OpenGamma, the open source financial software pioneer and leading provider of derivatives risk analytics, has raised over $16 million from institutional investors. The funds will be used to address increasing demand from financial institutions for more efficient use of capital and technology resources. By deploying an innovative range of software-as-a-service (SaaS) solutions based on an open source library of standardized derivatives pricing and risk models, OpenGamma is offering a more cost-effective and nimble alternative to legacy, enterprise-wide platforms.
read more...OpenGamma Raises $16 Million From Accel And ICAP - Ex-SunGard CEO Also Invests In Push To Become Market Standard For Derivatives Risk
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Malawi Stock Exchange Third Quarter Market Performance Report 2016
Click here to download Malawi Stock Exchange's third quarter market performance report 2016.
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IPC Ranked Among The World’s Largest Financial Industry Technology Providers By American Banker And BAI
IPC Systems, Inc., a leading global financial markets technology and service provider, today announced the company ranks 38th on the 2016 FinTech Forward 100 list of the leading technology providers in the world, based on its 2015 revenue. The list is a collaboration of American Banker and BAI.
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TSX NAVex Signs On Mutual Fund Provider - Toronto Stock Exchange's New Mutual Fund Solution Continues To Build On Industry Momentum
TSX NAVex, Toronto Stock Exchange's unique centralized mutual fund solution, today announced the addition of Excel Funds Management Inc. (Excel Funds) and its mutual fund strategies to the platform. Eight Excel Funds strategies, including its flagship Excel India Fund, the largest and longest-running India-focused mutual fund in Canada, are expected to be available on the platform in the coming weeks.
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BGC Partners Sweeps Three Wins At GlobalCapital's 2016 Global Derivatives Awards
BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), a leading global brokerage company servicing the financial and real estate markets, today announced that GlobalCapital has recognized the industry leadership of BGC Partners and GFI Group across three categories at its 2016 Global Derivatives Awards.
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EPEX SPOT: Successful Launch Of The New Belgian-French & Belgian-Dutch Intraday Solution
Today the Dutch and Belgian intraday markets were successfully connected with the intraday markets in Germany, France, Austria and Switzerland.
Elia, RTE and TenneT offer intraday cross-border capacity for the Belgian-French & Belgian-Dutch bidding zone border through the M7 intraday trading platform. M7 platform is now used for all continental EPEX SPOT intraday markets, and it replaces the trading platform EuroLight that was previously used for local and cross-border intraday trading in the Netherlands and Belgium.
The new Belgian-French and Belgian-Dutch Intraday solution now implicitly connects the Dutch and Belgian markets with the French, German, Swiss and Austrian intraday markets to further improve liquidity in the intraday market. The first successful deliveries traded on M7 platform took place on the 4th of October for the local Dutch and Belgian markets and on the 5th of October 2016 for cross-border trades.
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Opus: LEI Update – Uptake Of LEIs Remains Slow
Regulatory SaaS technology leader Opus announced today that Alacra, its KYC and reference data management platform, has issued an update on the LEI initiative, Inside the LEI issue X, its regular newsletter on Legal Entity Identifiers (LEIs).
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Dubai International Financial Centre And PwC Host Major Brexit Debate
Dubai International Financial Centre (DIFC), the region’s leading financial hub with over 1,500 firms and 21,000 professionals, hosted a major Brexit debate with PwC, one of the leading professional services firms in the region. Attracting over 250 industry leaders from across financial and professional services, especially banks, investors and investment banks, discussions focused on the implications of Brexit three months after the vote of the UK to leave the European Union. The event was part of the DIFC’s ongoing efforts to facilitate debates and discussions on key industry trends and developments as well as encouraging collaboration and knowledge sharing within its burgeoning community.
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Non-Jordanian Investment At The Amman Stock Exchange During September 2016
The total value of shares that were bought by non-Jordanian investors at the Amman Stock Exchange (ASE) since the beginning of the year until the end of September 2016 was JD388.1 million, representing 23.9% of the overall trading value, while the value of shares sold by them amounted to JD268.2 million. As a result, the net of non-Jordanian investments showed an increase of JD119.9 million, compared to a decrease by JD4.4 million for the same period of 2015.
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A Joint Committee Of SCA, ADX, And DFM Meets To Discuss Mechanisms For Transferring Jurisdiction Over Some Financial Instruments
Following an approval given by the board of the Securities and Commodities Authority (SCA) in its last meeting to start implementing the first phase of the self-regulatory model in the UAE securities sector, representatives from SCA, the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) have held a meeting to discuss the technical aspects of transferring jurisdiction over some financial instruments from SCA to ADX and DFM. The meeting included members of the joint committee formed by SCA, ADX, and DFM particularly for this purpose.
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SEC: Credit Suisse Paying $90 Million Penalty For Misrepresenting Performance Metric
The Securities and Exchange Commission today announced that Credit Suisse AG has agreed to pay a $90 million penalty and admit wrongdoing to settle charges that it misrepresented how it determined a key performance metric of its wealth management business.
A former executive agreed to settle charges that he was a cause of Credit Suisse’s violations.
An SEC investigation found that Credit Suisse veered from its publicly disclosed methodology for determining net new assets (NNA), a metric valued by investors in financial institutions to measure success in attracting new business. Disclosures stated that Credit Suisse was individually assessing assets based on each client’s intentions and objectives. But Credit Suisse at times instead took an undisclosed results-driven approach to determining NNA in order to meet certain targets established by senior management.
According to the SEC’s orders, Rolf Bögli, who served as chief operating officer of the firm’s private banking division, pressured employees to classify certain high net worth and ultra-high net worth client assets as NNA despite concerns raised by employees most knowledgeable about a particular client’s intent.
“Credit Suisse conveyed to the investing community that it followed a structured process for recognizing net new assets when, in fact, the process was reverse-engineered to meet targets,” said Andrew J. Ceresney, Director of the SEC’s Enforcement Division. “Credit Suisse’s failure to disclose this results-driven approach deprived investors of the opportunity to fairly judge the firm’s success in attracting new money.”
The SEC’s orders find that Credit Suisse violated Section 17(a)(2) and (3) of the Securities Act of 1933 and Section 13(a) and (b)(2)(A) of the Securities Exchange Act of 1934 and Rules 13a-1, 13a-16, and 12b-20. Bögli neither admitted nor denied the SEC’s findings that he was a cause of certain Credit Suisse violations. Bögli agreed to pay an $80,000 penalty.
The SEC’s investigation was conducted by Matthew R. Estabrook and David S. Karp and supervised by Scott W. Friestad and Laura B. Josephs. The SEC appreciates the assistance of the Swiss Financial Market Supervisory Authority.
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Speech By Christopher Woolard, Executive Director Of Strategy And Competition, UK's Financial Conduct Authority, Delivered At Brevan Howard Centre For Financial Analysis, Wednesday 5 October 2016 - The Role Of Consumer Decision-Making In Ensuring Good Market Dynamics In The Mortgage Sector
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EEX New Participant: Gunvor International B.V., Niederlassung Genf
Gunvor International B.V., Niederlassung Genf has additionally been admitted to exchange trading for Financial German-Austrian Wind Power Futures.
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Bats Announces Successful Migration Of BZX Options Exchange To Next-Generation Matching Engine - Both Bats Options Markets – BZX Options And EDGX Options – Now Operating On Latest Proprietary Technology
Bats Global Markets, Inc. (Bats: BATS), today announced the successful migration of its largest options exchange, BZX Options, to the company’s proprietary next-generation matching engine.
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SIX Swiss Exchange Launches Trading Simulation
The new "Trading Simulation" course allows attendees to actively take part in a trading session by making their own trades on the equity market.
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Office Of The Comptroller Of The Currency Releases Risk Reevaluation Guidance For Foreign Correspondent Banking
The Office of the Comptroller of the Currency (OCC) today issued risk management guidance to national banks, federal savings associations, and federal branches and agencies that addresses periodic reevaluations of risks associated with foreign correspondent banking accounts. The guidance reiterates OCC’s supervisory expectation that banks assess these risks as part of their on-going risk management and due diligence practices.
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Commissioner J. Christopher Giancarlo Releases Latest Podcast: 21st Century Markets Need 21st Century Regulation
Commissioner J. Christopher Giancarlo Releases Latest Podcast: 21st Century Markets Need 21st Century Regulation
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CFTC Swaps Report Update
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Remarks Before The SEC Advisory Committee On Small And Emerging Companies, SEC Chair Mary Jo White, Oct. 5, 2016
Thank you, Steve and Sara, and good afternoon everyone. I won’t hold up your agenda, but I did want to stop by to express my appreciation for your being here again to share your experience and perspectives with us. Your efforts provide the Commission and staff with critical and unique input about matters of importance to small and emerging companies. Your agenda is always of great interest to me — and today’s is on four areas that are particular priorities for me.
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CFTC Commissioner J. Christopher Giancarlo Releases Latest Podcast: 21st Century Markets Need 21st Century Regulation, October 5, 2016
Today, Commissioner J. Christopher Giancarlo released a Podcast entitled “21st Century Markets Need 21st Century Regulation.” The podcast released today follows the recent address the Commissioner gave to the American Enterprise Institute.
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