GHF Picks Cloud-Based Trade Surveillance Platform

Our free fintech news roundup also covers ASX’s outage, BNPP Asset Management USA, Gresham & Data-Xchange, and Broadridge’s VSM system.

GHF To Deploy Eventus System Next Year

G.H. Financials (GHF), a London-based exchange-traded derivatives (ETD) clearing firm, reports that it will be deploying a multi-asset class, trade surveillance system from Eventus Systems next year to help it keep up with high volumes of data.

The firm will begin deploying a cloud-based version of the Eventus Validus platform in early 2021, officials say.

“What intrigued me immediately when I researched Eventus was the composition of the leadership team and Board, which includes experienced professionals who have been living and breathing enforcement, surveillance and market conduct,” says Tracy Hetherington, G.H. Financials Global Head of compliance, trade surveillance and financial crime, in a prepared statement.

The firm has been experiencing high volumes of data and needs a solution that team members can use to modify existing surveillance rules while having the ability to create and test their own rules, Hetherington says.

The Eventus platform offers can be customized and can dig behind identifying activity such as spoofing, layering and wash trading, she says. The system encompasses many exchange rules and certain jurisdictional requirements.

“When we conducted our exhaustive review of providers this year, our trade surveillance team of three very experienced former traders were impressed by what they saw and the potential of the system. The choice of provider was, therefore, a collective decision,” Hetherington says. The Validus system will replace two existing, outsourced solutions at GHF.

The clearing firm will use Validus for trade surveillance of its futures and options activity on markets globally, and for compliance with the RTS 6 real-time algorithmic monitoring requirements under the European Union’s MiFID II regulatory framework, officials say.

“We all have the same end goal; we want the markets to be clean and to offer a level playing field. It’s our intention to build a partnership with our surveillance provider to help further develop the system to address GHF’s challenges of ever-evolving markets,” Hetherington says. “We would hope this could also benefit all users on the platform, and we can benefit from input and experience offered by other Eventus clients. The firm is very receptive to this type of two-way dialogue and committed to constantly building on the platform.”

GHF has subsidiaries in Chicago and Hong Kong.

ASX Suffers Outage on November 16

The Australian Securities Exchange (ASX) reopened for business on Tuesday, November 17, after an outage the day before caused by a software glitch in the trading of multiple securities in a single order — known as combination trading — which led to inaccurate market data, officials say.

Officials from ASX and its technology provider Nasdaq identified the cause of the problem and fixed it on the night of November 16.

“ASX sincerely apologizes and deeply regrets the disruption to the market caused by the outage of the ASX Trade system today. … Today [Nov. 16] was the go-live for the refreshed ASX Trade system, which is the trading platform for ASX’s equity market,” according to the official statement from ASX.

“ASX, our technology provider Nasdaq, customers, and independent specialist third parties conducted extensive testing for over a year, including four dress rehearsals, in preparation for today’s go-live. The refresh is the latest generation of a Nasdaq-developed trading system used around the world,” officials added.

BNPP Asset Management USA Names New CEO

Johanna Lasker

BNP Paribas Asset Management reports the appointments of Johanna Lasker and Amanda Raynor, respectively the CEO and deputy CEO of BNPP AM USA. They assume their new posts on the first of the year.

As CEO for the U.S. group, Lasker “will be responsible for BNPP AM’s strategy, leadership, governance and regulatory matters. She will assume this role alongside her current responsibilities as the head of the Official Institutions Group,” according to the firm’s statement, and will “continue to report to Sandro Pierri, Head of BNPP AM’s Global Client Group, and will report locally to José Placido, CEO of CIB Americas.”

Lasker replaces Daniel Klein, who will be returning to Europe after five years as CEO and four years as Deputy CEO of BNPP AM USA.

Amanda Raynor

Deputy CEO Raynor also will retain her current position as chief operating officer (COO) of BNPP AM USA.

Lasker joined the New York office of Fischer Francis Trees & Watts, a predecessor of BNP Paribas Asset Management, in 1997, according to the statement.

Raynor joined Harbor Capital Management in Boston in 1997, moving to Fortis Investments in 2002 when Harbor was acquired by Fortis, per the statement, which also notes that she was appointed COO of Fortis in 2008 and subsequently became COO of BNPP AM when Fortis was acquired by BNPP AM.

Raynor’s “responsibilities include managing operations and information technology, supporting the strategic development of the franchise, facilitating communication with our global locations, and representing the firm with industry organizations, regulators and clients,” officials say.

Gresham Taps Data-Xchange to Distribute in Africa

Reconciliation vendor Gresham Technologies reports that Data-Xchange Technologies Ltd, a consultancy, will become a “full distribution partner” for Gresham in sub-Saharan Africa.

The development comes as “the region looks to move away from legacy technology systems towards sustainable automation in this digital era,” according to a Gresham statement.

Gresham characterizes Data-Xchange as a “specialist consultancy firm that provides process automation services for the financial services industry, enabling its clients to address operational risk, compliance and control challenges.”

Broadridge Advances VSM Platform

Broadridge Financial Solutions, Inc., a post-trade systems and software provider, reports embarking on the first phase of the new iteration of its virtual shareholder meetings (VSM) platform.

The newly enhanced platform will “increase accessibility, transparency and engagement and leverages APIs [application programming interfaces] to facilitate shareholder access to any virtual meeting platform,” the vendor says in a prepared statement.

“This next generation of VSMs will increase accessibility, transparency, and engagement to meet the rising expectations of corporate issuers, mutual funds, and shareholders,” vendor officials say in a statement. “As part of the initial phase, Broadridge has made extensive investments and developed Application Programming Interfaces (APIs) which will enable Broadridge to validate beneficial shareholders who log on to other virtual meeting platforms.”

According to the vendor, it is “on track to facilitate almost 2,000 VSMs in 2020, up from 326 meetings in 2019.”

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