Informatica to Manage Data, Governance for Lenders Mortgage Insurer Helia

Helia, an Australian lenders mortgage insurer, has selected Informatica to improve data management and governance around its claims processing capabilities as the home loans sector sees a surge in digitalisation.

Sydney-headquartered Helia said the artificial intelligence (AI)-powered data services company would help it accelerate claims and streamline its data pipeline. It hopes that the using Informatica’s Intelligent Data management Cloud will also enable the company to enhance its customer engagement using chatbots and automated decision making.

“By taking control of our data and implementing AI-powered data governance, we’re building a foundation to surpass our customers’ expectations and maximise value from AI,” said Michelle Soakell-Ho, data governance leader at Helia.

SteelEye Integrates Trade Surveillance with AI-Powered Compliance CoPilot

Integrated surveillance provider, SteelEye has expanded Compliance CoPilot by integrating its trade surveillance capabilities. Leveraging advanced large language models (LLMs), the enhanced tool provides automation, intelligent analysis and actionable insights, enabling compliance practitioners to prioritize high-risk alerts and streamline their review workflow. 

By intelligently scoring and prioritizing alerts, the Compliance CoPilot allows analysts to focus on the most critical risks, significantly reducing manual review time by up to 90%. Compliance CoPilot has been in production for communications surveillance since November 2023, the AI-powered integration with trade surveillance now offers comprehensive alert explanations and provides recommendations for categorizing and resolving alerts, complete with rationales. 

The increasing interconnectedness and complexity of financial markets have empowered wrongdoers to adopt more sophisticated market manipulation tactics, such as cross-product manipulation—a form of abuse where trades in one product are used to manipulate the price of another. See the recent RegTech Insight story on SteelEye’s Cross-product manipulation detection capability.  

Surveillance teams face the dual challenge of detecting these advanced abuses while managing a surge in alert volumes amid tightening budget constraints. “Compliance staff are under immense strain, overwhelmed by volumes of suspicious trading alerts each day,” said Matt Storey, Chief Product Officer at SteelEye. “The ability to prioritize the most important alerts is essential for bolstering firms’ risk management practices. The Compliance CoPilot empowers teams to operate more effectively and proactively, becoming the go-to sidekick for surveillance officers.” 

According to SteelEye’s 2024 Annual Compliance Health Check Report, spending on compliance has decreased significantly compared to 2023, even as market abuses like cross-product manipulation become more prevalent. With a 30% increase in reported market abuse cases this year, firms are under more pressure than ever to improve their surveillance capabilities. By allowing firms to intelligently manage their workload and focus on the most urgent alerts, the AI-enabled assistant enhances the efficiency and accuracy of surveillance functions. It also affords firms more time to assess and strengthen their market surveillance capabilities on a broader scale. 

Built with compliance-specific AI, the Compliance CoPilot provides transparent explanations and rationales for its recommendations, ensuring trust in its operations. The tool integrates seamlessly into existing workflows for SteelEye users, offering an immediate boost to their surveillance operations without disrupting established processes. 

In an era of escalating market complexities and tighter budgets, SteelEye’s enhanced Compliance CoPilot offers a comprehensive tool for firms aiming to stay ahead of sophisticated market manipulation tactics. For more insights from the 2024 Compliance Health Check Report, visit the SteelEye website. 

S&P Global Market Intelligence Launches GenAI-Enabled Solutions to Enhance Research and Analysis

S&P Global Market Intelligence has introduced a suite of generative AI (GenAI)-enabled solutions to support client research and analysis. These innovations are available via the new Labs section of the S&P Capital IQ Pro platform, which showcases both developed and early-stage technologies from S&P Global and Kensho. Key offerings include Transcripts Trending Topics, which helps users identify trends in earnings call transcripts, and News Sentiment, which provides quantitative insights based on sentiment analysis. Another tool, Transcripts Key Phrases, highlights significant topics from earnings calls to assist users in understanding key company themes.

Additional GenAI enhancements include IQ Market Summaries, offering timely updates on U.S., European, and Asian markets, as well as Transcript Summarization, which generates earnings call summaries. The S&P Global Marketplace GenAI Search simplifies the querying process, helping users quickly find relevant data across S&P Global’s datasets. These tools aim to streamline workflows and boost analytical efficiency.

SC Ventures Leads Strategic Investment in One Trading to Launch First Crypto Perpetual Futures in EU

SC Ventures, the innovation and fintech investment arm of Standard Chartered, has made a strategic investment in One Trading, the European crypto-asset exchange. The investment round also saw participation from existing investor MiddleGame Ventures, alongside Valar and SpeedInvest. Although the financial details were not disclosed, the funds will support One Trading’s launch of the first crypto perpetual futures in the European Union (EU) as a MiFID II-compliant trading venue.

In July 2024, One Trading secured an Organised Trading Facility (OTF) license from the Dutch financial market regulator, making it the first regulated crypto perpetual futures exchange in the EU. This approval enables the exchange to offer crypto derivatives, accessible to both retail and institutional clients, marking a significant milestone in One Trading’s efforts to bring onshore crypto futures trading within the EU regulatory framework.

BGC Group to Launch FMX Futures Exchange for U.S. Interest Rate Futures

BGC Group, Inc, in collaboration with ten leading global investment banks and market-making firms, has announced the launch of the FMX Futures Exchange (FMX) for U.S. interest rate futures. The new exchange will go live on Monday, 23 September 2024, at 9:00 p.m. ET, initially offering Secured Overnight Financing Rate (SOFR) futures, with plans to introduce U.S. Treasury futures in early 2025.

FMX aims to deliver capital savings to its clients through its clearing partnership with LCH Limited, a major clearer of interest rate swaps. LCH will facilitate cross-margining for eligible U.S. interest rate futures using $225 billion in collateral held by its members. FMX is a subsidiary of FMX Holdings LLC, whose equity owners include prominent financial institutions such as Bank of America, Goldman Sachs, and J.P. Morgan. The company also operates in the U.S. Treasuries and foreign exchange markets.

Broadridge Expands Distributed Ledger Repo Platform with Tier-1 Canadian Bank Implementation

Broadridge Financial Solutions, Inc. has announced that a Tier-1 Canadian bank has implemented its Distributed Ledger Repo (DLR) platform to manage High-Quality Liquid Asset (HQLA) treasury securities. This marks a significant milestone as the bank becomes the first to adopt this use case on Broadridge’s DLR platform, highlighting the potential of Distributed Ledger Technology (DLT) in revolutionising financial operations.

This implementation aims to not only simplify the bank’s workflow and generate cost savings but also lay the foundation for further DLT use cases that can drive greater efficiencies and innovation in the financial sector, according to the company.

As more firms embrace digital transformation strategies, Broadridge continues to deploy DLT to drive operational efficiencies and cost savings. The DLR platform is expanding globally across buy-side and sell-side firms, generating a network effect that supports diverse transaction types.

Bloomberg Lets Customers Test Drive its Datasets

Bloomberg is throwing open its data trove to prospective users, enabling them to interact with the information before deciding on whether to buy into new datasets.

The Virtual Data Room will give customers the chance to explore the coverage, quality and usability of Bloomberg’s Bulk Data License datasets. The service is designed to accelerate the data onboarding process, which usually takes a minimum of three months, New York-based Bloomberg said.

“The Virtual Data Room is akin to test driving a new car before you buy it,” said Brian Doherty, Global Head of Data License at Bloomberg.

BlueFlame AI Applies GenAI to Alternative Markets Data Processes

BlueFlame AI said it has made the process of mining and analysing data from documents easier for private and other alternative market participants with the creation of its Nexus product.

The offering, backed by generative artificial intelligence (GenAI), enables clients to pull critical data from unstructured sources such as management and board decks, presentations, contracts, reports and other documents, the London-based company said.

“In today’s data-driven investment landscape, the ability to quickly extract valuable insights from vast amounts of unstructured information is crucial,” BlueFlame AI chief executive Raj Bakhru said.

NeoXam’s Impress Deployed to Manage Ecofi Reporting Process

NeoXam has been selected to handle the entire reporting process for Ecofi, Groupe Credit Cooperatif’s asset manager.

The France-based financial software and technology provider has signed a deal to deploy its SaaS-based Impress platform to manage the French banking group’s data collection, quality checks, performance analytics computation as well as reporting templating and generation for the full range of its funds.

Novatus Secures $40 Million Growth Funding from Silversmith Capital Partners

Novatus Global, a leader in regulatory technology for financial institutions, has raised $40 million from Boston based growth equity firm Silversmith Capital Partners. This funding marks a significant step for Novatus, enabling the company to expand globally and enhance its technology amid an increasingly complex regulatory landscape. 

Founded in 2019 by experienced industry professionals, Novatus has quickly built a strong reputation among top banks, asset managers, and financial institutions. Over the past year, the company has seen its revenue more than triple, reflecting the growing demand for its compliance solutions. The investment from Silversmith will help Novatus enhance its flagship platform, En:ACT, a cloud-native SaaS solution that simplifies complex transaction reporting requirements across various global jurisdictions. 

Andrew Hedley, Co-Founder and Partner of Novatus, emphasized the alignment between the two companies. “Silversmith shares our vision of creating products that make our clients’ operations safer and more efficient,” he said. “This investment will allow us to deepen our commitment to innovation while accelerating our international expansion, particularly in North America.” 

Co-Founder and Partner Mathew Ranson highlighted the company’s unique approach to transaction reporting, drawing on the founders deep operational knowledge of the transaction reporting space and its challenges. “We built Novatus with a focus on automation and technology, moving away from human-driven processes. Silversmith recognized the potential of our En:ACT platform, which leverages AI and machine learning to address regulatory challenges with fresh thinking.” 

Silversmith’s Principal, Ned Kingsley, echoed this sentiment, expressing confidence in Novatus’ future. “We look for founders who solve real-world problems, and Andrew and Matt have done exactly that. We’re excited to support their continued growth,” Kingsley noted. 

Alan Robertson, Partner at Maven Capital Partners, which had previously invested in Novatus, praised the company’s progress. “Since our initial investment, client adoption of En:ACT has driven a 13-fold increase in annual recurring revenues. We remain committed to supporting Novatus in scaling globally and enhancing its market-leading platform,” Robertson stated. 

This new partnership will also see Silversmith’s Todd MacLean and Ned Kingsley joining the Novatus board, further reinforcing the strategic alignment between the two firms.  

By combining deep industry knowledge with AI-powered technology, Novatus is well positioned to help its clients navigate an evolving global landscape with greater confidence and agility.