30 August 2015

All trade execution news

SunGard apologises for BNY Mellon system glitch

28 August 2015  | 0 comments | 1 tweets | 1 linkedin

SunGard has issued a public apology to custody bank BNY Mellon for the outage of its InvestOne accounting system used by the bank to price thousands of funds.

A US district court judge has thrown out a lawsuit brought against Barclays and a number of US exchanges that accused the bank of rigging its dark pool in favour of high frequency traders (HFTs).

BNY Mellon and its fund manager clients are scrambling to assess the damage caused after a third party system run by SunGard and used by the bank to value assets worth billions of dollars broke down.

Almost half of asset managers are still reliant on costly manual processes to manage complex derivatives creating a dangerous level of operational risk according to a report from buy-side systems vendor SimCorp.

Markit agrees DealHub acquisition

24 August 2015  | 0 comments | 4 tweets | 2 linkedin

Financial data outfit Markit has agreed to buy DealHub, a provider of trade processing and trading services to the foreign exchange market. Financial terms were not disclosed.

The Legal Entity Identifier (LEI) project, whereby every counterparty in a financial transaction is issued a unique code, is suffering from a lapse rate of 20% according to research from entity data provider Alacra.

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