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UK FSA Slaps London Branch of Toronto Dominion Bank with £7m Fine for Pricing Failures
In the first of what could represent an avalanche of related fines for the financial services community, the UK Financial Services Authority (FSA) has this week fined the London branch of Toronto Dominion Bank £7 million for repeated systems and controls failings around the pricing of sophisticated financial products. This is the bank’s second fine…
OTC Val Provides Global Insurance Firm Daily Valuations of Illiquid Financial Products and Equity Securities
OTC Val signed one of the world’s largest providers of life insurance, pensions, and investment products. The firm’s investment management department receives valuation reports for their derivatives and structured product portfolio from OTC Val. These valuations are used for collateral management and financial reporting purposes and as price verification of counterparty and front office quotes….
SuperDerivatives Partners with Equinox Consulting to Offer Risk Consulting and Bespoke Solutions for Commodities Derivatives
SuperDerivatives (SD), a multi-asset front office solution, has partnered with Paris-based independent consulting firm Equinox Consulting to offer a comprehensive risk consulting and solution implementation service for financial institutions’ and corporations’ commodities derivatives businesses. Zohar Hod, vice president of strategic sales at SD, said: “By combining SD’s industry leading derivatives solutions with Equinox’s local expertise…
StatPro Signs GIPS Compliance Deal with MFC
StatPro Group, a provider of portfolio analytics and asset evaluations services for the global asset management industry, today announces that MFC Global Investment Management (MFC GIM) has signed a contract for its GIPS compliance software. MFC GIM is the institutional asset management business of Manulife Financial Corporation. Global Investment Performance Standards (GIPS) are a set…
UK Insurer Chooses Pricing Partners for the Independent Valuation of its Interest Rate and Equity Structured Products
Pricing Partners announced today that one of the largest UK insurers has selected Pricing Partners’ online independent valuation platform, Price-it Online for its interest rates and equity structured products. This UK insurer, which wishes to remain anonymous, develops and offers tailored investment solutions to its clients. The firm needed an extremely sophisticated and accurate solution…
SmartCo Teams up with CounterpartyLink for New Entity Data Solution
Given the intense focus on counterparty risk in the post-Lehman world, it is no surprise that various members of the vendor community are teaming together to tackle the entity data space. One such partnership has resulted in the integration of EDM vendor SmartCo’s DataHub solution with CounterpartyLink’s issuer, client and counterparty data. James Redfern, head…
Union Bank Live on Broadridge’s International Proxy Processing Services To Manage Its International Proxy Business
Broadridge Financial Solutions, today announced that Union Bank has commenced live operations on Broadridge’s Global Proxy processing solution across its Institutional Trust & Custody Services group. Union Bank, already a user of Broadridge’s domestic proxy processing services in the US, is now using Broadridge’s Global Proxy outsourcing solution for international proxy management. Union Bank’s institutional…
Datanomic Appoints Gaved to Board of Directors
Compliance screening and data management specialists, Datanomic, today announced the appointment of Matthew Gaved to its board of directors. As a co-founder and former director of Datanomic, Gaved is a specialist in the field of corporate governance and has conducted extensive research into the role of institutional investors in the control of public companies. Gaved…
GFI Group Announces Woori Investments & Securities Licenses GFI Fenics Professional
GFI Group announced today that Woori Investments & Securities (Woori I&S), a pioneer in the Korean domestic securities market, has licensed Fenics Professional, a pricing and risk management system for foreign exchange options. The agreement allows Woori I&S to use Fenics Professional for pricing, analysis and structuring of FX options, including exotic options. Woori I&S…
BNY Mellon Alternative Investment Services Announces New Price Verification and Asset Validation Service for Hedge Funds
BNY Mellon Alternative Investment Services has launched a service that independently validates a hedge fund’s position records to third parties – prime brokers, custodians, trustees and agent banks – and independently verifies the pricing of that fund’s securities. The new service provides fund managers and their investors with greater transparency and additional assurance that fund…