Limited (GOAL), a provider of tax reclamation services, has completed the acquisition of Magenta One, a securities class actions specialist. As a wholly owned subsidiary of GOAL, the business will trade under the new name of Magenta One Global Limited, operating out of GOAL’s headquarters in the City of London. David...
DTCC Develops XML Format For Corporate Actions Data
DTCC is working to create a new XML based format for delivery of corporate actions announcement information via its Global Corporate Action Validation Service (GCA VS), scheduled for roll-out in early 2008. DTCC currently provides data in its own proprietary format and in ISO 15022. The inadequacy of the 15022 format for its purposes is...
European Firms to Spend €€30m on CA Data Scrubbing by 2010
Financial institutions in Continental Europe spent some €200 million on internal and external corporate actions solutions in 2006, with 75 per cent of that spend going on inhouse development, according to a recent report from analyst Celent, Corporate Actions Automation in Continental Europe. Celent expects this proportion to decline to 55 per cent by 2010,...