Covid-19 is Impacting Banks’ Operational Resilience, Warns EBA

The European Banking Authority (EBA) has issued a preliminary assessment of the impact of COVID-19 on the EU banking sector, warning that operational resilience is now under pressure. “Following the outbreak of the pandemic, banks have activated their contingency plans, which have allowed them to keep their core functions broadly unaffected. However, the handling of large volumes of applications for debt moratoria and guaranteed loans, and the insufficient preparation of some offshore units to work remotely added some pressure on their operational capacities,” says the regulator.

Push and Baker Technology Partner on Bespoke Real-Time Trading Systems

California’s Push Technology, which provides real-time data streaming and messaging solutions, has partnered with London-based Baker Technology, a specialist user interface software engineering firm that builds bespoke trading systems for global investment banks and exchanges. Through the partnership, Baker will use Push’s Diffusion Real-Time API Management platform to provide a single, secure, unified gateway for distributing and synchronizing shared data models out to their on-premise and cloud-based trading systems built in HTML5. Financial service firms will be able to outsource UI development to Baker – while using Diffusion, Baker can reduce the development time it spends writing the network stack to connect their user interfaces to a variety of data services.

Intesa Sanpaolo to Build Data Centers with Google Cloud

Italian banking group Intesa Sanpaolo has signed an agreement with TIM and Google to leverage cloud services from Google, using TIM’s Data Centers in Italy. The collaboration will culminate in the creation of two Google Cloud Regions, in Turin and Milan, using TIM Data Centers and enabling Intesa Sanpaolo to develop its own digital services. Innovative technology infrastructure will also be built in Turin to provide Google Cloud services, including a centre dedicated to AI, training and professional support for start-ups through initiatives to be defined jointly by Intesa Sanpaolo, TIM and Google Cloud. A second Cloud Region is planned for Milan to ensure business continuity.

Devexperts Launches DXtrade as a SaaS Trading Platform for FX/CFD Brokers

Software provider Devexperts this week launched DXtrade, a new SaaS (Software-as-a-Service) trading platform for the retail FX and CFD industry. DXtrade is an off-the-shelf trading platform that allows brokers to determine their own layout and setup in order to differentiate themselves from the wider market. This includes back-end configurations, where brokers can set up limits, rebates, margins, spreads, and client execution on instruments, group or individual client levels, allowing them to create custom offerings for multiple client segments. DXtrade also offers proprietary trading including custom trading journals, dashboards, modern navigation, and more, on a highly intuitive mobile and web UIs.

EU Issues Warning to Member States Over 5AML

More than half of the EU’s member states have failed to fully implement the 5th Anti-Money Laundering Directive, according to the European Commission (EC). The authority has sent letters of formal notices to 17 countries – including Cyprus, Hungary, the Netherlands, Portugal, Romania, Slovakia, Slovenia and Spain – which it says missed the official implementation deadline of 10 January, 2020. The EC also criticised Austria, Belgium, the Czech Republic, Estonia, Greece, Ireland, Luxembourg and Poland for only partial implementation, and warned Luxembourg over its choice to allow firms “unlimited deductability of interest” from their tax bills.

“The Commission regrets that the Member States in question have failed to transpose the Directive in a timely manner and encourages them all to do so urgently, bearing in mind the importance of these rules for the EU’s collective interest,” said the EC in a statement.

West African Development Bank (BOAD) Selects Wolters Kluwer’s OneSumX Solution for Risk Management

BOAD, the common development finance institution of the member countries of the West African Monetary Union (WAMU), specifically selected the Asset and Liability Management (ALM), Liquidity Risk, Market Risk, and Credit Risk components of OneSumX for Risk Management, to monitor performance, profitability and capital adequacy (both regulatory and economic). To assist in the bank’s decision making, the solution will also cover the parameters of BOAD’s risk appetite framework. The bank chose the solution with the aim of implementing an integrated approach to risk management and financial planning in order to strengthen its financial governance.

HESTA Selects GoldenSource Nexus to Overhaul Investment Data Management

HESTA, a top 20 Australian superannuation fund serving over 860,000 members, has gone live with the GoldenSource Nexus investment data management platform from EDM specialist GoldenSource. The fund is using the platform as the hub for its strategic investment data transformation programme, with the infrastructure supported by GoldenSource OnDemand hosting and applications services. The new service, with Phase 1 set up in under 6 months, will bring together the data from HESTA’s middle and back office services and investment consulting providers, plus its 100+ external fund managers and multiple market data and internal sources. GoldenSource reportedly underwent a rigorous selection process, which it won due to its history of successful delivery and support across the Australasia and APAC regions.

Bloomberg Upgrades Enterprise Access Point to Enhance Data Efficiency

Bloomberg has announced major upgrades to its Enterprise Access Point, the firm’s ready-to-use data website, in order to make data more accessible, discoverable and self-service, as well as simplify data integration. A new self-service marketplace allows clients to access Data License content with click to purchase functionality, while the Dataset Creator offers a new tool for business analysts and developers to generate and subscribe to custom, machine-readable datasets. The service also has a simple Web API and is cloud-ready. “The enhancements to Enterprise Access Point dramatically simplify data discovery and acquisition, enabling clients to integrate data into their applications and immediately put it to use,” says Gerard Francis, Global Head of Enterprise Data at Bloomberg.

Industry Supports Pre-Cessation LIBOR Fallbacks, Finds ISDA

ISDA has found that a significant majority of practitioners would prefer to include pre-cessation and permanent cessation fallbacks without optionality or flexibility. The feedback comes in response to a consultation launched by ISDA in February which asked whether the 2006 ISDA Definitions should be amended to include fallbacks that would apply to all covered derivatives referencing LIBOR following a permanent cessation of the benchmark or a ‘non-representative’ pre-cessation event, whichever occurs first. ISDA now expects to publish amendments to the 2006 ISDA Definitions to incorporate the fallbacks for new trades in July. A protocol will simultaneously be launched to allow participants to incorporate the revisions into legacy trades if they wish. Both will come into effect before the end of the year.

Finantix Launches New Digital Hub

Wealth management tech provider Finantix this week launched its latest Digital Collaboration Hub, through which firms can establish a one-stop collaboration channel featuring virtual private lounges to support client activities such as market updates and investment advisory support, onboarding and origination workflow driven processes. It is available via a fast-track deployment approach hosted on the Finantix cloud, as an expedited setup via private cloud or on-site; or through a “maximum flexibility and configurability option” which leverages Finantix SDK capabilities.  It provides an auditable communications suite covering e-mail, chat, audio, video and screen sharing, and has been selected by Banco Itaú International to support its current online offering for US and Swiss clients.