FIF Rule 605 Working Group. The Rule 605 Working Group reviewed a draft letter to the Director of the SEC’s Division of Trading and Markets relating to remarks by SEC Chair Gensler on the potential expansion of Rule 605 reporting.  FIF OTC Options Reporting Working Group. The OTC Options Reporting Working Group continued its discussion of FINRA Regulatory Notice 22-14, “OTC Options Reporting: FINRA Requests Comment on Proposed Trade Reporting Requirements for Over-The-Counter Options Transactions”.  FIF Data and Technology Committee. The FIF Data and Technology Committee...

Investing in technology to better optimize data and modernize data management are the top priorities for financial services firms according to new research by Broadridge Financial Solutions, Inc. With as many as 98% of respondents' companies investing in their front-to-back-office workflow management, more than one-quarter (27%) of respondents cite data management tools as their firm's priority investment. In addition to data management, firms are also investing in AI and automation (23%), more human capital (13%), cloud-native capabilities (10%) for uniformity, and blockchain...

BNP Paribas Securities Services has partnered with METACO to develop its digital asset custody offering and help clients issue, transfer and safekeep regulated digital assets efficiently and securely. The bank has selected METACO with the intention to integrate bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure. The platform will underpin the bank’s institutional custody offering and unify governance across its multiple systems, allowing institutional clients to store, issue and settle digital securities alongside their traditional...

The Charles Schwab Corporation announced its board of directors has unanimously approved the appointment of Chief Executive Officer Walter W. Bettinger II as Co-Chairman of the Schwab Board of Directors, along with Founder and Co-Chairman Charles R. Schwab. In addition to becoming Co-Chairman for The Charles Schwab Corporation, Mr. Bettinger will become Co-Chairman of the boards of the firm’s banking subsidiaries: Charles Schwab Bank, SSB (CSB); Charles Schwab Premier Bank, SSB (CSPB); and Charles Schwab Trust Bank (CSTB). These changes reflect Mr. Schwab’s and the board’s intention to...

The New York Stock Exchange and Singapore Exchange announced the signing of a new agreement to collaborate on the dual listing of companies on both exchanges and work together in a number of other key areas focused on the capital markets. The collaboration between the two exchanges focuses on the following areas: Dual listing of companies on SGX Group and NYSE, Identifying and developing new ESG products and services, Supporting index product development at SGX Group and NYSE affiliate ICE Data Indices and Exploring new ETF products. Dual listings between the NYSE and SGX Group benefit...

Cboe Global Markets, Inc. announced it is leveraging Snowflake, the Data Cloud company, to migrate its corporate data and analytics from on-premises systems to the cloud. The flexible and highly scalable Snowflake Data Cloud platform, which can operate across different infrastructure cloud providers and regions as a single cloud, will help enable Cboe to employ additional tools to its existing data sets, expanding the way it aggregates and mines its data. Ultimately, this is expected to improve Cboe's capabilities in the ways it can analyze data and derive rapid analytics to provide...

Join us August 1 at 4 pm ET for part nine of our webinar series – “Market Data Infrastructure Rule/ CT Rulings - Pivot to the Future” on the implementation of the SEC Market Data Infrastructure Rule and the SEC CT Plan. On July 22nd, the SEC deferred on a decision on market data pricing for 60 days.  The panel will discuss the CTA/UTP governance court ruling, new administrative and voting structure, known issues within the context of the rule and the potential way forward. The discussion will be led by Tom Jordan, FIF Advisory Chair, Kerry Baker Relf of Refinitiv/LSEG, John...

Morgan Stanley has entered the listed FX business through European derivatives exchange Eurex. The global financial services firm joins a list of market participants at Eurex who are moving their business to the exchange or combining over the counter (OTC) and exchange-listed FX trading through the use of Exchange-for-Physical (EFP) services. According to Eurex, asset managers are increasingly seeking to combine the depth and flexibility of FX OTC markets with all the benefits of centrally cleared listed FX products. Asset manager can swap OTC trades into exchange-traded and centrally...

UK-based banking giant Barclays is planning to take a stake in crypto financial services firm Copper. The bank is joining a funding round that will include other investors and is set to finalize in the next few days, according to Sky News. Barclays is expected to invest a "relatively modest sum in the millions of dollars," sources told the publication. Copper has been looking to raise at least $500 million in the past few months, seeking an evaluation in the billions of dollars.