Fidelity Clearing & Custody Solutions has incorporated customized investment models to Fidelity Automated Managed Platform (AMP), it's financial planning-led digital advice solution. By combining digital advice capabilities, goals-based financial planning, and personal advisory relationships, Fidelity AMP helps advisors meet the needs of the more than 60% of investors who want a combination of digital capabilities and access to human advice. The update gives advisors the ability to customize portfolios in Fidelity AMP by creating models based on end-investors’ risk tolerance and...

Exchange operator, ICE, has completed the acquisition of Bank of America Merrill Lynch’s suite of US fixed income volatility indices, according to a story in The Trade. The deal includes the Merrill Lynch Option Volatility Estimate (MOVE) index, often referred to as the ‘VIX for bonds’, and accompanying fixed income volatility indices, which will now become part of the ICE Data Services business. Bank of America Merrill Lynch’s MOVE index measures US interest rate volatility by tracking movement in US Treasury yield volatility on current prices of one-month over the...

Repetitive pricing tasks have been part of the job for sell-side salespeople and traders for decades. Previously, they had to compile indicative prices by hand when clients would call in with a request. Then computers picked up the chore of running the numbers, while the salespeople and traders focused on selecting the instruments for the computer to price, inputting market parameters and compiling options for the client to choose from. Seasoned traders and salespeople often price lists a few times each day. But even those who are really good at it will still need to spend 15 minutes on the...

Citi has launched Cross-Currency Sweeps, a liquidity management solution that aggregates foreign currency balances into an account and currency of choice, according to a story in MarketsMedia. By combining the capabilities of a cash concentration sweep with an automated currency conversion, clients can fund accounts and reduce FX risk exposure across their global banking structure. The solution leverages Citi’s global cash concentration network along with its FX provider platform. It is designed to help treasurers mobilize cash when and where needed, in the right amount and...

Charles Schwab Corp. will let investors buy and sell fractions of shares in the coming months as part of an effort to attract younger clients to its online brokerage platform. According to a story in The Wall Street Journal, Founder and Chairman Charles R. Schwab said that fractional share trading would soon be introduced, along with several other new programs, as the online brokerage looks ahead after it eliminated trading commissions earlier this month. Mr. Schwab discussed the firm’s future after speaking about his new book, “Invested,” in New York. ...

The final panelist has been announced for FIFs Annual Chicago Event. Please join us on Tuesday, October 22, 2019 at Cboe Global Markets (400 South LaSalle Street, Chicago) for a luncheon and panel discussion on upcoming options initiatives. The event will begin with a keynote presentation from Manisha Kimmel, Senior Policy Advisor to SEC Chairman Jay Clayton, on the current status of CAT.  The keynote presentation will be followed by a panel discussion focusing on: the OCC Actionable Identifier Initiative, CAT Options Reporting, Options Exchange Initiatives, and OCC Initiatives....

FIF has formed a new working group focued on Reg Best Interest.  The working group will focus on Reg Best Interest implementation considerations, which will include:  books and recordkeeping requirements, application of the Rule's definitional components, Rule analysis, and policy/procedure development.  FIF will hold a kick-off call on Thursday, October 24 @ 11:00am et.  If you would like to participate in this working group, please update your profile here. 

FIF Regulatory Notice 19-27 - Financial Exploitation of Seniors - FIF solicited feedback on a draft of the comment letter on Reg Notice 19-27. FIF incorporated remaining feedback from our members, and submitted the Final Letter to FINRA on Tuesday, October 8. FIF/SIFMA/STA CAT Options Subgroup - The group reviewed current recommendations with respect to the reporting of Paired Orders to CAT, including the development of workable definitions and recommendations regarding the ultimate scope of reporting of Paired and Multi-leg Orders. FIF CAT Tech Spec Working Group - FIF...

Broadridge Financial Solutions reported that the International Securities Services Association (ISSA) has elected Samir Pandiri, President of Broadridge International, to its Board of Directors. As president of Broadridge International, Pandiri is responsible for the company’s rapidly growing Post-Trade Technology, Global Proxy, and Asset Management Data and Technology businesses outside of North America, with a special focus on Europe and Asia. Before joining Broadridge in June, he was Global CEO of BNY’s Asset Servicing Division and a member of BNY...