Technologies like blockchain and artificial intelligence were hot topics at the Milken Institute Global Conference this week in Beverly Hills, Calif. The “The Transformation of Finance: Technology’s Impact on Wall Street” panel featured Nasdaq President and COO Adena Friedman (scroll down for video of the panel discussion). SmartBrief chatted with Friedman after the panel to hear her thoughts on how certain technological advances are changing the way Wall Street does business.
What did you think of the discussion during the panel about blockchain; particularly the concern about public blockchain vs private blockchain?
I was on the same panel last year and all the focus was on robo-advisors. I mentioned the topic of the blockchain once and people didn’t know what I was talking about. One year later, everyone knows about it. It is really interesting to see how quickly the concept of the technology has been adopted and turned mainstream. Now it is about turning that concept into a reality. (read more…)
Broadridge Financial Solutions is making news at this week’s SIFMA Ops conference in Miami with the unveiling of its Global Post Trade Management solution, a tool that enables investment banks and broker-dealers to standardize post-trade processing via a consolidated platform. By doing away with duplicative operations and connecting information that was previously siloed, GPTM helps banks and broker-dealers reduce costs. A major investment bank has already adopted GPTM.
“Financial institutions globally are adjusting to a new market and regulatory landscape that requires more information and increased transparency for regulators, clients and their risk and finance functions,” said Celent analyst Arin Ray. “As a result, standardized and streamlined post-trade processing and management across all capital markets functions is increasingly critical. The GPTM solution is an innovative platform built on Broadridge’s proven technology capabilities and decades of expertise and is designed to meet banks’ current needs as well as provide a model for future strategic business growth.”
Using GPTM, banks and broker-dealers will be able to realize operational efficiencies and reduce costs by streamlining operations across markets, asset classes and businesses globally. (read more…)
The insurance industry this year is facing regulatory challenges on a variety of issues including cybersecurity, pricing, and mergers and acquisitions. Deloitte outlines these trends in a report, and experts with the firm take a deeper dive into these topics in an e-mail interview with SmartBrief. In this post, they examine issues affecting the property/casualty sector.
Cyberinsurance and technology
An “inherent informational mismatch” between insurers and cyberinsurance buyers has hindered the cyberinsurance sector’s growth somewhat, says John Lucker, a principal in Deloitte Consulting and the global advanced analytics and modeling market leader.
That mismatch is partly the result of customer uncertainty about how to evaluate their cyberexposure in a way that gives insurers the necessary information to accurately price the risk, while insurers are unsure of what questions are most effective at eliciting that information, Lucker says. (read more…)
Happy St. Paddy’s Day from sunny and warm FIA Boca!
Exchange M&A continued to be the hot topic yesterday. While none of the executives could comment on the deal announced by Deutsche Boerse and London Stock Exchange Group, that didn’t stop everyone else from chatting about the deal. The swell of rumors seemed to lean toward the deal not being finalized before Jeff Sprecher and the crew at ICE have a say in the matter.
The one thing about rumored M&A moves that seems to be missing from all the scuttlebutt is any mention of anti-trust concerns. Perhaps the Boca crowd is a wee bit overconfident about any potential deal getting a easy approval from anti-trust authorities?
CFTC Chairman Timothy Massad delivered his keynote and also spent time on the sidelines of the conference assuring industry participants that the Commission would adequately safeguard the algorithmic trading secret sauce it intends to collect from trading firms. (read more…)
CME Group will integrate truePTS processing capabilities into CME Group’s network of regulated trade repositories under an agreement announced Wednesday at the 41st Annual International Futures Industry Conference in Boca Raton, Fla. Incorporating these capabilities enables truePTS to provide a single trade reporting application program interface to conform with obligations in the US, EU, Australia, Canada, Singapore, Hong Kong and Japan.
“CME Group is committed to developing innovative solutions with leading partners to meet industry participants’ needs,” said CME Group’s Jonathan Thursby. “By tightly integrating our services with truePTS, we are now poised to more rapidly deliver tangible cost savings to customers worldwide, as well as promote greater efficiency and better tools to manage compliance within our industry.”
The agreement also simplifies global reporting through the integration of pre- and post-trade submission services. The streamlining will create significant cost savings when it comes to regulatory submissions to broker-dealers, inter-dealer brokers, central counterparty clearinghouses, and asset managers. (read more…)