TradingTech Insight Briefs
Google Anthos Service Partner Status for GFT
GFT, a global IT services and software engineering provider, has been designated as a global Google Anthos Service Partner. Google Anthos is an open source, hybrid modernisation platform, based on Kubernetes and providing a ‘single pane of glass’ enabling clients to manage and monitor an entire hybrid and multi-cloud infrastructure. It enables users to easily move applications and microservices around their technology estate and across multi-cloud environments with no hardware lock-in. To date, Google has partnered with a limited selection of third parties to drive the platform forward, of which GFT becomes the latest.
ICE Futures Waives Voice Recording, Time-stamping Requirements
ICE Futures US has granted temporary relief to intermediaries from the obligation to comply with certain requirements, including from the requirement to make and keep records of oral communications, as long as a written record is provided instead. The exchange has also granted relief from any requirement to record the date and time by time-stamp or other timing device, provided that a record of the date and time is kept to the nearest minute, for example by instant message or email. Previously, the exchange confirmed that floor brokers and impacted intermediaries would be allowed to work from different locations.
The Commodity Futures Trading Commission (CFTC) has supported these measures, issuing its own no-action letters confirming relief from both oral communications recording and time-stamping for brokers, swap dealers, forex dealers, and members of designated contract markets and swap execution facilities.
Neoxam Expands into Poland With Skarbiec TFI
Polish asset manager Skarbiec TFI has chosen NeoXam’s Density portfolio management solution for its 42 funds and sub-funds. Density will be the backbone solution for the entire asset management group, covering all calculations for the funds, as well as pre and post-trade compliance. Where previously the group had used excel to monitor its funds portfolios, Density will allow them to have an overview of the current and historic performance of the funds, increasing efficiency and allowing them to manage their funds more effectively. Skarbiec TFI marks NeoXam’s first client win in Poland, as part of its planned expansion into Central and Eastern Europe following the hire of Philipp Sfeir, an ex-head Head of Data at a top-four Swiss bank. Poland is the second largest hub for asset management in Eastern Europe.
CFTC Issues COVID-19 Relief
The US Commodity Futures Trading Commission (CFTC) has relaxed rules around voice and telephone recording for swap execution facilities up until the end of June, along with relief to designated contract markets regarding audit trail and related requirements over the same period. The spread of coronavirus has caused compliance with certain CFTC requirements to be particularly challenging or impossible because of displacement of personnel from normal business sites due to social distancing and other measures.
“These prudent, targeted, and temporary actions will help facilitate orderly trading and liquidity in our derivatives markets,” said CFTC Chairman Heath P. Tarbert.
Trading Technologies Partners with Borsa Istanbul
All derivative products listed on Borsa Istanbul Derivatives Market (VIOP) are now available for trading through Trading Technologies’ trading platform, according to an announcement this week. This gives clients the ability to trade the exchange’s derivatives, including foreign exchange, commodities, indices, and interest rate futures and options on futures, whilst utilising the suite of tools provided by Trading Technologies. “This represents an exciting opportunity for Trading Technologies, as this connection to Borsa Istanbul brings us into a new region,” says Steve Stewart, Managing Director, Sales EMEA.
Genesis Names Oliveira to Head Sales and Marketing
Low-code development enabler Genesis has named Felipe Oliveira as global head of sales and marketing. Genesis’ platform supports the development of microservices in capital markets. Oliveira previously held senior roles at Amber Capital Management, a risk arbitrage hedge fund, and Agora Senior Securities, acquired since by Banco Bradesco. More recently, he has held commercial strategy roles at Costa Coffee and LRS Suntory.
US SEC Seeks Fairer Market Data Access, Deeper Data in SIP Feeds
The US Securities and Exchange Commission (SEC) is calling for reforms that would level the playing field for access to market data. In a bid to narrow the differential between those with access to high-cost data feeds that contain a greater depth of information, and other investors in the marketplace, the SEC proposals would subject ‘competing consolidators’ of market data to Regulation Systems Compliance & Integrity (Regulation SCI). They would also require enhancement of the core data contained in SIP data feeds, and other changes designed to enhance best execution. The proposals follow on from the SEC’s announcement of a radical overhaul to the governance of the consolidated tape.
IOSCO Calls for Parity on Crypto-Asset Trading Platform Scrutiny
Crypto-asset trading platforms (CTPs) such should be subject to the same kinds of standards that other types of trading platforms are, according to a new report from the International Organization of Securities Commissions (IOSCO). The report – Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms – suggests that regulators look at: access to CTPs and the on-boarding processes associated with their use; how assets held by CTPs are safeguarded; prudential mechanisms in place to support CTP operations; how conflicts of interest, market abuse and operational resiliency are managed; and how price discovery is achieved, among other issues.
Deutsche Bank Partners Xceptor at Indonesian Corporate Bank
Deutsche Bank’s corporate bank and Xceptor have partnered to automate the bank’s core processes in Indonesia as part of a broader optimisation and digitisation strategy. Xceptor provides AI-enabled data centric automation software to drive productivity and operational efficiency. As part of this partnership, Xceptor will help to automate reconciliations with multiple external parties for the bank’s Securities Services business.
JP Morgan Invests in Fund Administration Specialist Arcesium
New York-based investment management technology and post-trade services provider Arcesium has won strategic funding from JP Morgan. Arcesium was originally launched by investment and technology giant D E Shaw Group in 2015 on a platform developed for its own post-trade activities, with backing from Blackstone, which became one of its first clients. Its Securities Services business provides independent fund administration and comprehensive outsourcing solutions to alternative fund managers, asset managers, and asset owners via an automated technology platform.