Post-trade & ops

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Investment managers call for urgent UK reform following Lehman 'chaos'

/Post-trade & ops

Investment managers call for urgent UK reform following Lehman 'chaos'

The UK's Investment Manager's Association has called for urgent reform of stock trading and settlement rules after the 'chaos' inflicted on the markets by an escalation in failed trades following the overnight collapse of Lehman Brothers.

EMXCo names Euroclear's Yannic Weber CEO

/Post-trade & ops

EMXCo names Euroclear's Yannic Weber CEO

Brussels-based depository Euroclear has installed its UK and Ireland chief executive officer Yannic Weber as CEO of subsidiary firm EMXCo, which provides electronic messaging to automate the flow of investment fund orders.

Swift set for greater involvement in e-invoicing

/Post-trade & ops

Swift set for greater involvement in e-invoicing

Financial messaging network Swift is consulting with its membership about the potential provision of an interbank e-invoicing exchange network and the creation of a banking industry wide standard.

Omgeo partners with Korean Securities Depository

/Post-trade & ops

Omgeo partners with Korean Securities Depository

The Korean Securities Depository is to partner with post-trade utility Omgeo to offer a service bureau for automated trade matching and processing for local investment houses dealing in overseas markets.

SmartStream and Pegasystems move more development work to India

/Post-trade & ops

SmartStream and Pegasystems move more development work to India

SmartStream Technologies is to expand its offshore development capability by relocating to a larger development centre in Mumbai. The opening of the facility coincides with the establishment by Pegasystems of its first R&D centre in Hyderabad.

Euroclear to acquire Xtrackter

/Post-trade & ops

Euroclear to acquire Xtrackter

European depository Euroclear is to acquire Xtrakter, the capital markets services division of trade association ICMA.

Finextra hits three million milestone

/Post-trade & ops

Finextra hits three million milestone

Monthly page views on the Finextra Research online Website broke the three million barrier for the first time in October, cementing the site's position as the market-leading information resource and community platform for financial technology professionals worldwide.

GL Trade revenue up, despite fall in OTC system sales and slower front-office growth

/Post-trade & ops

GL Trade revenue up, despite fall in OTC system sales and slower front-office growth

GL Trade has reported Q3 revenue up 10.5% to EUR162.8m despite its front-office sales being hit in Europe and sales of its Tradix and Sierra solutions falling worldwide.

European Commission sets year-end deadline for creation of CDS clearing counterparty

/Post-trade & ops

European Commission sets year-end deadline for creation of CDS clearing counterparty

The European Commission has set an end-year deadline for financial market participants to draw up a blueprint for the clearing of credit default swaps.

Misys wins Akbank contract

/Post-trade & ops

Misys wins Akbank contract

Turkey's Akbank is to implement Misys' Summit FT treasury system at its headquarters in Istanbul for cross asset trading.

Australia's GBST to acquire Coexis

/Post-trade & ops

Australia's GBST to acquire Coexis

Australian financial software house GBST is to acquire London-based securities tech firm Coexis. Financial terms of the deal were not disclosed.

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

/Post-trade & ops

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.

Liffe to self-clear from Q1 next year

/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.

ICE to acquire The Clearing Corporation as CDS clearing deadline nears

/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.

Hedge fund IT spending set to plummet

/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.

Markit and Tokyo Stock Exchange discuss new business ventures

/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.

MTFs propose common symbology for European stocks

/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.

DTCC and LCH.Clearnet propose merger

/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.

Banks collaborate on corporate loan marketplace

/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

Fedwire and Chips to support new Swift cover payment messages

/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.

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