JPMorgan Chase gave a demonstration Wednesday of its prototype blockchain trading platform named Dromaius, which aims to make capital market transactions faster, more economical and more efficient. Christine Moy, head of the firm's Blockchain Center of Excellence, said the prototype will undergo further testing and development before being rolled out to customers, adding: "We think the technology has the potential to be transformative."
Innovation Happens in the Weeds Technology isn't enough. You have to know how to apply it to the details. Broadridge provides the solutions and insights that help our clients answer one question: what's next. Are you ready? #ReadyforNext
UBS has moved 80 employees into the newly launched Strategic Development Lab and has transferred in Chris Purves, co-head of fixed-income trading, to lead the operation. The unit will research artificial intelligence use on the trading floor and will ensure the fixed-income division is "fit for purpose" by 2025, Purves says.
Most New York banks still resist cryptocurrency trading: Eight months have passed since Goldman Sachs reported a plan for a bitcoin-trading desk, but no other Wall Street bank has indicated a formal plan to offer cryptocurrency derivatives. Morgan Stanley, while not launching a trading desk, reportedly is arranging trading of bitcoin-related products for some customers.
Data rich and regulation wary KPMG's new POV, Data rich and regulation wary, outlines the focus of anticipated regulatory and policy actions directed toward data privacy, and key actions that organizations should consider for enhanced data and security controls, as well as individual consumer data and brand protection. Learn more
Deutsche Boerse, partnering with Clearstream and two fintech startups -- Figo and Finologee -- is aiming to launch a financial-technology acceleration platform in the fourth quarter. Firms will gain access to Deutsche Boerse's market and reference data, while Clearstream will offer users tech and regulatory advice.
While the banking business in the UK continues to be dominated by a few names at the top, technology will continue to drive change and provide an advantage to newcomers, writes Antony Jenkins, founder of 10x Future Technologies.
The Treasury Department's Financial Crimes Enforcement Network said the final version of its customer due-diligence rule has taken effect and that financial institutions must now comply with it. Among the provisions is the requirement that financial firms identify and verify the identity of anyone who owns 25% or more of any legal entity and the identity of the person who controls the entity.
Asian central bankers reviewed ways to use financial technology to deal with money laundering and terrorism financing at a meeting sponsored by the Financial Stability Board. The Asian Regional Consultative Group said the bankers "discussed steps that the official sector could take to promote innovation that mitigates money-laundering and terrorist-financing risks, and in particular, shared experiences with know-your-customer utilities."
SIFMA recently hosted our 45th annual Operations Conference & Exhibition. With three days of presentations, events and meetings, and over 900 people in attendance, we gained insights into top-of-mind topics for market participants. Inside this note, we recap what was seen and heard, including: The Future of Fintech Is Now; Your Mission, If You Choose to Accept It; Distributed Ledger Technology, the Holy Grail; An Active Systemic DLT Case Study; We're Only As Good As Our Data; and Data and Cybersecurity Go Hand In Hand.
Fintech continues to drive the transformation of the securities industry: artificial intelligence and machine learning are giving firms new insights, blockchain projects are moving closer to production, and robotics are pushing the boundaries of industry operations. SIFMA's Fintech Conference will bring together innovators and industry leaders to discuss the emerging technology evolution and how existing regulatory frameworks can accommodate transformative technologies. Explore the program and register before early bird ends May 18.