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Broadridge and Newriver Deliver Summary Prospectus Solutions to the Mutual Fund Industry
Broadridge Financial Solutions and NewRiver today announced a solution to the Securities and Exchange Commission’s (SEC) newly enacted summary prospectus rule that combines Broadridge’s inventory, print, fulfilment and householding capabilities with NewRiver’s patented electronic database. Broadridge is a global provider of technology-based solutions to the financial services industry. NewRiver is the creator of a central…
DekaBank Goes Live With SunGard’s Asset Arena Compliance
DekaBank, the German savings bank finance group’s central asset manager, has implemented SunGard’s Asset Arena Compliance solution to provide back office support for all its pre-trade, post-trade and post-net asset value (NAV) compliance requirements. Asset Arena Compliance gives DekaBank a standardised and flexible compliance solution that can help support its future growth plans. Asset Arena…
UK FSA Fines BarCap £2.45m for Data Errors in Transaction Reporting
The Financial Services Authority (FSA) has slapped Barclays Capital Securities and Barclays Bank with a £2.45 million fine for failing to provide accurate transaction reports to the regulator over a period of a year. The FSA indicates that Barclays and its subsidiary had serious weaknesses in systems and controls in relation to transaction reporting, which…
Regulators Continue to Raise Profile of Derivatives Data Challenge, Market Fights Back
In keeping with this year’s regulatory focus on data challenges within financial institutions, this week, US Securities and Exchange Commission (SEC) chairman Mary Schapiro has been discussing the importance of accurately tracking derivatives data. She has been stressing the critical need for regulators to gain more access to information on derivative transactions in order to…
RBC Dexia Selected By Manulife Singapore For Fund Valuation
RBC Dexia Investor Services has been selected by Manulife (Singapore) Pte Ltd to handle the fund valuation for 42 Investment Linked Portfolios, accounting for over SGD1.5 billion in funds under management and consisting primarily of fund of funds structures. “Outsourcing is an important strategic decision and it is imperative that the right partner is selected…
Basel Committee Issues High Level Principles for Accounting Standards
The Basel Committee on Banking Supervision has released a set of high level principles to assist the International Accounting Standards Board (IASB) in replacing International Accounting Standard (IAS) 39, which is related to fair value measurement. The IASB is currently endeavouring to develop new global accounting standards to improve the decision usefulness and relevance of…
Markit and DTCC Launch MarkitServ
Markit and the Depository Trust & Clearing Corporation (DTCC) today launched MarkitServ, a new company that combines the two organisations’ electronic trade confirmation and workflow platforms to provide a single gateway for OTC derivative trade processing. Jointly owned by DTCC and Markit, MarkitServ combines the DTCC DerivServ and Markit Wire trade confirmation platforms to cover…
Cadis Opens Office in Hong Kong, Appoints Zhang to Head
Following its solution land grab with the acquisition of C8 earlier this year, enterprise data management (EDM) vendor Cadis has expanded its geographic footprint with the addition of a new office in Hong Kong. Focused on the Asia Pacific market, the new office will be headed by Disheng Zhang, who has joined the vendor as…
Advent Links Geneva to Thomson Reuters’ DataScope for Pricing and Reference Data
Thomson Reuters has scored another key win for its DataScope Select service with the signing of an agreement with investment management software provider Advent Software to provide its portfolio management and fund accounting solution with pricing and reference data. Under the terms of the agreement, the two vendors will create and interface to link Advent’s…
Is the Upcoming G20 Meeting the Only Hope for Convergence of Global Accounting Standards?
Government officials at the April G20 summit agreed that some degree of harmonisation is needed in order to achieve a globally accepted set of accounting standards. However, this year has instead witnessed further divergence on these standards, as the each jurisdiction has sought to tackle the fallout from the downturn in the markets. The US…