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Goodbye NSCC: Hello Paxos for Clearing US Equities?

November 27, 2019 By Chris Kentouris Leave a Comment

US clearinghouses, such as the National Securities Clearing Corp. (NSCC), could become either a thing of the past or take a backseat, if custodian Paxos has its way in clearing and settling US securities. The US Securities and Exchange Commission’s recent no-action letter to Paxos allows the firm to serve as a clearinghouse for a […]

Filed Under: Clearing, Innovation, Post-Trade, Risk, Settlement Tagged With: Blockchain, Brokerage Ops, Clearinghouses, DTCC, Innovation, NSCC

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

Central Clearing for US Treasuries: Pipedream or Reality?

January 25, 2018 By Chris Kentouris Leave a Comment

The have and have-nots. That is how operations and compliance executives at some fund management firms speak about the bifurcated system for how trades in US Treasuries clear. Fund managers tell FinOps Report they want a level playing field with broker-dealers. That means that buy-side trades in US Treasuries, such as bills, notes and bonds, […]

Filed Under: Clearing, Investments, Post-Trade, Risk, Slider, Trading Tagged With: DTCC, Fund Ops, Post Trade, Settlement

EquiLend, Prime Brokers Sued: Collusion or Fair Game?

November 29, 2017 By Chris Kentouris Leave a Comment

Prime brokers harmed beneficial owners of securities by protecting their turf and sabotaging fledgling electronic securities lending platforms that could have helped buy-side firms earn more revenues from their loans. That is the claim of four US pension plans and one trading firm that have sued six mega US prime brokers and securities lending platform EquiLend […]

Filed Under: Data, Sec Lending, Slider, Trading Tagged With: Collateral, Data, DTCC, Fund Ops, Hedge Funds, Sec Lending

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

Bloomberg Takes on DTCC in LEI Issuance (Updated)

May 25, 2017 By Chris Kentouris Leave a Comment

Editor’s Note (6/2/2017): A spokesman for DTCC has informed FinOps Report that effective June 1, 2017, the GMEI Utility has reduced its fees to US$100 to register an LEI and US$80 to renew an LEI. For those who have questions on how the GMEI Utility can cut its fees so dramatically while meeting the GLEIF’s cost-recovery model, here is what […]

Filed Under: Compliance, Regulations, Reporting, Slider, Standards Tagged With: Compliance, DTCC, EMIR, ESMA, KYC, Regulators, Reporting, Standards

US T+2: SEC Joins the Bandwagon

April 7, 2017 By Chris Kentouris Leave a Comment

The Securities and Exchange Commission may have just given its official blessing to a shortened trade settlement cycle in the US come September 5, but the Depository Trust & Clearing Corp. (DTCC), its member firms and service providers have already been working long and hard on operational adjustments and industry-wide testing. All this effort will hopefully […]

Filed Under: Compliance, Infastructure, Margining, Post-Trade, Rules, Sec Lending, Settlement, Slider Tagged With: DTCC, Middle Office Ops, Post Trade, SEC, Settlement, Standards, T+2

Dole Class Action Ruling: Short-Selling Clawback Next?

February 23, 2017 By Chris Kentouris Leave a Comment

US brokerage and bank operations and compliance managers will soon have to face an onerous back-office and legal challenge — figuring out how to make short sellers pay back $2.74 plus interest for each share of Dole Foods shorted more than three years ago. That money would be used to compensate beneficial investors who are considered the […]

Filed Under: Corporate Actions, Custody, Financials, Investments, Sec Lending, Settlement, Slider, Trading Tagged With: Collateral, Corporate Actions, DTCC, Investment Ops, Settlement, T+2, Valuation

Blockchain’s Smart Contracts: What’s Smart, What’s Not

December 13, 2016 By Chris Kentouris Leave a Comment

Can smart contracts be made smart enough to be accurate, ensure the right balance between confidentiality and transparency, and reach widespread acceptance? Yes, but not without a lot more work. That is the consensus of a group of blockchain developers, advocates and analysts that spoke and attended a recent event held by the Wall Street Blockchain […]

Filed Under: Infastructure, Operations, Slider, Standards Tagged With: Blockchain, Brokerage Ops, Collateral, Compliance, Crypto, DTCC, Innovation, Investment Ops, Post Trade, Reconciliation, Regulators, Settlement, Swaps

Blockchain for US Settlement: Three, Two, One, Takeoff? (Update)

August 31, 2016 By Chris Kentouris Leave a Comment

(Editor’s Note: On Sept 14 itBit announced that its flagship Bankchain and other post-trade projects would be run out of a new firm Paxos with the same management. The former itBit, would be a division of Paxos, and continue to operate its crypto-currency trading platform).    If US blockchain afficionados have their way, the technology […]

Filed Under: Clearing, Innovation, Post-Trade, Risk, Settlement, Slider, Trading Tagged With: Blockchain, Brokerage Ops, Clearinghouses, Compliance, Depositories, DTCC, FCA, Innovation, Investment Ops, Matching, Post Trade, Regulators, SEC, T+2

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