European CCP tie up at Citi 18-Sep-2008
Citi has announced two significant tie ups, the settlement provision for central counterparty (CCP) LCH.Clearnet across 15 markets for PlusMarkets and provision of an execution to custody solution for Erste Bank in the US. LCH.Clearnet was recently appointed clearer for small cap trading venue PlusMarkets and acts as a CCP across equity markets, exchange-traded derivatives markets, energy markets, the interbank interest rate swaps market plus some bond and repo markets. "In Europe the clearing and settlement landscape is changing rapidly given the impact of Mifid, with both consolidation and new entrants appearing in the trading space," said Lee Waite, global
Sleep advice for financial CEOs 18-Sep-2008
Avoid heavy leverage before bedtime, limit intake of off balance sheet products, take care to understand your business and you can enjoy a good night's rest, said panellists at Wednesday's session, "What Keeps CEOs Awake at Night?" Executives at traditional firms with strong balance sheets and banks with exposure to markets outside North America sleep pretty well these days, thank you very much. "We are an old fashioned bank with assets and liabilities and not a lot of exotic stuff off balance sheet," said Hans Van der Noordaa, a member of the executive board at ING Group. "Five or six
Swift to build insurance data platform 18-Sep-2008
Swift signed an agreement yesterday with reinsurance companies and brokers for the development of a central electronic data transmission platform to facilitate administrative processes between insurers, brokers and reinsurers. The platform is expected to be launched by next (northern) spring, with a 12-month pilot to follow. The parties involved are European reinsurers Swiss Re, Munich Re and Scor, brokers Aon, Benfield and Willis, insurance standards organisation Acord and, of course, Swift. Data exchanges between the various reinsurance market players remain largely paper-based and involve several instances of manual input into IT systems. The plan to build a prototype to increase
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Given Sibos has been making some repeat appearances to cities in the past couple of years (Boston, Sydney, Geneva etc) it is refreshing that this year's venue, Vienna, is a newcomer to the Sibos jamboree. Not since 1999 (Munich) has Sibos ventured into central Europe.
Vienna first rose in importance in the early part of..
During July, Sibos Daily News and BT conducted a survey into the impact of the Payment Services Directive and the single euro payments area on banks' transaction banking businesses. The results make for interesting reading...
