ADX, ICBCFS, FINRA and more …

Abu Dhabi Securities Exchange has gone live with the X-Stream Trading system.

By None

ADX uses new trading platform

Abu Dhabi Securities Exchange (ADX) has gone live with the X-Stream Trading system.

The multi-asset trading platform, developed by Nasdaq OMX, has been active since last week after testing was completed.

It is expected to improve the ADX’s trading performance and transparency, while ensuring low latency in pre- and post-trade risk management checks. The system will also allow faster back office reconciliation of transactions.

Rashed Al Baloushi, CEO of ADX, said: "This is a proud moment for us. Making X-Stream available for our investors, brokers and other stakeholders takes us to a completely new operational level and prepares the way for the next stage of our development.”

ICBCFS uses standards for corporate actions

The Industrial and Commercial Bank of China Financial Services (ICBCFS) has adopted the Depository Trust and Clearing Corporation’s (DTCC) ISO 20022 corporate actions message format. 

ICBCFS is using DTCC’s messaging standard through SunGard’s XSPrisa technology. The transition is part of an initiative to adopt industry-wide standard messaging by 2015.

“ICBCFS is committed to streamlining our corporate actions processing by remaining at the forefront of technology and adopting ISO 20022 message standards,” Kevin McKeown, CEO of ICBC Financial Services, said.

FINRA sets new clock rule

The Financial Industry Regulatory Authority (FINRA) has set a new clock rule, FINRA 7430, to ensure all computer system clocks and mechanical time-stamping devices are synchronised within one second of the National Institute of Standards and Technology.

The commonly used network timing protocols, PTP and NTP, do not have adequate fault-detection and recovery mechanisms, easily putting users in violation of the existing regulations.

“The timestamp requirement of FINRA 7430 is very weak - in modern trading a second is a long time. Even so, very few market participants have technology in place to realistically guarantee compliance or even the documentation of malfunction that the regulation requires,” Victor Yodaiken, president of FSMLabs, said.

IBOR efficient tool – Sapient

The Investment Book of Records (IBOR) could help investors with a heavy flow of instruments to reduce the time and effort of updating and keeping information up-to-date, according to a Sapient white paper. 

IBOR, as defined in the paper, is a “continuous list of time stamped trade and transactional events that affect the position of any account.

“These transactions can then be aggregated up to give a view of the position of the funds at any point in time based on information available at that time.”

In the white paper, Sapient said as the industry moves to a 24/7 operation, a single global position and consolidated regulatory compliance view is “more imperative than ever,” with firms being able to outsource, buy or build the software. 

“It is no longer sufficient to operate as multiple separate organisations or silos with one common brand.  Firms must now function as a unified organisation with a single view of the world, able to react to changes in each market with speed and agility,” it said.