DOO Clearing Partners with Aurum Solutions to Automate Reconciliation and Ensure CASS Compliance

DOO Clearing, the UK-based FX broker and liquidity provider, has implemented Aurum Solutions’ reconciliation automation software to enhance compliance with the FCA’s Client Asset Sourcebook (CASS) regulations.

The automation software ensures fast and accurate reconciliation, reducing the risk of human error and enabling DOO Clearing to meet regulatory requirements efficiently. Additionally, the implementation has saved the company approximately two hours per day in reconciliation tasks, freeing up resources for other core activities. Aurum’s system also facilitates multi-party reconciliations and generates detailed daily reports, supporting compliance and external audits.

Nadine Howard, CEO and Director at DOO Clearing, commented: “Being a small team, we all wear many hats to keep the business running smoothly. Automating our reconciliations has been game-changing in getting valuable time back and enhancing productivity. The benefits of Aurum aren’t just about cost and time-savings; the platform has been instrumental in ensuring we’re meeting regulatory requirements and maintaining the highest standards of operational integrity. This has given us – and the FCA – the confidence that we’re fully compliant and freed up our team to focus on delivering value for our customers.”

LSEG Launches Research & Insights App on LSEG Workspace

LSEG has introduced the LSEG Research & Insights app, now available on LSEG Workspace. This new app centralises LSEG’s extensive research and insights, offering users a seamless way to access a wide range of proprietary content in one location. Designed to enhance discoverability, the app provides intelligence to support informed investment and trading decisions.

The platform features insights from a broad array of experts, including commodities researchers, Sustainable Finance Investment analysts, Deals Intelligence, fixed income specialists, and FTSE Russell Investment Research. It also integrates data from LSEG’s leading publications, such as StarMine, Lipper, and Yield Book, alongside economic insights from Datastream.

Dean Berry, LSEG’s Group Head of Workflows, commented: “The launch of LSEG Research & Insights is a strategic milestone in enabling our customers to discover LSEG’s leading, proprietary, valuable insights content, all in one place, on Workspace, providing actionable intelligence that informs better investment and trading decisions. Workspace is delighting customers with seamless end-to-end financial workflows, and unparallel content.”

Delta Capita Secures Multi-Year Agreement with HSBC for OTC Derivatives Services

Delta Capita, the financial technology and managed services provider, has been selected by HSBC to provide OTC derivatives confirmation and settlement services under a multi-year agreement. This partnership reinforces Delta Capita’s commitment to delivering efficient and standardised post-trade processes through its infrastructure-as-a-service model, aimed at reducing industry costs and meeting regulatory demands.

To support its expanding global client base, Delta Capita has established strategic hubs in Kuala Lumpur and Manila, ensuring 24/7 operational coverage. This latest milestone builds on the firm’s recent growth, including strategic acquisitions and technological advancements in capital markets.

Karen Everingham, Head of Markets and Securities Services Operations at HSBC commented: “The agreement we have established with Delta Capita opens up new opportunities for us to enhance our Derivative Post-Trade Services for our valued clients.”

Joe Channer, CEO of Delta Capita, added: “We are delighted to have been appointed by HSBC to provide operational services. This collaboration reflects our expertise in delivering cost-efficient, scalable post-trade solutions and reaffirms our commitment to driving innovation in financial services.”

Databricks and Frisco Tools Seek to Simplify Workflows

A deal between Databricks and Frisco Analytics is intended to simplify data workflows and unify siloes across enterprises.

The tie-up will make Frisco’s data management tool available to clients on Databricks’ Data Intelligence Platform. Clients will have access to tools to integrate data management and governance, improve data quality and consistency and accelerate analytics and artificial intelligence model development.

RepRisk Data Made Available to Bloomberg Clients

Bloomberg clients can now access RepRisk’s business conduct and ESG risk data, with Data License and Terminal subscribers able to gain insights into more than 100 risk factors across 28,000 companies.

Switzerland-based RepRisk’s business conduct and ESG risk information is updated daily and integrated into Bloomberg’s data pool that feeds clients’ analytics and other processes.

UK Penalties for AML Regulatory Breaches More Than Double 2023 – Fenergo Research

According to a new analysis by Client Lifecycle Management and perpetual KYC solution provider Fenergo, financial institutions in the UK have experienced a sharp increase in the total value of AML-related fines despite a drop in the number of enforcement actions.

In 2024, the Financial Conduct Authority (FCA) issued three significant fines totalling $64.74 million, up from $25.2 million in 2023. While the overall number of AML penalties from the FCA has declined by 80% since 2022, the total value of fines has risen notably. Notable cases include Metro Bank ($21.8 million) and Starling Bank ($38.4 million), with an additional $4.5 million fine against CB Payments, part of the Coinbase Group, for weaknesses in financial crime control frameworks.

Fenergo’s data highlights mixed trends on a global scale. Although the total value of AML-related penalties worldwide dropped by 30% to $4.6 billion (from $6.5 billion in 2023), banks faced a 522% increase in fines, amounting to $3.65 billion. Penalties specifically tied to transaction monitoring breaches surged by 100% year-over-year to $3.3 billion.

Beyond AML, Fenergo’s research also points to growing enforcement actions related to environmental, social, and governance (ESG) practices. Global ESG-related fines nearly doubled, reaching $37.7 million in 2024, while in the United States, these fines rose by 13%, totalling $21.5 million.

Reflecting on these developments, Rory Doyle, Director of Regulatory Affairs at Fenergo, notes, “The surge in penalties for AML violations in banking in the UK and around the world underscores the relentless pace at which financial crime evolves, and the growing expectations placed on financial institutions by regulators. While progress is being made, the data serves as a clear reminder that compliance must continually adapt to meet new challenges.”

Key findings from 2024 global regulatory fines include:

• Banks accounted for 80% of all fines, totalling $3.65 billion. TD Bank became the largest U.S. institution to plead guilty to Bank Secrecy Act (BSA) violations.
• Digital asset platforms were fined $762.9 million.
• Payments firms faced $54.8 million in penalties.
• Buy-side firms received $52.85 million in fines.
• Private banks were fined $48.2 million.

Doyle emphasizes the importance of proactive measures and technology adoption: : “In today’s environment, staying ahead isn’t just about monetary loss and avoiding fines — it’s about building trust, safeguarding stakeholders and maintaining operational resilience. As the financial landscape becomes increasingly complex, leveraging advanced technologies and fostering a culture of proactive compliance will be key to addressing regulatory demands and mitigating risk. This is particularly evident in the UK, where politically exposed person (PEP) risk assessments have grown increasingly complex compared to those in other jurisdictions.”

SEC Launches Crypto Task Force to Provide Clarity on Regulatory Framework

Acting U.S. Securities and Exchange Commission (SEC) Chairman Mark T. Uyeda has launched a new crypto task force aimed at establishing a comprehensive and transparent regulatory framework for digital assets. Commissioner Hester Peirce will lead the initiative, with Richard Gabbert, Senior Advisor to the Acting Chairman serving as the task force Chief of Staff, and Taylor Asher, Senior Policy Advisor to the Acting Chairman, assuming the role of Chief Policy Advisor.

The task force will work across SEC divisions and engage with stakeholders to define clear regulatory parameters for crypto assets. Historically, the SEC’s approach to crypto regulation has been largely enforcement-driven, often leading to uncertainty for industry participants. The initiative seeks to address challenges related to compliance, registration, and disclosure by offering practical solutions and clearer guidelines.

“I look forward to the efforts of Commissioner Peirce to lead regulatory policy on crypto, which involves multiple SEC divisions and offices,” said Acting Chairman Uyeda.

Commissioner Peirce emphasized the importance of broad stakeholder engagement, stating, “This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation.”

In addition to developing regulatory clarity, the task force will collaborate with other federal and international regulatory bodies, such as the Commodity Futures Trading Commission (CFTC), to ensure a coordinated approach. The initiative will also provide technical assistance to Congress as it considers updates to existing legislation.

Public engagement will be a cornerstone of the task force’s efforts, with future roundtables planned to facilitate dialogue. In the interim, stakeholders are encouraged to share their insights via Crypto@sec.gov.

Adaptive Reports 69% Growth in Product Revenue and Launches New Brand

Adaptive, the custom trading technology solutions provider, has reported significant growth in 2024, with product revenue increasing by 69% and overall revenue rising by 10%. The company expanded its client base, launched a new brand and website to reflect its evolution, and strengthened its leadership team. These milestones highlight Adaptive’s transformation from a capital markets consultancy to a global provider of cutting-edge trading platforms.

The year saw significant investment in Adaptive’s Aeron technology, including new open-source capabilities, premium components, and enhanced community engagement through Aeron Community MeetUps, which attracted over 600 participants from 200 companies.

Adaptive also deepened cloud partnerships, introducing Aeron Premium on Microsoft Azure and publishing performance reports on Google Cloud. Workforce expansion, including a 35% increase in the product team, reflects the company’s commitment to innovation and global service delivery, and underscores its growing expertise in cloud-native trading solutions and proprietary technology accelerators.

Commenting on the growth, Matt Barrett, CEO of Adaptive, said: “2024 has been a year of milestones for Adaptive. As well as growing our revenue, client base and headcount, we have made several strategic investments in our capabilities – deepening our offering and ensuring that we can continue to support our clients in staying two steps ahead in fast-changing markets.

“The hard work of our team over the past twelve years has culminated in the business that we have today – a business that excels in developing proprietary technology accelerators and complex trading platforms, while deepening our partnerships with major cloud providers. This is why we are proud to unveil our new brand – reflecting our heritage, evolution and continued commitment to transforming capital  markets through technology.”

DMIST Proposes New Standard for Streamlining Position Transfers in Derivatives Markets

The Derivatives Market Institute for Standards (DMIST), an independent body established by FIA in July 2022, has released its third proposed standard, targeting the automation of position transfers in exchange-traded derivatives markets. This initiative seeks to enhance operational efficiency and resiliency while mitigating regulatory and operational risks associated with the current predominantly manual process.

The proposed “Standard Regarding Position Transfers” addresses the movement of open positions between accounts within the same clearing firm or across different firms. Such transfers are critical for risk management, margin optimisation, portfolio balancing, and adapting to changes in ownership due to mergers and acquisitions.

DMIST has initiated a consultation period open to all industry stakeholders, running until 21 March 2025, with a finalised standard expected by the end of Q2 2025. Comments can be submitted via DMIST’s website, with all feedback publicly accessible. This standard marks a pivotal step towards automating position transfer workflows, promising improved communication between clearing members and clients.

BlockFills Partners with Revelate to Enhance Crypto Data Distribution

Revelate, the secure data marketplace platform provider, has partnered with BlockFills, a provider of digital asset trading solutions. Through the collaboration, BlockFills will leverage Revelate’s platform to automate and scale the delivery of its crypto-enriched data products, including Reference Rates and Aggregated Book Data. The integration aims to provide institutional clients with seamless access to high-quality, data-driven crypto insights.

As demand for robust crypto data continues to grow among institutional investors, BlockFills is expanding its offerings with additional solutions. By adopting Revelate’s data-sharing technology, BlockFills aims to streamline its distribution processes, ensuring secure, efficient, and scalable delivery to meet the evolving needs of its clients.

Nick Hammer, CEO of BlockFills, commented: “Our clients demand the highest quality digital asset data to inform their trading strategies. Our partnership with Revelate allows us to meet this demand with greater efficiency. By adding to the distribution of our crypto-enhanced data, we are delivering a seamless experience that aligns with the exacting standards of institutional investors.”

Marc-André Hétu, General Manager at Revelate, added: “We’re excited to support BlockFills in optimizing the distribution of its in-depth data offerings. Revelate’s platform is designed to enable secure, scalable data sharing, helping organizations like BlockFills provide its clients with the insights they need to thrive in the digital asset markets.”