Tag: Clearing & settlement

Private banks lack back-office automation

New research into transaction processing practices has found that a substantial number of private banks in Switzerland, the US and the UK lack back-office automation. The survey, carried out by Scorpio Partnership and commissioned by solutions provider Omgeo, shows that nearly 30% of private banks continue to manually operate trade execution, confirmation and affirmation, rather than processing trades electronically. Even among the remaining 70%, many still have a considerable amount of manual processes for some types of transactions.

LCH.Clearnet cuts energy clearing tariffs by an average of 25%

LCH.Clearnet is extending its tariff reductions to the energy markets. With effect from 1 July 2007, clearing fees in respect of trades executed on ICE Futures will be reduced by an average of 25%, and clearing fees in respect of trades executed on the ICE OTC platform will be reduced by an average of 30%.

JPMorgan reappointed as third party clearing and settlement agent by Knight Equity Markets

Knight Equity Markets International has re-appointed JP Morgan GlobeClear to provide it with global clearing and settlement services. Knight began a review at the end of last year of its requirements for the clearing, settlement and related services of its on- and off-exchange trading activity. After the review, Knight reappointed JP Morgan GlobeClear, which has provided over the counter (OTC) and on-exchange securities clearing for Knight since 2004.

Omgeo matching service to help Canadian securities industry settle on T + 1

Omgeo is making its Omgeo Central Trade Manager (Omgeo CTM) matching engine available to Canadian fund managers wanting to match both domestic and cross-border trades in Canadian securities through a single interface. The Canadian securities industry is planning a switch to settlement on T + 1.

LCH.Clearnet opts to buy out Euronext shareholding

LCH.Clearnet is to re-purchase the majority of the shares held by its largest shareholder, Euronext, which has held a stake in the clearing house since its Clearnet subsidiary was merged with London Clearing House (LCH) in 2003.

DTCC expands dramatically in London to support local clients

The American central securities depository, the Depository Trust & Clearing Corporation (DTCC), has expanded its London office. A new facility at Broadgate West in the City will enable the CSD to support a growing clientele in Europe and beyond, says DTCC - and especially London-based users of its OTC derivatives trade matching and data warehousing services.

Severstal stock is 53rd to travel across the bridge between the Russian CSDs

The National Depository Center (NDC), a Russian CSD, says that from 31 January shares in Severstal OJSC can be serviced by the NDC-DCC "bridge." The bridge links Russia's two leading trading systems - MICEX and RTS - and represents a means of facilitating securities transfers between NDC, which services MICEX-listed securities and Depository Clearing Corporation (DCC), which services RTS securities. NDC and DCC today signed an agreement expanding the list of issuers whose securities are admitted for servicing via interdepository account.

Senior managers at Euroclear swap jobs as Martine Dinne retires

Euroclear, the Brussels-based ICSD, has reshuffled its senior management following the decision of Martine Dinne, Chief Executive Officer (CEO) of Euroclear Bank and a member of the Management Committee of Euroclear SA/NV, to retire in June this year.