The FTF Exchange Podcast

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The FTF Exchange Podcast

Podcast by FTF News

  1. T+1 Settlement: Costly Shift Without a Cause?

    5일 전

    T+1 Settlement: Costly Shift Without a Cause?

    The U.S. prioritized reducing settlement fails domestically but ignored the knock-on costs for international investors, which have gone through the roof.” So says industry veteran Gary Wright, director at ISITC Europe CIC, in the latest episode of the FTF Exchange podcasts. In this podcast, hosts Maureen Lowe and Nick Holland speak with Wright who delves deep into the contentious shift to T+1 settlement in capital markets, questioning whether the benefits truly justify the costs. With candid insights and thought-provoking critiques, this conversation challenges the status quo and shines a light on the overlooked impacts of T+1 on investors, issuers, and market participants worldwide. Key Takeaways:  No Clear Business Case: Despite claims of efficiency, there’s been no cost-benefit analysis demonstrating that T+1 settlement provides net value. Wright argues the high costs outweigh the limited benefits.  Impact on International Investors: The shift has introduced significant financial burdens for international participants, requiring them to hold collateral in U.S. markets, increasing costs and reducing liquidity.  Legacy Systems Strained: T+1 imposes real-time processing requirements on outdated batch systems, which were never designed for such operations, creating inefficiencies and systemic vulnerabilities.  Regulatory Gaps and Divergences: While the SEC in the U.S. has aggressively pursued T+1, regulators in the UK and EU remain hesitant, further complicating global market alignment.  Lack of Innovation or Incentives: Firms are reluctant to invest in new technology or processes without a regulatory mandate or tangible incentives, leaving the market to grapple with outdated solutions. This episode is a must-listen for financial professionals, investors, and anyone curious about the realities behind T+1 settlement and its broader implications for global markets.

    43분
  2. AI, Advertising, and Advisory: Navigating the SEC Marketing Rule Minefield

    11월 6일

    AI, Advertising, and Advisory: Navigating the SEC Marketing Rule Minefield

    In this episode, Maureen Lowe and Nick Holland of the FTF Exchange podcast chat with Sanjay Lamba, Associate General Counsel at the Investment Advisor Association (IAA). They discuss the SEC’s marketing rule, which aims to modernize and standardize advertising practices for investment advisors. Sanjay shares insights into compliance challenges and the need for firms to adapt to evolving regulations around digital communications and AI use in marketing. The conversation also touches on collaborative practices between compliance and performance teams to meet the SEC's requirements. Key Discussion Points: • The SEC Marketing Rule Overview and Compliance Challenges • The Role of AI in Marketing and Compliance Concerns • The Importance of Industry Events for Knowledge Sharing Regarding SEC Regulations Master SEC & FINRA Compliance at PMCR 2025! Don’t fall victim to FOMO, join us at PMCR 2025 Feb. 27-28th in NYC. Enter coupon code FTFPODCAST to receive a 10% off your ticket just for listening to this episode.  Simple as that.  - https://pages.ftfnews.com/ftf_performance_measurement_and_client_reporting For more resources from the Investment Advisor Association - https://www.investmentadviser.org/ Follow FTF on LinkedIn to stay connected! - https://www.linkedin.com/company/financial-technologies-forum Connect with Sanjay Lamba on LinkedIn - https://www.linkedin.com/in/sanjay-lamba-214a542/

    40분
  3. Fixed Income Markets Can Develop Credit Strategies & Analytics

    10월 31일

    Fixed Income Markets Can Develop Credit Strategies & Analytics

    Fixed income market participants are under pressure to develop systematic credit strategies and to improve their valuation and performance analytics capabilities. Yet Peter O’Connor, product manager, FINCAD Analytics Suite, Numerix, says it’s a data and computation problem much like other IT issues and firms will be able to catch up. O’Conner is the focus of the latest episode of the FTF Exchange podcast series. “When it comes to fixed income strategies, it’s a data problem. You can identify the approach you would take and typically enough … they’re looking to see which approaches work in terms of identifying mispricing,” O’Connor says. “The second challenge, then, is data and getting data in real-time or at whatever frequency is needed. The catch-up is really in that and also in adopting cloud and whether things have containers and scaling for real-time needs. So it’s data and it’s computation,” he says. “It’s very much the same old things because a lot of the analytics that we’re talking about … have always been there. Now they’re coming more to the fore and when they’re combined with real-time and doing more advanced things on top as a data-driven exercise it’s just more interesting these days.” O’Connor says. In this podcast, O’Connor:  Talks about his path to Numerix;  Reviews the finer points of the FINCAD Analytics Suite, particularly how it helps with trading and operational issues and how it fits with other offerings from Numerix;  Provides insight into fixed income markets participants and their growing demands for precise pricing and risk analytics delivered intraday; and  Covers the role FX plays in intraday fixed income transactions and the tools that firms need to navigate FX complications.

    16분
  4. Exploring the Depths of Sanctions Compliance with DOLFIN

    10월 24일

    Exploring the Depths of Sanctions Compliance with DOLFIN

    In preparation for the November 7th FTF webinar, Find True North in Sanctions Compliance: Avoid Exposure to Securities Tainted by Sanctions, our Director of Event and Content Strategy, Nick Holland, spoke with Danny McGlynn, President and Chief Integrity Officer at the Institute for Financial Integrity, about the evolution of sanctions regimes and compliance strategies. They explore how sanctions have become a key tool for addressing national security concerns, with increased collaboration between public and private sectors. Danny emphasizes the importance of adhering to Financial Action Task Force (FATF) recommendations and establishing strong compliance programs to avoid penalties. Continue this conversation and gain deeper insights by registering for the upcoming FTF sanctions webinar where Danny McGlynn and other experts from Schwab, Deutsche Bank, and SIX will discuss how to mitigate your firm's reputational, financial, and legal risks. Register here: https://event.on24.com/wcc/r/4715656/774F4EC0FA128D141D76FAFEFB49719E?partnerref=FTF-DannyPodcast Contact info: Reach out to us at info@ftfnews.com if you feel you've got something to say on the FTF Exchange Podcast.

    12분
  5. Should Client Reporting Be On-Demand like Netflix?

    2월 26일

    Should Client Reporting Be On-Demand like Netflix?

    The core of any client reporting challenge is inevitably a data problem, and the ultimate solution may be highly personalized self-service capabilities much like a media streaming service, says Andrew Barnett, chief product officer at Hub, a new provider for the global securities operations industry. Barnett is the focus of this edition of the FTF Exchange podcast. When asked about a new ecosystem for client reporting, Barnett focused on the new operating models that go beyond sending out PDFs, emails, and spreadsheets about a firm’s performance to clients. Firms will need to evolve their solutions and the services and change the historic dynamic of one-way communication for client reporting. This will mean push-and-pull engagement patterns, Barnett says. “What we’re now hearing is that people want to activate and call that data directly. They don’t want it pixel-perfect at any point in time because they’ve got broader usabilities. You have to expose that data via an API allow or other methods,” he says. “Client reporting — it is a data problem. So, certainly, the solution has to be data-driven and that data has to be discoverable, you have to be able to interact with them, and it has to be actionable,” Barnett says. “We have to allow end-users to interact with that data to generate the insights. It’s not on Hub or other providers in that space to be able to generate that insight because that is on the investment manager — that’s their IP, the USP [unique selling point] that they need to work with,” he adds. Among the reporting needs of clients is a desire for more personalized offerings. “We can kind of really see the fact that now customers are expecting that hyper personalization and shouldn’t be constrained by time or by a really heavy, kind of manual and technical engagement to get it done. It should be via no-code, low-code types of capabilities,” Barnett says. “A key part of reporting is communication and a key part of communication is collaboration,” Barnett says. It will be essential to have “those talks embedded inside of the data, the reporting solutions, and really importantly a really well-defined kind of business glossary … So that when they look at a report they can self-service to ensure they understand … It is also almost taking that Netflix world that we live in now and making it available in the institutional client reporting space.” In the podcast, Barnett also covers:  The top post-trade challenges in 2024;  The T+1 push and ultimately T+0;  The future for Books of Records;  The Ops advantages of Cloud-Native computing;  A.I. and Ops; and  Open Source software for financial services firms. Hub is a cloud-native platform provider that offers connectivity between trading and relevant data to optimize the operations technology used by investment firms. By doing so, Hub says that it enables data streaming, artificial intelligence-based technologies, and automation. Hub is a is a sponsor of FTF’s Performance Measurement & Client Reporting event taking place on Feb. 29, 2024, at Etc. Venues, 601 Lexington Ave. in New York City.

    26분
  6. Ops Needs an Accounting & Data Warehouse Paradigm Shift

    2월 21일

    Ops Needs an Accounting & Data Warehouse Paradigm Shift

    Operations teams need to shift away from multiple outdated accounting systems and data warehouses and toward an ecosystem that allows for these and related systems to talk together in real time, says Kirk Littleton, sales director at FundGuard, in this edition of the FTF Exchange podcast. These changes will definitely yield firm-wide benefits, including those for performance measurement and client reporting teams especially if firms embrace updated application programming interfaces (APIs) and data buses. “So, I think the operations people need to kind of have a paradigm shift to say: ‘I don’t need multiple accounting engines, I don’t need a big data warehouse to be the agent to push the data into other systems,’ ” Littleton points out in the podcast. “Let the APIs, let the[Apache] Kafka, the [IBM] MQ buses move that data in real time from one source to one receiving system that needs that data. Performance and client reporting are great examples,” he adds. “They need data that has been verified and accounted for properly and then I can use it in my performance calculation or I can put it on this client statement. But I don’t want to do that through a data warehouse where the data might be stale at the time I get it.” However, many firms cannot yet embrace APIs, Kafka buses and beyond because “many of the systems that are still in place today do not support those types of technologies,” Littleton says. “So, as a result, you’re still stuck with: ‘Okay, how am I going to get this data in real time from this engine to the trading system, order management, the client billing system — whatever middle office or front office tool you’re talking about.” Littleton discusses in detail some of the ways forward:  Modernize accounting systems — some systems are 50 years old;  Embrace cloud-native solutions;  Support systems that use artificial intelligence-based technologies particularly machine learning;  Move to systems that have multi-asset class coverage; and  Consider a multiple book strategy that encompasses IBORs, ABORs, performance books, and custody books to provide multiple views of a portfolio all at once. “I want to be able to go to that accounting system in real time through an API and pull the data back and then act on it. So whether I’m an OMS trading system or a performance system I want to know what I own in real time. I want to know the value of that asset in real time, any cash flows that would affect performance – I need to know that type of stuff in real time,” he says. FundGuard is a cross-enterprise, AI-powered, cloud-native and multi-asset class investment accounting platform for asset managers, asset owners, custodian banks and fund administrators FundGuard is a sponsor of FTF’s Performance Measurement & Client Reporting event taking place on Feb. 29, 2024, at Etc. Venues, 601 Lexington Ave. in New York City.

    20분
  7. A.I. Will Smooth Out Bumps in Ops

    2월 15일

    A.I. Will Smooth Out Bumps in Ops

    Systems based on artificial intelligence (A.I.) technologies will meet the demands of financial services firms looking for new features and IT capabilities for their performance measurement operations. It will also mean a disruption of the status quo. This is according to the latest FTF Focus podcast featuring Sean Murray, who is senior vice president, senior director, product management, at FactSet and Nina Mayers, who serves as director, performance product management, also at FactSet. “A.I. is definitely going to be one of the biggest disruptors that well see in fintech,” says Murray in response to a question about A.I. innovations and how they might improve operational efficiency. FactSet has been investing in A.I. over the years. A.I.-based systems could ease the burden of tedious processes that are part and parcel of performance measurement and client reporting. “We know that this is an area where our clients spend a lot of time today. Performance is a very data-hungry process and the activities around the onboarding of data have been something that performance practitioners have struggled to come to terms with for a long time,” Mayers says. “As we think about how A.I. can help with that process and look at the types of things where machine learning can sort of help us to replicate repeatable processes, there’s a lot of things that our clients do in terms of data checks, controls, analysis,” Mayers adds. The help with onboarding will be “before we even really get to that sort of calculation engine that we think that A.I. can have significant impact on and can help to smooth out the bumps in the operational processes that our clients experience today,” she says. The podcast also deals with new realities such as performance measurement platforms that are no longer empty boxes requiring a lot of data integration. Firms expect that the data burdens of performance measurement platforms will be easing. “The biggest thing they expect is to ease the burden of data integration side,” Murray says. “We come from the BISAM and B-One world where every client had to integrate their content sets into the application even if the content they were integrating was the same as others. So, if you’re integrating a Russell Index set or an S&P index set you’re doing the work that everyone is doing as well.” “What our clients expect is essentially for us to deliver content into the application or that to be available immediately for the clients to be able to start up and create a new strategy and for them to be able to pull benchmarks in or pull in FX rates or risk-free rates to pull that in instantaneously that’s what their expectation is,” Murray says. Mayers and Murray also discuss:  The important change to come from FactSet’s acquisition of BISAM; o The acquisition’s impact on FactSet’s managed services and outsourcing business  The benefits from performance measurement platforms and offerings in hosted, software as a service or (SaaS) aspects of key;  Vendor compression and other changes could mean the end of the line for some products and services; and  The kinds of internal IT infrastructure changes that can help firms derive the most value from performance measurement offerings via a software-as-a-solution (SaaS) mode.

    21분
  8. Some Firms Lag Behind But Most Are Post-Libor

    1월 12일

    Some Firms Lag Behind But Most Are Post-Libor

    Kelli Sayres, senior managing director, head of Polypaths at Numerix, says that she is not surprised that some securities firms are lagging behind others in the “huge effort” to move past Libor. They have also had to deal with other shocks to the system such as higher interest rates and inflation. “From what I’ve seen, most of our clients have been able to rise to the occasion and they were able to meet both the logistical and technical challenges that are associated with this type of migration [away from Libor],” Sayres says. “It’s huge in scale. It impacts the curve construction, the definitions of instruments, pricing, discounting, what type of data you need to get a daily reset rate, model validation, refitting behavioral models — the list goes on,” she adds. “Some firms still seem to be lagging a bit in overall migration. They haven’t necessarily validated all systems to make sure they function without interruption with the complete removal of Libor curves and vols,” Sayres says. “But given the complex ecosystems — in terms of technology and software — at large financial institutions it’s not surprising. And I do think most folks do seem to be marching steadily toward a clean and robust post-Libor framework.” Polypaths, which Numerix acquired in August 2023, is a provider of analytics and risk management solutions for financial institutions. Numerix is a provider of capital markets technology solutions and trading and risk management systems. The Numerix Data Management System was voted Best Data Management Solution in the FTF News Technology Innovation Awards competition for this year. This podcast also covers:  the ripple effects of interest rates and inflation;  structured finance issues;  machine learning; and  how Sayres was drawn to the complex world of fixed income analytics.

    19분
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    FTF News
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    2021년 - 2024년
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