NEWS
Wilcockson also noted the company needs to be more vocal about the capabilities it has in the area of pricing libraries, adding “the tools are not going to sell themselves”. MathWorks’ plan to raise its financial services profile comes after the vendor was incidentally brought into the business by scientists crossing over to the industry from the defense and automobile industries that make up the bulk of its business, Wilcockson said. POST-TRADE
Canadian depository wrapping up fixed income overhaul
CDS Clearing and Depository Services is nearing the end stages of an overhaul
of an old fixed income clearing and settlement function as it looks to implement a more efficient system, according to a proposal submitted by the utility to its regulator. In a filing at the Ontario Securities Commission, CDS said the schedule for the final phase hasn’t been decided but it will be the phase that adds collateral repo transactions to the system. The first phase, implemented in February 2012, put the new system in place for repurchase agreements and phase two, implemented in December 2012 and March 2013, added in certain inter-dealer broker activity and fixed income cash trades. The new system takes confirmed trades designated for the fixed income netting service and automatically routs them to the system for novation and netting. Novated trades are then
reported back to CDS for settlement on a trade-for-trade (TFT) basis. CDS said the new process will be more effective and the old FINet system will be redundant and as such will be shut down permanently. The utility noted just two of 12 FINet users will not be able to use the new system due to membership requirements, which they don’t meet. But their transactions will be taken care of, it noted, one externally and the other on a TFT basis, CDS said. TECHNOLOGY
ACTIV partners with PFSOFT
ACTIV Financial has entered a partnership with PFSOFT, a Russian
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UBS appoints Brazil CEO
UBS has appointed Sylvia Coutinho as the CEO of UBS Group Brazil. Replacing the retiring CEO Lywal Salles, Coutinho will oversee the bank’s strategy in the country. Coutinho joins from HSBC where she was head of retail banking & wealth management for Latin America and asset management for the Americas.
Summit Partners promotes three
Summit Partners has promoted three of its staffers to the role and Jack Le Roy have each been promoted after joining the heim Investment Management where they were part of the
SIX elects chairman
nounced that Alexandre Zeller has been elected chairman of the board of directors. He previously served as CEO of HSBC Private Bank in Switzerland, and regional CEO of HSBC Global Private Bank EMEA. Zeller will be based in Zurich.
FAF appoints UW professor to board
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