FIF OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed issues and questions from FIF members relating to reporting for a non-US branch of a US bank and restrictions in other jurisdictions on reporting counter-party information. The Working Group discussed how reporting would apply to various cross-border scenarios. Data and Technology Committee. The Data and Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. Please find the meeting materials here and the full...

Exegy, a leading developer of high-performance trading solutions for capital markets, in collaboration with AMD, announced a record-breaking actionable latency of up to 13.9 ns for the execution of a trade in the latest STAC T0 report. This was achieved using an off-the-shelf solution with an asynchronous implementation for the critical path of the algorithm and network stack. With up to a 49% latency reduction, this is the lowest tick-to-trade (the time it takes for an order to be sent to the exchange in response to a market data update) latency performance of any...

JP Morgan has achieved straight-through processing on its centralized digital data platform in a key move for the modernization of the corporate loan market according to a story in The Trade news. Specifically, Versana allows users to digitally access global loan and lender level details in real time directly from agent bank systems – this data is normalized to ensure consistency without manual intervention. Currently, Versana counts more than 3,600 syndicated loan facilities on its next-gen platform, which together total $2.1 trillion in commitments. Cynthia Sachs, founding chief executive...

S&P Global Ratings announced its participation in the Monetary Authority of Singapore’s (MAS) Project Guardian, a collaborative initiative between policymakers and the financial industry to enhance the liquidity and efficiency of financial markets through asset tokenization. According to a story in MarketsMedia news, S&P Global Ratings joins Project Guardian’s industry group, collaborating with other financial institutions to broaden asset tokenization efforts and to leverage the network effect to expand asset tokenization into capital markets. The firm will participate in...

Intercontinental Exchange (ICE) is set to launch a clearing service for all US treasury securities and repurchasing agreements according to a story in The Trade news. The move comes as the exchange seeks to enhance both the transparency and resilience of the US treasury market, leveraging its long-standing experience as a clearing house for credit derivatives.  ICE explained that it believes its offering is “strategically positioned” to take this next step and will promote competition and enable the US Securities and Exchange Commission’s (SEC) policy objectives around the...

Singapore-headquartered fund manager APS Asset Management has adopted order and investment management technology solution Bloomberg AIM to automate its post-trade workflows. According to a story in The Trade news, Bloomberg AIM was selected by APS to increase the firm’s operational efficiencies, particularly around its volume of transactions. The solution and its post-trade straight through processing (STP) package will also provide APS with real-time transparency on trade matching. Separate to providing more focus on exception management, Bloomberg AIM will also help APS manage...

State Street Global Advisors and Galaxy Asset Management have unveiled a new collaboration aimed at bringing investors digital asset-based strategies, offering key exposure to companies involved in the digital asset space. According to a story in The Trade news, the agreement, which aims to move beyond cryptocurrencies and bitcoin, will see the two firms provide investors with access to the $2.4 trillion digital asset landscape through manager-directed strategies. With growing interest in digital assets from both institutional and retail traders as a result of spot bitcoin ETFs, investors...

On June 20, FIF submitted a letter to the Treasury Department’s Office of Financial Research requesting clarification on various issues and questions relating to the new requirement to report repos that are executed bilaterally and not centrally-cleared (NCCBR repos). FIF would like to thank the members of the OFR Repo Reporting Working Group for their contributions in the drafting of this comment letter.

The Front Office Committee will have its next call on Tuesday June 25 at 11 am ET to review applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges.