Merrill Lynch, JPMorgan, Sibos: A Week in Review
John recaps some of Sell-Side Technology's best stories of the week, including (more) blockchain developments, noteworthy fintech graduates, and significant regulatory fines.
Merrill Lynch gets Unwanted First
Nobody wants to be the first firm to make the headlines for its failures. This week Merrill Lynch claimed that dubious “honor” as the FCA took its first enforcement action under the European Markets Infrastructure Regulation three years after the rules came into effect, fining the bank for its lapses relating to reporting some 68.5 million derivatives transactions.
The size of the fine, $45 million, is remarkable given the impending arrival of Mifid II. Is this a signal of intent by the UK regulator to lay down the law ahead of the new regime, or has it sufficiently judged Merrill Lynch’s case on its circumstances alone? My feeling is that it’s the former and that any Mifid II or more EMIR failings will result in fines of an equal or greater total to be handed out.
JPMorgan Selects First In-House Fintech Graduate
JPMorgan has selected the first of what’s sure to be a number of graduates from its in-house fintech development program. Mosaic Smart Data’s real-time data analytics platform MSX, which will be integrated into the bank’s FICC (Fixed Income, Currencies and Commodities) business, uses predictive machine learning and real-time data analytics to improve traders and sales desk performance, and having seen the product first-hand during the earlier stages of its development, it comes as little surprise to see it making the grade at a tier-one institution.
Oliver Harris, head of the InResidence program at JPMorgan, will be speaking at the inaugural WatersTechnology Innovation Summit in London on November 15, yet another good reason to ensure you attend the event.
Sibos Part Deux
Now that the dust has settled on this year’s Sibos event, it’s a good opportunity to take a look at what our man, James Rundle, reported on. Last week, I highlighted pieces touching on robotic process automation, machine learning and cybersecurity. Following on from that, there are a number of other excellent articles with the omnipresent blockchain at their heart, including the DTCC’s plans for a new derivatives reporting platform based on blockchain, scheduled to go live in late 2018 and how we can expect to see live systems in the market as of next year.
You can also hear from the man himself on the subject of Sibos in the most recent episode of the Waters Wavelength podcast here.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Reading the bones: Citi, BNY, Morgan Stanley invest in AI, alt data, & private markets
Investment arms at large US banks are taken with emerging technologies such as generative AI, alternative and unstructured data, and private markets as they look to partner with, acquire, and invest in leading startups.
Startup helps buy-side firms retain ‘control’ over analytics
ExeQution Analytics provides a structured and flexible analytics framework based on the q programming language that can be integrated with kdb+ platforms.
The IMD Wrap: With Bloomberg’s headset app, you’ll never look at data the same way again
Max recently wrote about new developments being added to Bloomberg Pro for Vision. Today he gives a more personal perspective on the new technology.
LSEG unveils Workspace Teams, other products of Microsoft deal
The exchange revealed new developments in the ongoing Workspace/Teams collaboration as it works with Big Tech to improve trader workflows.
IBM report finds ‘shadow’ data significant contributor to data breaches
As AI and cloud take on greater importance in the capital markets, firms need to consider their threat impact zones.
Bloomberg adds AI earnings summaries to Apple Vision Pro app
The vendor continues to add content and functionality to its Bloomberg Pro for Vision app, which sits at the convergence of spatial and mobile computing.
SS&C continues Blue Prism rollout, eyes other acquisition targets
The company is focusing on organic growth while keeping its eye on potential acquisitions.
CME: CFTC OKs clearing move to Google Cloud
The CFTC has given the Chicago-based exchange approval to run its clearing and settlement infrastructure on the Google Cloud Platform, while the exchange and vendor have extended their partnership to last until at least 2037.