Compliance

DevOps advisory provider of the year — Tata Consultancy Services

ING is recognised as a leader in Agile and DevOps delivery among European banks. The partnership of ING’s Belgian subsidiary with Tata Consultancy Services (TCS) has been an important part of its success in its move toward continuous app delivery. Netherlands-based ING started its transition to full automation of software development two years ago, driven »

FCA gives green-light for sandbox testing

The UK’s Financial Conduct Authority has released the names of 24 companies whose projects have been approved for its regulatory sandbox scheme launched last May. Companies that have been given the go-ahead include: BitX, a provider of distributed ledger technology that allows the international transfer of funds, the charity Citizens Advice, with an app that »

MetricStream secures India op risk sale

Bajaj Finance, the Indian provider of financial services, the retail lending arm of Bajaj Finserv, has engaged MetricStream, a US developer of compliance apps, to implement an audit and operational risk management system. The company is using MetricStream’s Internal Audit Management and Operational Risk Management (ORM) apps, technologies designed to help financial firms to stay »

This Bank-Beating Trading Powerhouse Doesn’t Use Human Traders

But in a world where the difference between profit and loss can be tiny fractions of a second, XTX says it relies more on smarts than speed. Instead of building microwave networks to ferret out prices a microsecond before anyone else, XTX uses mathematical models that are tuned with massive data sets. It says its technology »

CFTC adopts new rules for cyber security testing

The US Commodity Futures Trading Commission (CFTC) has voted to adopt new rules to govern security testing for contract markets, swap execution facilities, and swap data repositories as well as derivatives clearing organisations. These amendments are in line with the recently released ‘Guidance on Cyber Resilience for Financial Markets’ published by the Bank of International »

Hong Kong opens door to fintech

Hong Kong. Credit: Mike Behnken. Following in the path of London and Singapore, Norman T.L. Chan, chief executive at the Hong Kong Monetary Authority (HKMA) announced the launch of a fintech innovation hub and a supervisory sandbox at the Treasury Markets Summit 2016. Chan said that there was a widespread perception that: “The development of »

Bats MiFID II record-keeping solution ready for testing

Global exchange operator Bats has made its MiFID II record keeping solution available for testing 16 months before reporting obligations come into force. Under the upcoming EU regulation, venues will be required to maintain a record of all orders advertised. The solution will store all the data that is required under MiFID II. The data »

LSEG releases reporting functionality for incoming EU regulation

UnaVista, a reporting platform developed by the London Stock Exchange Group (LSEG) for the EMIR and MiFID reporting regimes, has made MIFIR transaction reporting available for user acceptance testing. The feature comes 17 months before reporting obligations come into force. UnaVista facilitates transaction reporting helping firms speed up the process by collecting information that is »

SEC fines Citigroup broker-dealer $7 million for trade reporting software fault

SEC fines Citigroup broker-dealer $7 million for trade reporting software fault

The US Securities and Exchange commission (SEC) has fined Citigroup’s broker-dealer subsidiary CGMI a record $7 million dollars for failing to submit accurate data in response to its electronic blue sheet (EBS) requirement. A software error resulted in Citigroup Global Markets, Inc. (CGMI) failing to submit reports for 26,810 securities trades over a 15 year »

News briefs

The R3 consortium seeks to raise $200 million from member banks for new blockchain company R3, a consortium of over 40 financial firms that includes Barclays, Credit Suisse, Goldman Sachs, JP Morgan, RBS and UBS, is trying to raise $200 million from its member banks. The consortium is requesting the funds to create a new »

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