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OCC’s DLT for Sec Finance: Broker Reconciliations Gone?

May 19, 2020 By Chris Kentouris Leave a Comment

Securities finance operations managers at US broker-dealers clearing their securities loan deals through the Options Clearing Corp. (OCC) could soon reduce if not eliminate time-consuming manual reconciliation work thanks to its new distributed ledger technology-based platform. Once OCC’s new DLT-based securities finance infrastructure is up and running, its 72 broker-dealer users would have real-time access […]

Filed Under: Compliance, Innovation, Investors, Sec Lending Tagged With: Blockchain, Data, Middle Office Ops, Reconciliation, Regulators

BNY Mellon Gives Fund Managers New NAV Agent

February 13, 2020 By Chris Kentouris Leave a Comment

Fund managers no longer have to rely on their fund administrator’s backup plan or their own when striking or validating a net asset value. BNY Mellon, the world’s largest custodian bank, says it can save the day by doing all the operational work using Milestone Group’s pControl platform which also allows for accurate backup NAVs […]

Filed Under: Compliance, Data, Funds, Investments, Outsourcing, Reporting Tagged With: Compliance, Data, Fund Ops, Middle Office Ops, Outsourcing, Reconciliation, Reporting, SEC, Valuation

BofAML’s Fake Trade Reports: Governance Breakdown?

July 11, 2018 By Chris Kentouris Leave a Comment

How could Bank of America Merrill Lynch get away with giving institutional customers phony trade execution, transaction cost analysis and expense reports for five years? Ten brokerage operations and IT managers contacted by FinOps Report can only speculate after reading the scant details in separate settlement reports issued by the Office of the Attorney General […]

Filed Under: Compliance, Data, Post-Trade, Reporting, Slider, Standards Tagged With: Brokerage Ops, Compliance, Data, Post Trade, Reconciliation, Regulators, Reporting, SEC, Standards

Striking an NAV: Fund Managers’ Contingency Options

May 11, 2018 By Chris Kentouris Leave a Comment

(Editor’s Update on December 5, 2018: US fund managers are getting serious about striking back-up NAVs on their own. Milestone Group tells FinOps Report that it has nabbed two top-tier US headuartered fund managers to use its pControl Oversight platform to monitor their fund administrators and  to strike back-up NAVs in-house, instead of relying on […]

Filed Under: Compliance, Data, Financials, Funds, Investments, Outsourcing, Reporting, Slider Tagged With: Compliance, Data, Fund Ops, Hedge Funds, Middle Office Ops, Outsourcing, Reconciliation, Reporting, SEC, Valuation

SEC to Fund Admins: No Proof, No NAV

January 31, 2018 By Chris Kentouris Leave a Comment

The US Securities and Exchange Commission has just warned fund administrators they can’t take the word of a fund manager when calculating the net asset value (NAV) of an investment fund. When explaining its recent US$561,000 fine against Gemini Fund Services, the US regulatory agency says that when assigning an NAV to a mutual fund, […]

Filed Under: Compliance, Investments, Investors, Outsourcing, Rules, Slider, Standards Tagged With: Compliance, Fund Ops, Reconciliation, SEC, Standards, Valuation

Middle-Office Blockchain: BNP Paribas, Broadridge

October 20, 2017 By Chris Kentouris Leave a Comment

Recent announcements of blockchain pilots from BNP Paribas Securities Services and Broadridge Financial show how distributed ledger technology continues to make inroads into the post-trade arena. Both come with claims of operational efficiencies through a single indisputable source of data that reduces the potential for processing errors. BNP Paribas Securities Services project for corporate action […]

Filed Under: Corporate Actions, Data, Innovation, Operations, Post-Trade, Sec Lending, Slider, Trading Tagged With: Blockchain, Collateral, Corporate Actions, Custodians, Data, Middle Office Ops, Post Trade, Reconciliation

Morgan Stanley Fine: Lessons in Fee Recon Failures

October 13, 2017 By Chris Kentouris Leave a Comment

Futures commision merchants had better pay far closer attention to their middle office fee reconciliation process, caution operations experts. Morgan Stanley’s recent US$500,000 fine from the Commodity Futures Trading Commission (CFTC) for overbilling clients trading fees isn’t a large fine considering the FCM’s size. What is alarming is that Morgan Stanley is the fourth FCM […]

Filed Under: Compliance, Derivatives, Regulations, Slider, Standards Tagged With: CFTC, Compliance, Derivatives, Middle Office Ops, Ops Risk, Outsourcing, Reconciliation, Regulators, Standards, Swaps

SEC Reporting Rules: Fund Managers’ Recon Challenge

July 5, 2017 By Chris Kentouris Leave a Comment

The US Securities and Exchange Commission uses the word modernization when speaking of its new reporting rules for registered investment fund advisers, but that’s not how asset managers see things. They dread the approaching tsunami, according to panelists and attendees at a recent TSAM North America fund management event held in New York. Fund managers […]

Filed Under: Analytics, Compliance, Data, Financials, Investments, Investors, Regulations, Reporting, Sec Lending, Slider Tagged With: Compliance, Data, Fund Ops, Hedge Funds, Reconciliation, Reporting, SEC, Valuation

Alternative Funds Industry Tackles Data Culture

March 24, 2017 By Chris Kentouris Leave a Comment

Chief data officer (CDO) may not the most sought-after position at hedge fund management shops, but that isn’t stopping the C-level executives from pushing hard to create a better data management culture — including finding someone to take on the role, with or without the title. To support this effort, a new group calling itself the Data […]

Filed Under: Analytics, Compliance, Data, Funds, Investments, Investors, Risk, Security, Slider, Technology Tagged With: Compliance, Corporate Actions, Data, Fund Ops, Hedge Funds, Investment Ops, Ops Risk, Private Equity, Reconciliation, Reporting, Security, Standards, 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

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