Depositories

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Deloitte details costs of mutual fund processing failures

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Deloitte details costs of mutual fund processing failures

The European investment funds industry could cut processing costs by 25% and gain over EUR250 million by streamlining trading, settlement and custody of cross border mutual funds distribution, according to a study conducted by Deloitte and released by securities depository Clearstream.

New clearing code to abolish cross-border barriers

/Depositories

New clearing code to abolish cross-border barriers

The European Commission is ready to endorse a set of industry-agreed guidelines to remove national domestic barriers to share trading platforms and establish interoperability between clearing and settlement organisations in Europe.

CSC reports Caceis IT services deal

/Depositories

CSC reports Caceis IT services deal

Computer Sciences Corporation (CSC) has won a seven year contract to provide IT services to Caceis, a European provider of custody, depositary, fund administration and corporate trust services.

Court rejects appeal in OMX VAT lawsuit

/Depositories

Court rejects appeal in OMX VAT lawsuit

A court in Helsinki has rejected an appeal made by a group of Finnish banks and brokerage firms relating to a lawsuit filed against OMX over value added tax (VAT) payments charged for clearing services during 1995-2000.

Swiss exchange units to merge

/Depositories

Swiss exchange units to merge

Switzerland's three bank-owned exchange businesses - the SWX Swiss Exchange, SIS and Telekurs - have signed a letter of intent to combine their operations into a single streamlined organisation that will provide clients with one-stop securities trading services.

DTCC hires Douglas George to take on new risk management role

/Depositories

DTCC hires Douglas George to take on new risk management role

The Depository Trust & Clearing Corporation (DTCC) has hired industry veteran Douglas George to the new position of managing director and chief risk officer.

Project Turquoise banks select EuroCCP for clearing and settlement

/Depositories

Project Turquoise banks select EuroCCP for clearing and settlement

The consortium of seven investment banks behind Project Turquoise - the new pan-European equities trading platform that is being established in response to MiFID - has selected DTCC subsidiary EuroCCP to provide clearing and settlement services for the new venture.

Computershare pays $270.3m to take over Hong Kong unit

/Depositories

Computershare pays $270.3m to take over Hong Kong unit

Australian share registry firm Computershare is buying the 30% stake it doesn't already own in it's Hong Kong business from Hong Kong Exchanges and Clearing Limited (HKEx) for $270,320,130.

Reuters and CME's FXMarketSpace venture goes live

/Depositories

Reuters and CME's FXMarketSpace venture goes live

FXMarketSpace, the centrally-cleared foreign exchange marketplace established by Reuters and the Chicago Mercantile Exchange (CME), is now live and fully operational, with customer numbers "significantly ahead of expectations".

Deutsche Börse restructures operations

/Depositories

Deutsche Börse restructures operations

German exchange Deutsche Börse is restructuring its operations into three distinct business areas - cash market, derivatives and securities settlement and custody - and has appointed management board members to oversee each division.

Oslo Børs and Norwegian securities depository VPS agree to merge

/Depositories

Oslo Børs and Norwegian securities depository VPS agree to merge

Following on-off merger negotiations over the past few years, Oslo Børs and Norwegian depository VPS are finally recommending that their respective businesses be combined.

Regulators call for post-trade improvements in OTC markets

/Depositories

Regulators call for post-trade improvements in OTC markets

The Bank for International Settlements is calling on financial firms to introduce automated systems to cut confirmation backlogs in the over-the-counter derivatives markets.

ECB pushes ahead with Target2-Securities

/Depositories

ECB pushes ahead with Target2-Securities

The European Central Bank (ECB) is pushing ahead with the next phase of its controversial project to establish an integrated securities settlement system in the euro zone, despite on-going criticism and scepticism about the scheme from market participants.

Banca Akros implements Smartstream's Corona CLS module

/Depositories

Banca Akros implements Smartstream's Corona CLS module

SmartStream Technologies has signed Italian investment bank Banca Akros to its Corona CLS software, a reconciliation system for foreign exchange transactions settled in the CLS Bank.

Watchdog to probe ECB's plan for pan-European settlement system

/Depositories

Watchdog to probe ECB's plan for pan-European settlement system

The European Central Bank's plans to establish an integrated securities settlement system in the euro zone will be examined by the region's competition watchdog.

Europe's banks lobby for greater control of ECB's Target2-Securities system

/Depositories

Europe's banks lobby for greater control of ECB's Target2-Securities system

Europe's banks have come out in support of the European Central Bank's (ECB) controversial plans to implement an integrated securities settlement system in the euro zone, but only if they have more control over the project.

DTCC names Michael Bodson executive MD, business management and strategy

/Depositories

DTCC names Michael Bodson executive MD, business management and strategy

The US Depository Trust & Clearing Corporation (DTCC) has appointed Michael Bodson to the newly created position of executive managing director for business management and strategy.

ECB faces uphill battle for pan-European securities settlement system

/Depositories

ECB faces uphill battle for pan-European securities settlement system

The European Central Bank's (ECB) plans to implement an integrated securities settlement system in the euro zone is set to face further delays as EU finance ministers call on it to build a business case for the initiative.

CMS WebView hires David Hardy as advisor

/Depositories

CMS WebView hires David Hardy as advisor

Loss-making market data technology vendor CMS WebView has recruited former head of LCH.Clearnet David Hardy as an advisor to the company.

DTCC implements Norkom anti-money laundering technology

/Depositories

DTCC implements Norkom anti-money laundering technology

The US Depository Trust & Clearing Corporation (DTCC) has implemented anti-money laundering software from Norkom Technologies which it is using to monitor trades passing through the utility for suspicious and fraudulent activity.

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