T+1 and Voice Analytics to Feature at Symphony Innovate 2024 (NYC)

A-Team Group recently caught up with Ben Chrnelich, President and CFO of Symphony Communications to discuss how their Enterprise Collaboration and Workflow platform is helping firms prepare for T+1 – which goes live on May 28, and the significant uptick in e-comms messaging volume over their Federated Communications offerings. 

Both of these core offerings will be in focus at Symphony Innovate 2024 in NYC on April 18th.   

Bringing Insights to Trader Voice will highlight Cloud9 Transcription and Voice Analytics in Action with representation from Goldman Sachs and Capital One. 

As Chrnelich recalls; “Going into 2024, there were signs that capital flows were opening up. People were looking to invest in areas around RegTech and compliance technology. The seriousness of industry fines related to off-channel communication was definitely being acknowledged and addressed by the industry and regulated participants. We’ve seen the messaging volume on our federated offerings grow by almost 400% since Q1 of 2023.” 

Symphony Communications started in 2014 as an industry-backed consortium, to deliver a messaging platform for data security and compliance, and an open architecture platform to facilitate real-time cross-company and inter-company communication. The founding consortium members included BofA Merrill Lynch, BNY Mellon, BlackRock, Citadel, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Jefferies, JPMorgan, Maverick, Morgan Stanley, Nomura and Wells Fargo. Today, the company’s solutions support over half a million users, servicing more than 1,000 institutions.

Central Asian Stock Exchange Implements QUIK Software from ARQA Technologies

The Central Asian Stock Exchange (CASE) in collaboration with ARQA Technologies, has successfully implemented QUIK software, significantly upgrading its trading platform in Tajikistan. ARQA Technologies was chosen through a competitive tender to replace the existing platform. The new system now serves as the matching backbone for CASE, handling client instructions, market data distribution, and pre-trade risk management.

The QUIK software, implemented within three months, is also used for primary public debt placements in Tajikistan, with plans to expand into secondary bond markets and other securities sectors in the future.

EDM-as-a-Service Provider Rimes to be Bought by Rothschild Unit

Enterprise data management (EDM) services provider Rimes is to be acquired by the private equity arm of Rothschild & Co.

Rimes investor EQT and its co-shareholders didn’t disclose the financial details of the deal to Five Arrows, but Bloomberg estimated the transaction values the business at between €800 million (US$862m) and €900m.

New York and London-based Rimes was founded in 1996 and its cloud-based EDM-as-a-service technology platform is used by 60 of the world’s 100 largest asset managers, the company said in a statement. Its customers oversee more than $75 trillion.

Rimes has been a long-time supporter of A-Team Group and its representatives have regularly occupied speaker seats at the group’s summits and webinars.

The Five Arrows Long Term Fund (FALT) and Five Arrows Principal Investments (FAPI) make up Five Arrows, which focuses its activities on the B2B data and software sectors.

Rimes chief executive Brad Hunt said the company has grown significantly in the past few years.

“Today, Rimes combines the customer-centric ethos and deep domain expertise that has differentiated us since 1996 with the industry’s most modern technology and an innovative, comprehensive product offering designed to address the investment data challenges of the future,” Hunt said in a statement. “We look forward to joining forces with Five Arrows to build upon our strong momentum going forward.”

Seif Khoufi and Constantin Sabet d’Acre, managing director and director of FALT, said in a joint statement that they believe Rimes is “uniquely positioned to continue to support its customers’ expanding needs”.

The deal is yet to be approved by regulators, but in a statement Rimes said it expected the sale to be passed in the coming months.

Corporater Unveils Business Process Management for Enhanced GRC and Performance Management (GPRC)

Corporater, a global leader in software solutions for Governance, Risk, and Compliance (GRC) and Performance Management (jointly addressed as GPRC), is proud to announce the launch of a new Business Process Management Engine.  

First introduced in the Nordic market, this significant functional addition is now available globally. 

Digital GRC programs are being challenged by evolving regulatory requirements such as ESG, Cybersecurity, and DORA/operational resilience. At the same time, market innovations in cross-product and cross-border trading activity add to business process complexity. The convergence of governance, accountability, audit, and resilience sets the stage for Business Process Management (BPM) as a foundational and vital tool for the successful digital transformation of an organization’s GRC program. 

The new Business Process Management Engine (BPME) complements a comprehensive toolbox of existing features including risk quantification, Monte Carlo simulations, a flexible Forms & Survey engine, risk aggregation, and AI assistance that collectively enable enterprises to implement a holistic, easy-to-use, enterprise-wide GRC program. 

The new Corporater BPME offers a complete design-to-execution functionality delivering auditable, measurable business processes that comply with regulatory requirements, increase operational efficiency, align with organizational objectives, and support AI-powered integration with relevant GRC and Performance Management data. The net effect is an uplift in organizational agility, resilience, and overall business performance. 

“With the enhanced Business Process Management Engine, Corporater continues to set the standard for integrated enterprise GRC and Performance Management solutions,” said Owe Lie-Bjelland, GPRC Director at Corporater. “We aim to empower organizations to not only manage risks and compliance effectively across the enterprise but also enhance overall business performance through an integrated business-wide GRC program.” 

DSB Announces 2024 Consultation Schedule for OTC Derivatives Reference Data Services

The Derivatives Service Bureau (DSB) has outlined its 2024 consultation plan focusing on the OTC International Securities Identification Number (ISIN), Unique Product Identifier (UPI), and Classification Financial Instrument (CFI) services. The consultation paper will be released on 30 April 2024, allowing for feedback until 31 May 2024, and concluding with a Final Report on 16 July 2024.

For the first time, the consultation will include the new UPI services. Key topics will include user type functionality, the Traded on a Trading Venue (ToTV) Service; and fair cost apportionment across service provisions. The consultation, in conjunction with the ongoing complementary work of the DSB industry representation groups, aims to align DSB services with evolving market practices, technological advancements, and regulatory demands.

UK and US Agree Collaboration on Testing and Mitigating Risks of AI Models

The UK and US have signed a landmark artificial intelligence (AI) agreement to collaborate on testing and mitigating the risks of AI models. The deal is the first global bilateral agreement on AI safety, bringing together the UK and US governments to share technical knowledge, information and talent on AI safety. The deal was signed by UK Technology Secretary Michelle Donelan and US Commerce Secretary Fina Raimondo.

Under the deal, the UK’s new AI Safety Institute and the subsequent US organisation, which is yet to begin work, will exchange research expertise with the aim of mitigating the risks of AI, including how to independently evaluate private AI models from organisations such as OpenAI. The partnership is modelled on the security collaboration between GCHQ and the National Security Agency.

Clearwater Analytics to Acquire Risk and Performance Analytics Solutions from Wilshire

Clearwater Analytics, a provider of software-as-a-service (SaaS) based investment management, accounting, reporting, and analytics solutions, has entered a definitive agreement to acquire risk and performance analytics solutions from Wilshire Advisors, a financial services firm. Clearwater will acquire Wilshire AxiomSM, Wilshire AtlasSM, Wilshire Abacus and Wilshire iQComposite, which cover fixed income analytics, equity analytics and performance measurement, accounting, and GIPS compliance support analytics. These solutions will be merger with Clearwater’s risk and performance analytics platform.

The partnership will be co-branded as Clearwater Wilshire Analytics and will allow both companies to provide enhanced analytical capabilities for investment managers and institutional asset owners. The transaction is expected to close in the second quarter of 2024.

Cboe Clear Europe Announces Major Support for Launch of Securities Financing Transactions Clearing Service

Cboe Clear Europe, the Amsterdam-based pan-European clearing house, has announced that Bank of America and State Street are among the latest to support its forthcoming Central Counterparty (CCP) clearing service for securities financing transactions (SFTs), with the service expected to launch in Q3 2024, pending regulatory approval. This new commitment expands the initial group to nine participants, including prominent banks, clearing firms, asset managers, and custodians, aiming to enhance the efficiency and risk management of SFTs in European cash equities and ETFs.

The service, which addresses the regulatory and operational challenges posed by Basel III and IV frameworks, aims to mitigate capital demands and credit risks by providing a streamlined clearing and settlement process. It is designed to reduce risk-weighted assets for clients, improve settlement efficiency, and support the growth and operational practices within the European SFT market.

Bloomberg Secures Contracts to Provide Electronic Trading Platforms to ECB and Other Eurosystem Central Banks

Bloomberg has been awarded three significant framework agreements with the European Central Bank (ECB) and other National Central Banks within the Eurosystem for the supply of Electronic Trading Platforms (ETPs) for trading in government bonds denominated in Euro, USD and JPY, alongside USD and JPY Interest Rate Swaps, and futures contracts.

Bloomberg’s Netherlands-based Multilateral Trading Facility (MTF), BTFE, will host any trades, with futures trading supported by Bloomberg’s Tradebook ISV and its EMSX execution management system.

Euronext Completes Migration of Italian Derivatives Trading to Optiq, Finalising Borsa Italiana Integration

Euronext has announced the successful migration of Italian derivatives trading to its advanced trading platform, Optiq, marking the completion of Borsa Italiana’s markets integration into Euronext’s infrastructure. This milestone, achieved less than three years following the acquisition of the Borsa Italiana Group, is a critical component of the “Growth for Impact 2024” strategic plan, aiming to consolidate a unified liquidity pool and technology platform across Euronext markets.

The transition not only promises enhanced market efficiency and accessibility for investors and issuers but also aligns with Euronext’s objective to become Europe’s premier listing and trading venue. Looking ahead, Euronext is poised to fulfil the final goal of its strategic plan by extending Euronext Clearing to its listed financial and commodities derivatives by Q3 2024, anticipating significant synergies by the year’s end.