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US Treasuries Central Clearing: Fund Managers’ Juggling Act in 2024

December 22, 2023 By Chris Kentouris Leave a Comment

US fund managers will be spending the new year preparing for the operational and legal challenges arising from central clearing of most secondary trades in Treasury cash and repurchase agreements now that the Securities and Exchange Commission has approved the phased move. The mandated switch to central clearing for many transactions in US Treasuries will […]

Filed Under: Clearing, Compliance, Infastructure, Margining, Margining Tagged With: Collateral, Compliance, Funds Ops, Hedge Funds, Regulations, SEC

T+1: Fund Managers Tackle Pain Points

June 18, 2023 By Chris Kentouris Leave a Comment

Operations directors at fund management firms are starting to review post-trade communications, securities lending, liquidity management, and corporate actions as the critical processes keeping them awake at night when preparing for a one-day settlement cycle (T+1) for US securities in May 2024. Analyzing internal workflow and interactions with broker-dealers and custodian banks is essential to […]

Filed Under: Compliance, Infastructure, Post-Trade, Regulations, Settlement, Trading Tagged With: Brokerage Ops, Custodians, DTCC, Fund Ops, Investment Ops, Matching, SEC

Custody: Unchartered Waters for Digital Assets

June 1, 2018 By Chris Kentouris Leave a Comment

Qualified custodian. That’s a term that compliance and operations managers at registered investment fund advisors, not to mention the US Securities and Exchange Commission, are now grappling with, when it comes to the safekeeping of digital assets. The reason is two-fold. For starters, it is unclear whether the SEC’s custody rule for RIAs investing in […]

Filed Under: Compliance, Custody, Funds, Infastructure, Investments, Investors, Rules, Slider, Standards Tagged With: Compliance, Crypto, Custodians, Fund Ops, SEC

US T+1 Settlement: Not So Fast (Updated)

February 7, 2018 By Chris Kentouris Leave a Comment

Update (May 13, 2018): Come late 2019, bank and broker-dealer members of the US Depository Trust & Clearing Corp. could look forward to reducing their settlement exposures by one day while retaining the current two-day settlement cycle. DTCC now says that US trades could be settled before the market opens on T+2 instead of the […]

Filed Under: Infastructure, Post-Trade, Sec Lending, Settlement, Slider, Trading Tagged With: Custodians, DTCC, Investment Ops, Matching, Post Trade, SEC, Settlement, Standards, T+2

OTC ISINs: Few Users Pay Much More

January 15, 2018 By Chris Kentouris Leave a Comment

Trading venues, banks, and broker-dealers now know for certain how much more they will have to pay to create International Securities Identification Numbers (ISINs) for over-the-counter derivatives. It turns out that it’s a lot more. In a recent statement, the Derivatives Service Bureau (DSB) said that instead of a €65,000 annual fee, power users will have […]

Filed Under: Compliance, Derivatives, Infastructure, Post-Trade, Reporting, Rules, Slider, Trading Tagged With: Data, Derivatives, ESMA, Fund Ops, MiFID, Regulators, Reporting, Swaps

New Year’s Message: Pay More for OTC ISINs?

December 23, 2017 By Chris Kentouris Leave a Comment

Update 12/30/2017: This article has been updated to include more details about the DSB’s €8.8 million figure for overhead. Data, operations and vendor procurement managers whose buy- and sell-side firms need international securities identification codes (ISINs) for over-the-counter derivative contracts could end up with some bad news come January 15. Financial firms might discover they […]

Filed Under: Compliance, Infastructure, Regulations, Reporting, Slider, Trading Tagged With: Compliance, Derivatives, ESMA, FSB, Investment Ops, MiFID, Regulators, Reporting, Standards, Swaps

Unique Product IDs: Can the OTC-ISIN Win the Job?

October 19, 2017 By Chris Kentouris Leave a Comment

Can International Securities Identification Numbers (ISINs) become the foundation for unique product identifiers (UPIs)? The new Derivatives Service Bureau (DSB) which will allocate ISINs for over-the-counter  derivatives, appears to think so. It also thinks that it might be the organization issuing the UPIs, although it is willing to work with others. If such a scenario […]

Filed Under: Compliance, Data, Derivatives, Infastructure, Post-Trade, Reporting, Risk, Slider Tagged With: Compliance, Data, Derivatives, EMIR, ESMA, FSB, Hedge Funds, MiFID, Post Trade, Regulators, Reporting, Standards, Valuation

ISINs for OTC Derivatives: Is Licensing an Issue?

September 25, 2017 By Chris Kentouris Leave a Comment

Update 9/25/2017: Financial firms using ANNA’s new Derivatives Service Bureau to receive ISIN codes for OTC derivatives can expect to receive rebates for overpaying far more quickly, DSB officials now say. Likewise, financial firms will also have to fork over more money if they have underpaid. Instead of waiting until the end of 2018 to recalculate […]

Filed Under: Clearing, Compliance, Data, Derivatives, Infastructure, Regulations, Reporting, Slider, Standards, Trading Tagged With: Compliance, CUSIP, Data, Derivatives, EMIR, ESMA, MiFID, Post Trade, Regulators, Reporting, Standards, Swaps

Countdown to US T+2: Five Last Minute Tips

August 30, 2017 By Chris Kentouris Leave a Comment

It’s now or never when it comes being ready for the pending two-day settlement cycle in the US. With September 5, the day T+2 becomes effective, just around the corner, operations and IT managers are taking the opportunity to verify that their front, middle and back office systems are tweaked correctly. And that their counterparties […]

Filed Under: Compliance, Corporate Actions, Funds, Infastructure, Sec Lending, Settlement, Slider, Standards, Trading, Uncategorized Tagged With: Collateral, Compliance, Corporate Actions, DTCC, Fund Ops, Matching, Middle Office Ops, Ops Risk, Post Trade, SEC, Settlement, Standards, T+2

Seeking Depository: Call Ireland’s Central Bank (Updated)

August 18, 2017 By Chris Kentouris Leave a Comment

Update (May 3, 2018) Bank and broker-dealer members of Euroclear UK & Ireland now have to worry about where they will settle trades in Irish equities post-Brexit. They will no longer be able to do so through the shared UK and  Irish depository and parent Euroclear recently announced that it has abandoned plans to set […]

Filed Under: Clearing, Compliance, Infastructure, Margining, Rules, Settlement, Slider Tagged With: Compliance, Custodians, Depositories, ESMA, Investment Ops, Post Trade, Regulators, Settlement

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