Latest Post-trade & ops News: Finextra Research

Penson Worldwide faces $25m loss on exposure to failed Canadian broker

Shares in clearing, settlement and technology service provider Penson Worldwide have lost more than 39% after the company reported today that it has $25 million in exposure to Evergreen Capital Partners Inc., which has ceased operations.

31 October 2008

News/Post-trade & ops

Liffe to self-clear from Q1 next year

To terminate its LCH.Clearnet clearing contract the London-based derivatives exchange owned by Nyse Euronext will make a one-time payment of EUR260 million.

31 October 2008

News/Post-trade & ops

ICE to acquire The Clearing Corporation as CDS clearing deadline nears

IntercontinentalExchange is to acquire The Clearing Corporation of Chicago as it gears up for the launch of a central counterparty clearing system for the credit default swaps market in conjunction with nine global dealers.

30 October 2008

News/Post-trade & ops

Hedge fund IT spending set to plummet

US-based hedge funds are to cut total IT spending by 40% in 2009, to $882 million, says a new Tabb Group study.

29 October 2008

News/Post-trade & ops

Markit and Tokyo Stock Exchange discuss new business ventures

UK market data outfit Markit is working with the Tokyo Stock Exchange to explore opportunities for the creation of new financial indices and valuation services and the promotion of improved post-trade processing for over-the-counter derivatives in Japan.

28 October 2008

News/Post-trade & ops

MTFs propose common symbology for European stocks

BATS European Markets Division, Chi-X Europe and Nasdaq OMX Europe have formed an open, industry working group to develop a uniform symbology framework for trading European stocks.

22 October 2008

News/Post-trade & ops

DTCC and LCH.Clearnet propose merger

The US-based Depository Trust and Clearing Corporation is to buy London's LCH.Clearnet for a total consideration of €739 million in an effort to create the world's leading clearing house.

22 October 2008

News/Post-trade & ops

Banks collaborate on corporate loan marketplace

Bank of America, Credit Suisse and Morgan Stanley have come together to develop a new online hub for buy and sell-side institutions participating in the corporate bank loan market

21 October 2008

News/Post-trade & ops

Fedwire and Chips to support new Swift cover payment messages

In anticipation of the November 2009 deadline for supporting Swift's new enhanced message format for cover payments, the Federal Reserve Banks (FRBs) and The Clearing House have completed and distributed specifications for banks transmitting cover payments through the Fedwire Funds Service and Chips, the US wire transfer systems.

20 October 2008

News/Post-trade & ops

Wall Street Systems launches post-trade processing utility

Wall Street Systems has launched a "pay as you go" post-trade processing utility for FX cash, FX derivatives, money markets, vanilla interest rate derivatives, and listed futures and options.

15 October 2008

News/Post-trade & ops

Eurex outlines CDS clearing proposal

Derivatives exchange Eurex has unveiled its proposal for establishing a central clearing system for the over-the-counter (OTC) credit markets which it says has "received support from European authorities".

13 October 2008

News/Post-trade & ops

Instinet's Balarkas and Icap's Lyall to keynote at Finexpo

European securities industry leaders will gather at The Brewery in London this week for a 'state of the nation' debate about the future of trading in European markets.

13 October 2008

News/Post-trade & ops

CCorp unveils ICE alliance as Fed mulls CDS clearing proposals

The Chicago-based Clearing Corporation (CCorp) has recruited IntercontinentalExchange (ICE) to join its initiative to create a central clearing counterparty for the credit default swaps (CDS) market.

10 October 2008

News/Post-trade & ops

Nyse Euronext MTF to offer competitive clearing

Transatlantic exchange Nyse Euronext has selected EuroCCP to provide clearing and settlement services for its new European multilateral trading facility (MTF) when it launches in November, but it will open up the platform to competing clearing houses next year.

08 October 2008

News/Post-trade & ops

CME and Citadel invite industry to take stakes in CDS counterparty JV

The Chicago Mercantile Exchange is teaming up with Citadel to launch a credit default swaps trading platform and central counterparty facility. News of the move comes as the Federal Reserve meets with industry leaders to push for new risk mitigation techniques in the over-the-counter markets.

07 October 2008

News/Post-trade & ops

JPMorgan teams with Experian on Iban conversion service

JPMorgan Treasury Services is teaming with Experian Payments to provide an automated BIC and Iban conversion service for Sepa-compliant cross-border payments.

02 October 2008

News/Post-trade & ops

SocGen automates equity derivative confirmations with Thunderhead

Société Générale Corporate & Investment Banking (SG CIB) has deployed Thunderhead's document generation technology to automate the creation of equity derivative trade confirmations.

02 October 2008

News/Post-trade & ops

CCorp says CDS clearing counterparty will launch by year-end

Chicago-based CCorp (the Clearing Corporation) has moved to quell rumours that its plans for developing a central counterparty for credit risk has faltered, and has pledged to launch the new facility by the end of the year.

29 September 2008

News/Post-trade & ops

TriOptima claims credit as CDS backlogs recede

OTC post-trade processor TriOptima is claiming much of the credit for a 12% industry-wide decline in outstanding credit default swaps transactions, as dealers move to tear up offsetting deals and reduce the backlogs clogging up back offices.

25 September 2008

News/Post-trade & ops

LSE pursues competitive clearing model

The London Stock Exchange (LSE) has confirmed plans to allow Swiss central counterparty SIS x-clear to join LCH.Clearnet as a competitive provider of clearing services on its equity market.

24 September 2008