US syndicated loans operations managers must bid farewell to a wannabe blockchain-based competitor to IHS Markit’s ClearPar platform based on a recent decision by a Delaware state judge who also awarded Symbiont a whopping US$70 million in its lawsuit against former partner Ipreo and Ipreo’s parent IHS Markit. Vice Chancellor J. Travis Laster of Delaware’s […]
Schwab’s $1.2 M Customer Account Transfer Mistake: Now What?
Whoops, it happened again. This time it was a software glitch that led brokerage Charles Schwab to erroneously transfer US$1.2 million from a former retail client’s account to the customer’s new brokerage account at Fidelity Brokerage Services which has left operations managers at rival brokerages scratching their heads and Schwab forced to go to court. […]
Citi’s $900M Blunder Casts Light on Poor Loan Ops
A New York judge’s recent ruling that lenders to financially ailing cosmetics giant Revlon can keep US$500 million in payments they mistakenly received from Citibank is prompting operations managers of syndicate loan desks at rival banks to take a closer look at their technology, internal procedures and any offshore work. Citibank is considered an anomaly […]
Etrading Software Nabs Digital Token ID Authority
Traders and operations managers handling cryptocurrencies and other digital assets could soon find themselves using new identification codes issued by Etrading Software, pending approval by the International Organization for Standardization (ISO), the standards-setting body. The London-based Etrading Software has beaten the duo of Bloomberg and Kaiko in the bidding process to be named as the […]
FREE WEBINAR: The Crypto Asset Market: What Fund Managers Should Know Before Investing
Hosted by CrossTower Save the Date: November 4, 2020 Time: 4:30 PM EST Contact: events@crosstower.com Cryptoassets aren’t just for retail investors any more. Hedge fund managers and some traditional fund managers have been buying Bitcoin and other cryptocurrencies as a buffer against inflation and market volatility has led to far higher returns on investment for […]
SEC Fines Northern Trust for Not Stopping Criminal Hedge Fund Manager
The US Securities and Exchange Commission’s recent US$152,553 fine against mega hedge fund administrator Northern Trust provides a clear sign the regulatory agency will continue to hold a service provider accountable for any wrongdoing committed by its client if the SEC thinks it could have prevented the bad apple’s actions. The New York headquartered L-R […]
FREE WEBINAR: Outsourced and Supplemental Trading: How the Buy Side is Benefitting Today
Sponsored by Tourmaline Partners Save the Date: Thursday, October 15, 2020 Time: 10AM EST Go to www.tourmalinepartnersllc.com/finops-report-webinar to register for the free dial-in details Join Tourmaline Partners and FinOps Report for a free webinar on how the buy-side is benefitting from outsourced and supplemental trading. Access to liquidity, cost rationalization, operational efficiency, regulatory compliance, and […]
Race to the Patent Office for Syndicated Loan Blockchain
The results of a behind the scenes battle brewing between blockchain technology startup Hashlynx and mega-bank Bank of America to win a patent for a distributed ledger-based technology platform could end up determining how the operational difficulties inherent in the US$2 trillion paper-intensive syndicated loans market are eliminated and by whom. Whoever is awarded a […]
EU’s New Shareholder Rights Directive: What Standards?
With Europe’s second incarnation of the Shareholder Rights Directive (SRD II) less than four months away, the securities industry can easily rely on automated communication channels to ease the compliance burden, but using disparate message standards to transmit data and various methodologies for calculating fees will still make the administrative work challenging. The European Commission […]
Fund Managers Find COVID-19 Makes Best Ex Best Effort
Complying with “best execution” requirements is nothing new for fund managers, but some could easily end up failing to meet their fiduciary obligations this year due to circumstances beyond their control — the unprecedented market volatility and remote working generated by the COVID-19 pandemic. About a dozen operations managers at US fund management firms who […]