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Avoka Earns AWS Financial Services Competency Status

Dec 02, 2016
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Avoka, a leader in frictionless digital customer acquisition for financial services, announced today that it has achieved Amazon Web Services (AWS) Financial Services Competency status. This designation recognises the Avoka Transact platform for demonstrated financial services industry expertise, readily implemented solutions that align with AWS architectural best practices, and have staff with AWS-certifications. Avoka Transact, running in the AWS Cloud worldwide, is used for bank account opening, wealth management onboarding and insurance policy applications over digital channels worldwide.

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CSOB Taps Wolters Kluwer's OneSumX For Risk Management

Dec 02, 2016
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Československá obchodní banka (ČSOB), a leading Czech bank, has chosen Wolters Kluwer’s OneSumX software to support its Treasury department.

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Gruppo Veneto Banca Activates Jiffy On Its Bankup Mobile Banking App

Dec 02, 2016

From today, customers of Veneto Banca and its subsidiary Banca Apulia have at their disposal a new “Person to Person” (P2P) payments service that is secure, simple and extremely fast - “Jiffy” - a word which refers to the unit of measurement corresponding to the time it takes for light to travel one centimeter.

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Latest Blog Posts

R2-D2 - The Ultimate Digital Assistant

Steve Grob, Fidessa

Dec 02, 2016
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It’s always great to attend Franklin Templeton’s unique innovation summit which took place for the third time this week. It brings together all sorts of new FinTech players, established firms, thought leaders and, crucially, outsiders to provide valuable insight into the direction of our industry (the fact it’s in Fort Lauderdale at this time of year doesn’t hurt either!). This is especially true when you realise that our industry is based upon the ultimate in digitisable assets – information – and the rate of growth in its size and diversity will only increase. Equally, we are all becoming centres of our own information ecosystems and pull (or block) information from an almost limitless variety of sources, curate it in some way and then make it available to others to do with what they wish. Meanwhile, we leave digital foot and fingerprints everywhere we go and whatever we engage with. This is especially true when you realise that our industry is based upon the ultimate in digitisable assets – information – and the rate of growth in its size and diversity will only increase. Equally, we are all becoming centres of our own information ecosystems and pull (or block) information from an almost limitless variety of sources, curate it in some way and then make it available to others to do with what they wish. Meanwhile, we leave digital foot and fingerprints everywhere we go and whatever we engage with. Congratulations to Bill Stephenson and all the team at Franklin Templeton on helping us think differently about our industry.
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The Regulation Holiday Effect

Christian Voigt, Fidessa

Nov 30, 2016
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Global harmonisation of financial regulation is high on the wish list of many trading firms and, in one sense at least, the regulators in Europe and the US are pretty well harmonised. Both have a tendency to publish long-awaited documents right before major holidays. Last week we saw another example of the regulation ‘holiday effect’ with the CFTC publishing its consultation on RegAT (aka SNPRM) in the Federal Register just ahead of Thanksgiving, thereby kicking off the 60-day consultation period. ESMA similarly chose to publish MiFID II consultation papers right before both the spring bank holiday and the Christmas break in 2014. Still, with the supplemental notice on RegAT finally published, the industry can at least begin to discuss in earnest the rules that look set to have a major impact on the ETD space. Before that, though, I will quickly pencil in a slot in my diary for Friday 23rd December. Chances are this could be the next triple witching day for regulation.
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It's Time For A Holistic Reg NMS Review

Ray Tierney & Greg Babyak & Gary Stone

Nov 29, 2016
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Last week we filed a comment letter with the U.S. Securities and Exchange Commission expressing support for a holistic review of Regulation NMS under the Regulatory Flexibility Act (RFA). The RFA requires an agency to review its rules that have a significant economic impact upon a substantial number of small entities within ten years of the publication of such rules as final. The purpose of the review is “to determine whether such rules should be continued without change, or should be amended or rescinded…to minimize any significant economic impact of the rules upon a substantial number of such small entities.”[1] A Review Overdue Reg NMS is now almost 12 years old. The SEC intended to begin a review of equity market structure, including Reg NMS, when it issued the Concept Release on Market Structure in January 2010, nearly five years after its implementation. The 74-page Concept Release was to be the cornerstone of the SEC’s equity market structure review by seeking public comment on a broad range of issues including whether: the rules have kept pace with changes in trading technology and practices; execution quality statistics and order routing disclosures in Rules 605/606 needed to be updated; high frequency trading firms need to be registered; and should market makers have obligations. Additionally, the SEC was also looking for insight into other market structure topics such as co-location and latency; the impact of undisplayed liquidity; “trade-at”; depth of book protection; and updating Regulation ATS. The Commission received, in total, 302 responses to the Concept Release, with 218 comments submitted in 2010 and another 84 comments submitted in subsequent years. The Staff also documented over 120 Concept Release meetings with the public. The SEC has been dealing with many of the issues raised in the Concept Release through rulemaking and guidance, but in piece-meal fashion. For example, technological and market developments have caused the Commission to “reinterpret” aspects of Reg NMS. Instead of engaging in rulemaking, the Commission recently interpreted the term “immediate” under Reg NMS Rule 600(b)(3) to approve IEX’s applicationto register as an exchange. The SEC avoided the rulemaking process and the opportunity to conduct a Reg NMS review by issuing guidance. In interpreting the term, in a piece-meal fashion, the Commission has created yet another additional layer of complexity on top of an already complex regulation. Complexity continues to expand with each new or amended exchange rule filed with the Commission, including new order types, co-location services, and proprietary market data fees that strike at the very heart of fairness and add to the complexity of the market. It is troubling there is no look-back in place to determine if guidance or SRO rules, some of which were approved years ago, may have a different effect on order and price competition today. Moreover, it is almost sacrosanct that new SRO order types based on prior approved order types automatically be approved without any consideration given for the order type’s fairness and validity given today’s technology and market structure. Since 2005, the Commission has also been engaged in a significant number of rulemaking efforts in addition to those that were an outgrowth of the Dodd-Frank Act. In our comment letter we urged the Commission to evaluate Reg NMS against Commissioner Gallagher’s “Crazy Quilt Chart of Regulation” that displays the multitudinous rules adopted since July 2010 that are applicable to a financial services holding company. Given the layers of new regulations and additional complexity, it is appropriate to examine whether the framework of Reg NMS is achieving the SEC’s mission of investor protection, maintaining fair, orderly and efficient markets, and the facilitation of capital formation. The Public Interest In our opinion, the volumes of pages in comment letters submitted in connection with the Concept Release, the 477 comment letters in relation to the IEX exchange application, the 86 comment letters filed since 2014 on the Commission’s Equity Market Structure Advisory Committee, many focused on Reg NMS issues, and the numerous legislative letters, including the JOBS Act directing the SEC to conduct a market structure pilot, are an indication of the public’s desire to conduct and participate in a holistic review. The RFA provides an opportunity for the Commission to conduct an assessment of the cumulative effect and overall efficiency of the Reg NMS rules. [1] See 5 U.S.C. 610(a).
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Interview

MiFID II – the good, the bad and the regulatory

Jun 27, 2016
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ATMonitor talks with Christer Wennerberg, Head of Market Structure at Itiviti. Wennerberg discusses the main differences between equities and derivatives markets in regards to regulation, fragmentation and the implementation of MiFID II.

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MAR – What you need to know

Jun 22, 2016
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ATMonitor talks with Johannes Frey-Skött, Principle Software Engineer at Itiviti. Frey-Skött discusses the implementation and components of a complete MAR solution.

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Talking Trading with Itiviti

Jun 21, 2016
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ATMonitor talks with Chris Anderson, Senior Product Manager at Itiviti. Anderson discusses what sets Tbricks apart from other trading solutions, as well as current trends within the market and the challenges faced by clients.

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Survey

Execution Management Systems Survey

Trading Survey Now in its fourth year running, The TRADE magazine in conjunction with ATMonitor, is once again running its industry leading survey of Execution Management Systems for 2016. If you are trading electronically, we invite you to comment on your use of execution management systems, which features you consider important and how you rate their current capabilities. All submissions are reported in aggregated and anonymous format. Please rate your EMS vendors by completing the online questionnaire available here

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Research

Checking The Unchecked – How A Key Market Access Rule Laid The Foundation For A Stronger Financial System

Fidessa

Oct 18, 2016
Checking The Unchecked – How A Key Market Access Rule Laid The Foundation For A Stronger Financial System

To commemorate the 20th anniversary of Fidessa’s presence in the US, we are proud to present the latest in a series of articles looking at some of the key industry and regulatory events that have helped shape the trading landscape since the opening of Fidessa’s first US office in New York some two decades ago.

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Video showcase

Corvil working with RSJ

Corvil Watch Michal Sanak, CIO, RSJ Algorithmic Trading discuss working with Corvil. read more

Corvil working with Tradition

Corvil Watch Yann L'Huillier, CIO, Tradition and Alex Krovina, CTO, Tradition discuss working with Corvil. read more

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