30 October 2014

All wholesale banking news

The Financial Conduct Authority is to investigate ways in which the technology underpinning bitcoin can be used elsewhere in the formal financial services industry.

One way

Bank spend on innovation set to soar

29 October 2014  |  2

Financial institutions the world over are raising their innovation spend significantly in a desperate attempt to fend off the threat to the established hegemony from technology companies, telcos, and emerging startups, according to fresh data from Efma.

Former US Securities and Exchange Commission chairman Arthur Levitt is taking on advisory roles at bitcoin firms BitPay and Vaurum. He enters the cryptocurrency industry as it digests rulings from regulators that could see many companies classed as money transmitters.

Eagle Alpha, a startup which scans online chatter to discern profitable trading patterns, has scored $1.2 million in funding from individual industry investors.

European Union antitrust regulators have asked banks to hand over the Facebook messages of foreign exchange traders, according to Bloomberg.

Open source risk management outfit OpenGamma has named Mark Beeston as its new chairman and appointed Cristobal Conde to its board of directors as it leans on heavyweight industry support to move the company forward.

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