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T2S… the countdown continues

ISS Magazine Q3 2014

An interview with Marc Robert-Nicoud, member of the Executive Board responsible for strategy at Clearstream.

ISS: When will we know whether T2S has delivered value for money, and what would be the appropriate measures to use? 

MRN: It is difficult to measure something as transformational as T2S. If we measure its value simply by looking at the impact on settlement fees, we fail to capture the true benefits of T2S: the efficiencies that it creates in the market. This is not measured by transaction fees or by basis points charged on assets under custody but rather by the greater efficiency T2S enables in terms of operational synergies as well as regulatory capital and collateral management. We have commissioned a study from Oliver Wyman [Box 1] that quantifies these benefits.  

VP LUX announces the introduction of a fully automated order routing, settlement and CSD issuance facility aimed at future-proofing cross-border fund distribution.

GFT has published a study examining the ’big data’ challenges facing the corporate, retail, institutional and insurance financial services sectors.

The partnership provides Ortec Finance’s industry-leading performance attribution capabilities with a single client reporting and communications solution for its clients worldwide that is designed to easily integrate into existing business processes.

Calypso Technology, Inc. has announced that LCH.Clearnet Ltd and LLC have completed the project to introduce the Calypso Collateral Management solution to their Collateral and Liquidity Management (CaLM) offering.

BNP Paribas Securities Services has announced two senior appointments to its management team in Asia Pacific, highlighting the strong momentum of the bank in the region.

SmartStream Technologies announced the hire of Richard Nicholas as Director of Professional Services, Asia Pacific. Based in Singapore, Richard will be responsible for professional services and programme management across the region. 

RWB selected CACEIS as depositary for private equity funds

RWB PrivateCapital Emissionshaus AG, based in Munich, has selected CACEIS as depositary under KAGB. RWB is thus complying with new obligations in the German Investment Act relating to the Alternative Investment Fund Managers (AIFM) Directive which came into force on 1st July 2014. The mandate for 20 private equity funds of funds totals €1 billion in assets.

Bats Chi-X Europe and BX Swiss partner bringing greater competition to the Swiss equities market

BATS Chi-X Europe and BX Swiss have announced a partnership agreement that they claim will bring greater competition and enhanced market efficiencies to the Swiss equities market.

Pirum joins forces with Markit over securities finance market data

Markit, provider of financial information services, has announced a partnership with Pirum, provider of automated post trade securities finance processes. The partnership will help enhance the timeliness and transparency of information contained in Markit’s securities finance data set.

KNEIP hires Jackie Dunne as new Global Head of Relationship Management

KNEIP, service provider for the production and disclosure of legal, regulatory and contractual information for the fund industry, has appointed Jackie Dunne as its new Global Head of Relationship Management.

UK’s Lord Hill handed new Financial Services brief on banking regulation

European Commission President-elect Jean-Claude Juncker has announced his new proposed Commission with a new structure and portfolios added. 

HSBC announces Chris Edge as the new Head of HSBC Securities Services Luxembourg

HSBC announced the appointment of Chris Edge as the new Head of HSBC Securities Services (HSS) Luxembourg with effect from 22 September 2014.

Basel III monitoring results published by the Basel Committee

The Basel Committee has published the results of its latest Basel III monitoring exercise. The study is based on the rigorous reporting process set up by the Committee to periodically review the implications of the Basel III standards for banks.

Tullett Prebon and Parthian Partners sign exclusive joint venture in Nigeria

Tullett Prebon has established a joint venture with Parthian Partners, a Nigerian-based interdealer broker, as part of its continued expansion throughout the African continent.

APEX appoints new CEO as demand for outsourced services increases

Apex Fund Services has named Bill Salus as Chief Executive Officer with immediate effect. Salus will take over day-to-day running of Apex from current CEO Peter Hughes, who becomes Chairman. Hughes founded Apex 10 years ago.

Transaction reporting under Emir

As pressures for timely reporting of OTC transactions mount on both sides of the pond, Ian Salmon of ITRS Group explores the challenges that this presents, while explaining why the sell-side requires a fresh approach to avoid heavy fines and reputational damage…

Hindsight is a wonderful thing. Having met the Dodd-Frank deadline for reporting trades to a data repository, most banks in Europe initially felt that the 12th February deadline for Emir compliance presented little problem. Fast forward a few months and that first flush of optimism feels wildly misplaced. Mention Emir to a compliance officer now and you are likely to be met with black scowls and a rapid change of subject. Somewhere along the line, Emir turned out to be a lot more challenging than was first anticipated.


Intercontinental Exchange to acquire majority stake in Holland Clearing House

Intercontinental Exchange has announced that it has agreed to make a strategic investment in the Holland Clearing House to support its comprehensive clearing strategy for financial products. ABN Amro Clearing will retain a minority interest in the venture.

Developments in collateral management services

In a report published today, the Committee on Payments and Market Infrastructures (CPMI) examines developments in the collateral management services industry and the attendant potential settlement-related benefits and risks.

diliger enhances procurement service with comparison reports

diliger has announced the release of new functionality to compare systems, market data, infrastructure and securities services. New grid reports make it easier to compare capital markets solutions and negates need to maintain in-house records. 

Interdin Bolsa selects SunGard to help improve client access to Spanish stocks

Interdin Bolsa Sociedad de Valores S.A. has selected SunGard’s Valdi Market Access hosted trading platform to support its direct market memberships on the BATS Chi-X Europe exchange. 

Societe Generale Securities Services mandated by Worldline

Societe Generale Securities Services (SGSS) has been mandated by Worldline, a subsidiary of the Atos group, to provide a wide range of issuer services.

Study shows scope for further significant savings from ECB initiative TARGET2-Securities

* Study supported by Oliver Wyman highlights that banks need to act now to reap full benefits of the European Central Bank (ECB) initiative TARGET2-Securities (T2S)

* Benefits of T2S go much beyond initial scope of pan-European harmonization of cross-border settlement

* Brokers, custodians and regional banks could save between EUR 30 million and EUR 70 million per annum

Calastone appoints industry veteran Jonathan Willis as Chief Commercial Officer

Calastone has announced the appointment of Jon Willis as Chief Commercial Officer starting 1st October 2014.  

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