Project Guardian is a collaborative initiative between the Monetary Authority of Singapore’s (MAS) and other financial market players including the UK’s Financial Conduct Authority (FCA), Switzerland’s Financial Market Supervisory Authority (FINMA), and Japan’s Financial Services Agency (FSA).
Banking giant joins the likes of Citi, Northern Trust, Standard Chartered and a number of buy-side institutions in leveraging the fintech’s platform for onboarding and maintenance of custody, broker trading, and buy-side accounts.
The watchdog began investigating the cartel in December 2022 after Deutsche Bank revealed it to the European Commission under the leniency programme; Rabobank received a €26.6 million fine for its participation.
Close follows reports of the deal back in April; new entity set to be known as ‘Deutsche Numis’.
Implementation of the product is expected to enhance Union Investment’s execution capabilities; Deutsche Bank was the inaugural liquidity provider.
In an industry first, Deutsche Bank and ING become the first two banks able to trade FX Swaps via API and match at the market midpoint.
With this expansion, the bank will have a debt capital markets (DCM) presence in eight geographic locations.
New London-based heads have previously held positions at BNP Paribas, Deutsche Bank, and Goldman Sachs.
The parties in question have now been invited to make representations to the Competition and Markets Authority (CMA) before a final ruling is made.
The past week saw appointments from Deutsche Bank – a hire announced just before news of Credit Suisse’s acquisition by UBS – alongside hires from Bank of America Merrill Lynch and Panmure Gordon.