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Attendees Cover Old Ground Regarding the BIC at Swift’s LEI Meeting
This morning’s discussions at Swift’s London HQ indicate that some corners of the industry are not willing to give up on the notion of a reworked version of the Bank Identifier Code (BIC) becoming a legal entity identifier for the purposes of the global regulatory community. Swift itself may have moved on (and is now…
Technology Capabilities Could Enable Algorithmic Descriptions for Derivatives, But Standardisation is Lacking
Following their request for input from the industry back in December, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have published a paper outlining the findings of their joint study to examine the feasibility of adopting new algorithmic codes to identify complex and standardised derivatives. The study indicates that the…
European Commission’s Almunia Highlights Ongoing Investigations of S&P for ISINs and Thomson Reuters for RICs
Quite some time has passed since the European Commission kicked off its investigation into Standard & Poor’s pricing practices concerning International Securities Identification Numbers (ISINs) back at the start of 2009 and, later in the year, into Thomson Reuters’ licensing of its proprietary data codes. However, the Commission is still deliberating on the outcome of…
Euroclear UK & Ireland Slashes Fund Transaction Reconciliation Fees
Euroclear UK & Ireland’s charges to fund promoters for processing reconciliation messages emanating from the fund distributor community have been lowered substantially, with immediate effect. Fund promoters that receive fund distributor data requests concerning fund unit balances for reconciliation purposes (known as reconciliation messages) will be charged GBP 1.00 for the first 250 messages per…
Carne Recruits IFS Founder to Join Expanding Team of Independent Fund Directors
Carne Global Financial Services has added a senior figure in the Irish funds industry to its growing list of experienced independent fund directors. Mary Murphy joins Carne as a managing director, Alternatives, and will be based in the firm’s Dublin office. Murphy is a well-known figure in the Irish funds business, having been a founder…
SIX Telekurs Offers Evaluated Pricing for Distressed Securities
SIX Telekurs has expanded its Evaluated Pricing with a unique solution for valuing securities that are distressed due to credit events. Credit events such as bankruptcy, a missed coupon or interest payment on a swap or debenture can trigger doubt that an issuer will meet its obligations. This can spark uncertainty in the market, and…
JPMorgan Appoint Rene Wiegel as Head of Business Development for the Benelux Region
JPMorgan Worldwide Securities Services today announced the appointment of Rene Wiegel as managing director, head of business development for Benelux, effective immediately. Wiegel brings a wealth of experience to the business development role at JPMorgan Worldwide Securities Services. Most recently, he was managing director, head of sales for Benelux and Switzerland, at BNY Mellon. Prior…
Valuation and Analytics Head Naro Departs Markit for Jefferson National
Sal Naro, executive vice president and global head of valuation and analytics services at Markit, has left the derivatives data specialist and join buy side firm Jefferson National. Naro, who has headed up Markit’s valuation and analytics business for the last two and a half years, since his appointment to the role back in November…
Highbridge Appoints COO as President
Highbridge Capital Management, one of the world’s largest hedge funds, has appointed Todd Builione, its chief operating officer as president in what is being described as a sign of the increasing maturity of the hedge fund industry. Ronald Paterson, partner at international law firm Eversheds, comments on the changes the industry has gone through recently:…
Setting the Social Agenda
When you think of firms that are at the forefront of the social media trend, very few (if any) financial services firms immediately spring to mind. Those that do are likely from the retail world rather than cap markets, but there is activity taking place out there: you just need to know where to look…