January 14, 2021
SIFMA SmartBrief Operations & Technology
News on the capital markets for operations and technology professionals
Top Story
London financial firms are grappling with a host of changes after their first week operating under post-Brexit rules. "The hardest thing is the day-to-day communication. I can't speak to EU-based clients without one of my EU-based traders also on the phone or in the chatroom," said one London-based trader.
Full Story: Financial Times (subscription required) (1/8),  Bloomberg (1/11) 
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Optimizing Your Remote Business Processes
The global pandemic has shifted much of the world's workforce into a remote setting, but the need to collaborate within - and between - teams remains. Cloud content tools have become a significant solution, but which features and benefits are most needed at this time? This infographic provides insight into what makes a strong collaboration tool
Operations Update
The European Commission has approved London Stock Exchange Group's $27 billion takeover of Refinitiv. To gain approval, LSEG agreed to offload its interest in Borsa Italiana and made concessions on data access and derivatives trading and clearing.
Full Story: The Trade (UK) (1/13),  Reuters (1/13),  The Wall Street Journal (1/13),  Financial Times (subscription required) (1/13) 
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Some senior London bank executives say they anticipate Brexit will cause more financial sector jobs and functions to move to the EU, since it may be years before there is an agreement concerning financial services. The relocations are expected to be incremental.
Full Story: Financial News (UK) (tiered subscription model) (1/13) 
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The recent surge of retail trading has brought new popularity to online platforms where individual investors swap information and ideas, including Twitter, Facebook, TikTok, YouTube, Reddit, Instagram and Discord. These sites have become the remote, online equivalents of Wall Street trading desks.
Full Story: The Wall Street Journal (1/11) 
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Information propels business forward
Ricoh harnesses the power of information, bringing technology and people together in powerful solutions and creating competitive advantage for 1.4 million businesses globally. Join us.
Digital Solutions. Professional Services. Information Technology.
Technology Update
Distributed ledger technology, and blockchain in particular, can speed and simplify progress toward the launch of central bank digital currencies, writes Accenture's Ousmene Jacques Mandeng.
Full Story: Accenture (1/8) 
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The Reserve Bank of New Zealand is investigating a data breach in which hackers might have accessed commercially and personally sensitive information in a third-party file-sharing service. The system affected has been taken down and secured while the central bank investigates, Governor Adrian Orr says.
Full Story: Bloomberg (1/9),  Regulation Asia (free content) (1/11) 
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Euronext said it has corrected the technical glitch that disrupted index derivatives trading. The products affected included France's CAC 40 future contracts
Full Story: Reuters (1/11) 
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Transform lending to build trust
Learn how digital transformation can help you build trusted relationships with your customers wherever their journeys lead.
Regulatory and Legislative Update
The Federal Reserve is considering how it should oversee banks' use of artificial intelligence to evaluate consumers' creditworthiness and to prevent fraud, Fed Governor Lael Brainard said. "We must understand the potential benefits and risks and make clear our expectations for how the risks can be managed effectively by banks," Brainard said.
Full Story: MLex (free content) (1/12),  HousingWire (1/13) 
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Bank regulation largely centers around overseeing human behaviors and must adapt to keep up with the technological developments in finance, writes acting US Comptroller of the Currency Brian Brooks.
Full Story: Financial Times (subscription required) (1/12) 
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IHS Markit has broadened the range of its regulatory reporting services with the acquisition of the regulatory compliance company Cappitech. IHS Markit is one of several companies moving to fill the void left by the withdrawal of CME Group from the regulatory reporting business.
Full Story: The Trade (UK) (1/11),  Finance Magnates (1/11),  Global Investor (subscription required) (1/11) 
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As the securities industry works towards the final implementation of the Consolidated Audit Trail (CAT), join us for a two-part webinar, Feb. 18 from 12 to 2 p.m. ET, on the remaining milestones that must be completed prior to the July 2022 deadline. The first part of this webinar will bring together key stakeholders to discuss the current state of the CAT, what lies ahead, and the impacts to broker dealers. Following a brief break, the second part will describe how firms should prepare for the upcoming phases of the implementation. Sign up today!
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A recent survey found that the pandemic accelerated the speed of a shift to digital interaction, with 53% of firms saying they plan to increase the pace of implementation of their next-gen technology strategies. Mark Schlesinger at Broadridge Financial Solutions explains how firms continue to double down on innovation and this increasingly means that doing nothing is not an option for firms that wish to stay relevant in the more demanding post-pandemic landscape.
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poet, writer
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