Direct connectivity to the four main tri-party agent firms aims to help asset managers as the next phase of the uncleared margin rules looms.

SDX has received a draft financial market infrastructure licence from FINMA, and it expects to receive formalisation of its licences soon.

CrossTower has hired former State Street and Goldman Sachs hedge fund administration veteran as its new chief financial officer. 

With less than a month to go, the pressure is on for buy-side firms to finalise documentation and custodial arrangements on their initial margin.

New hire is the latest development for DTCC as it formalises a service offering for digital assets and private market securities.

The two US banks have been relatively unscathed by the blow-up of hedge fund Archegos Capital in March, which resulted in losses of over $10 billion for Wall Street.

With seven months to go until the go-live of SDR, participants have grown increasingly worried they will be unable to make changes to operations to meet the rules.

HKEX Synapse, unveiled in November last year, will enable asset managers, custody and clearing banks to handle the growing volume of trades though Stock Connect into China.

The new platform utilises smart contracts and distributed ledger technology, a move that could potentially transform the repo market.

The new unit, State Street Digital, will be led by well-known securities services veteran Nadine Chakar, and seeks to address the industry-wide shift to a digital economy.