Exegy Inc., a leading provider of managed services and low-latency technology for market data normalization and distribution, has announced today its ability to support financial market participants subject to Regulation Systems Compliance and Integrity (Reg SCI). Over the past year, Exegy developed a new package of managed services, product and remote management infrastructure features in close partnership with two of the largest alternative trading system (ATS) operators in U.S. equities, as well as the International Securities Exchange (ISE) which operates three U.S. options exchanges. “Our integrated managed service model enables us to stretch beyond the boundaries of typical vendor relationships in order to form strategic partnerships with our customers. We welcomed the opportunity to engage with our customers to sort through the requirements of Reg SCI and to develop the capabilities required by firms subject to the new regulations,” says Exegy chief executive officer James O’Donnell. “It was an outstanding opportunity to enhance the value of our products and managed services. We are now prepared to assist additional firms that are seeking to develop or to improve their Reg SCI compliance regime, in addition to improving the performance and cost effectiveness of their mission-critical market data infrastructure,” adds O’Donnell.
Reg SCI was introduced by the Securities and Exchange Commission (SEC) to improve the stability and resiliency of the technology infrastructure of the U.S. securities markets in response to vulnerabilities exposed by natural disasters, technology failures, and discoveries of potential security threats. The regulation applies to a diverse group of market participants including clearing agencies, the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB), stock and options exchanges, and alternative trading system (ATS) operators that trade NMS and non-NMS securities exceeding specified volume thresholds. The regulation requires comprehensive and well-documented process for the design, development, testing, monitoring, and management of systems that are essential to their operations. Entities must also provide evidence of implementation and enforcement of policies and procedures to ensure sufficient capacity, integrity, resiliency, availability, and security of their systems subject to Reg SCI. The effort to achieve compliance can be significant, including the development of new controls and procedures concerning systems development, stress testing, system monitoring, data management, security, business continuity planning, and disaster recovery, as well as developing or extending existing documentation and implementing periodic reviews and risk assessments. ISE chief technology officer Thomas Reina noted, “We chose Exegy over five years ago for their ability to deliver the performance, efficiency, stability, and continuous support that we require for mission-critical market data. They have served as a strategic partner through the launches of our ISE Gemini and ISE Mercury exchanges, as well as our efforts to build the necessary capabilities to achieve robust Reg SCI compliance in our feed handling infrastructure.”
Exegy engaged with compliance, legal, technical, and business leaders within their customer firms, as well as domain experts from leading consulting firms. For each firm subject to Reg SCI, Exegy contributed to the analysis of the regulatory requirements and the development of the most appropriate compliance regime for the firm. “As we enhanced the capabilities of our products, global operations infrastructure, and managed services organization, we were careful to provide sufficient flexibility. By doing so, we were able to support the compliance regime that was best suited to the requirements and structures of the businesses within each customer firm,” says Exegy chief information officer Scott Parsons.
For firms subject to Reg SCI, Exegy now provides a premium package of product features and managed services that includes: a corpus of documentation addressing operational policies and procedures, enhanced incident management and escalation procedures, more rigorous Service Level Agreements, expanded reporting and audit services, enhanced security controls and transparency into its products and global managed services infrastructure, and dedicated infrastructure for Reg SCI entities that includes geographically distributed disaster recovery sites. “While developing these capabilities required substantial effort, we were fortunate to be able to build upon the significant investments we made over the past two years in our global operations infrastructure and remote monitoring and management capabilities of our products. The result is another tangible point of differentiation for our products and integrated managed services,” adds Parsons.
Exegy Establishes Reg SCI Credentials With Market Leaders
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Most Important Swiss Payment System Relaunched Successfully
On 14 April 2016 SIX went live with the new Swiss Interbank Clearing (SIC) payment system. After 30 years of operation, the SIC system was completely redeveloped on behalf of the Swiss National Bank (SNB) and the Swiss financial center. The new system enables banks to process their payments traffic in Swiss francs continuously and even more efficiently.
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The World Federation Of Exchanges Releases 2015 Derivatives IOMA Market Survey
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TriOptima Completes First triReduce Compression Cycle For Cleared Swedish Krona Swaps In Nasdaq
TriOptima, a leading provider of OTC derivatives post-trade infrastructure, announces that Nasdaq members completed the first successful compression cycle for cleared Swedish Krona (SEK) interest rate swaps. Over 40% of the cleared outstanding SEK swap inventory was eliminated in this first collaboration between Nasdaq and TriOptima.
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Nasdaq Clearing Completes First Round Of OTC Portfolio Compression Service
Nasdaq announced today that a compression session in collaboration with TriOptima and several Nordic banks has been carried out for the majority of the Nordic banks. Five clearing members eliminated 288 billion SEK in the first compression cycle for SEK interest rate swaps (IRS) at Nasdaq Clearing.
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Securities Commission Malaysia Invites Public Feedback On Draft Malaysian Code On Corporate Governance 2016
The Securities Commission Malaysia (SC) today released the proposed draft Malaysian Code on Corporate Governance 2016 (MCCG 2016) for public consultation.
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Velocimetrics Launches VMX EndToEnd
Velocimetrics, the leading provider of intelligent, real-time business flow tracking and performance analysis solutions, today announces the launch of VMX EndToEnd. This innovative platform will enable buy and sell-side firms, trading venues and technology providers to deploy the entire spectrum of advanced functionality required to track and analyse in real-time exactly what is happening across complete business processes with a single, integrated, solution. VMX EndToEnd has applicability across a whole range of use cases including: pricing, trading and payment processes.
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Investsure Launches To Bring Professional Investors And Property Developers Together â New, First-Of-Its-Kind âPro-To-Proâ Platform Aims To Transform The Property Development Market
A new online property investment platform, InvestSure, has been launched to bring together professional investors and property developers to help address the chronic lack of available finance in the UK property market.
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Witbe Lists On Alternext Paris To Step Up Its International Expansion - â¬15.4 Million Raised, Market Capitalisation â¬37.1 Millio
EnterNext, the Euronext subsidiary dedicated to promoting and growing the market for small and medium-sized companies (SMEs), today announced the first day of trading on Alternext Paris of Witbe, a technology company that analyses the quality of experience (QoE) delivered to end-users by digital service providers.
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Deutsche Börse Improves Efficiency Of European ETF Trading - Xetra Quote Request Allows For Optimized Execution Of Large-Sized ETF Orders- Leading ETF Issuers And Market Makers Support The New Service
Deutsche Börse has launched a new service which allows for an optimized on-exchange execution of large-sized ETF orders, the Xetra Quote Request. It enables users to take full advantage of Deutsche Börse’s complete service chain – from trading, clearing and settlement to trade reporting and market data dissemination. The process is designed to achieve a high degree of automation, while at the same time reducing settlement and counterparty risks, and ensuring compliance with best execution requirements for large orders.
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EU Referendum: HM Treasury Analysis Key Facts
HM Treasury analysis on the EU referendum shows that a vote to leave would mean Britain would be permanently poorer. Here's what you need to know.
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Deutsche Börse Cash Market: New db x-trackers ETFs On US Treasuries Tradable On Xetra - ETFs Provide Access To US Government Bonds
Two new db x-trackers ETFs from the Deutsche Asset & Wealth Management ETF product family have been tradable in Deutsche Börse's XTF segment since Monday.
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Does Trade Liberalization with China Influence U.S. Elections? -- by Yi Che, Yi Lu, Justin R. Pierce, Peter K. Schott, Zhigang Tao
This paper examines the impact of trade liberalization on U.S. Congressional elections. We find that U.S. counties subject to greater competition from China via a change in U.S. trade policy exhibit relative increases in turnout, the share of votes cast for Democrats and the probability that the county is represented by a Democrat. We find that these changes are consistent with Democrats in office during the period examined being more likely than Republicans to support legislation limiting import competition or favoring economic assistance.
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Raise Rates to Raise Inflation? Neo-Fisherianism in the New Keynesian Model -- by Julio Garin, Robert Lester, Eric Sims
Increasing the inflation target in a textbook New Keynesian (NK) model may require increasing, rather than decreasing, the nominal interest rate in the short run. We refer to this positive short run co-movement between the nominal interest rate and inflation conditional on a nominal shock as Neo-Fisherianism. We show that the NK model is more likely to be Neo-Fisherian the more persistent is the change in the inflation target and the more flexible are prices. Neo-Fisherianism is driven by the forward-looking nature of the model. Modifications which make the framework less forward-looking make it less likely for the model to exhibit Neo-Fisherianism. As an example, we show that a modest and empirically realistic fraction of "rule of thumb" price-setters may altogether eliminate Neo-Fisherianism in the textbook model.
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Technology, Skill and the Wage Structure -- by Nancy L. Stokey
Technical change, even if it is limited in scope, can have employment, output, price and wage effects that ripple through the whole economy. This paper uses a flexible and tractable framework, with heterogeneous workers and technologies, and many tasks/goods, to analyze the general equilibrium effects of technical change for a limited set of tasks. Output increases and price falls for tasks that are directly affected. The effects on employment depend on the elasticity of substitution across tasks/goods. For high elasticities, employment expands to a group of more skilled workers. Hence for tasks farther up the technology ladder, employment falls, output declines, and prices and wages rise. For low elasticities, employment at affected tasks contracts among less skilled workers, as they shift to complementary tasks with unchanged technologies. In all cases, the output, price and wage changes are damped for more distant tasks, both above and below the affected group.
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Distance and Time Effects in Swedish Commodity Prices, 1732-1914 -- by Mario J. Crucini, Gregor W. Smith
We study the role of distance and time in statistically explaining price dispersion across 32 Swedish towns for 19 commodities from 1732 to 1914. The resulting large number of relative prices (502,689) allows precise estimation of distance and time effects, and their interaction. We find an effect of distance that declines significantly over time, beginning in the 18th century, well before the arrival of canals, the telegraph, or the railway.
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Social Mobility and Stability of Democracy: Re-evaluating De Tocqueville -- by Daron Acemoglu, Georgy Egorov, Konstantin Sonin
An influential thesis often associated with De Tocqueville views social mobility as a bulwark of democracy: when members of a social group expect to join the ranks of other social groups in the near future, they should have less reason to exclude these other groups from the political process. In this paper, we investigate this hypothesis using a dynamic model of political economy. As well as formalizing this argument, our model demonstrates its limits, elucidating a robust theoretical force making democracy less stable in societies with high social mobility: when the median voter expects to move up (respectively down), she would prefer to give less voice to poorer (respectively richer) social groups. Our theoretical analysis shows that in the presence of social mobility, the political preferences of an individual depend on the potentially conflicting preferences of her "future selves," and that the evolution of institutions is determined through the implicit interaction between occupants of the same social niche at different points in time. When social mobility is endogenized, our model identifies new political economic forces limiting the amount of mobility in society - because the middle class will lose out from mobility at the bottom and because a peripheral coalition between the rich and the poor may oppose mobility at the top.
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Preference for the Workplace, Human Capital, and Gender -- by Matthew Wiswall, Basit Zafar
In this paper, we use a hypothetical choice methodology to robustly estimate preferences for workplace attributes and quantify how much these preferences influence pre-labor market human capital investments. Undergraduate students are presented with sets of job offers that vary in their attributes (such as earnings and job hours flexibility) and asked to state their probabilistic choices. We show that this method robustly identifies preferences for various job attributes, free from omitted variable bias and free from considering the equilibrium matching of workers to jobs. While there is substantial heterogeneity in preferences, we find that women on average have a higher willingness to pay for jobs with greater work flexibility (lower hours, and part-time option availability) and job stability (lower risk of job loss), and men have a higher willingness to pay for jobs with higher earnings growth. Using a follow-up survey several years after the experiment, we find a systematic relationship between the respondents' job preferences as revealed during college and the actual workplace characteristics of the jobs these individuals are currently working at after college. In the second part of the paper, we relate these job attribute preferences to major choice. Using data on students' perceptions about the demand side of the labor market--beliefs about expected attributes of jobs students anticipate being offered if they were to complete particular majors--we find that students perceive jobs offered to Humanities majors to have fewer hours, more work-time flexibility, and higher stability than jobs offered to Economics/Business majors. These job attributes are found to play a role in major choice, with women exhibiting greater sensitivity to non-pecuniary job attributes in major choice.
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Secular Stagnation in the Open Economy -- by Gauti B. Eggertsson, Neil R. Mehrotra, Lawrence H. Summers
Conditions of secular stagnation - low interest rates, below target inflation, and sluggish output growth - now characterize much of the global economy. We consider a simple two-country textbook model to examine how capital markets transmit secular stagnation and to study policy externalities across countries. We find capital flows transmit recessions in a world with low interest rates and that policies that trigger current account surpluses are beggar-thy-neighbor. Monetary expansion cannot eliminate a secular stagnation and may have beggar-thy-neighbor effects, while sufficiently large fiscal interventions can eliminate a secular stagnation and carry positive externalities.
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Selective Hearing: Physician-Ownership and Physicians' Response to New Evidence -- by David H. Howard, Guy David, Jason Hockenberry
Physicians, acting in their role as experts, are often faced with situations where they must trade off personal and patient welfare. Physicians' incentives vary based on the organizational environment in which they practice. We use the publication of a major clinical trial, which found that a common knee operation does not improve outcomes for patients with osteoarthritis, as an "informational shock" to gauge the impact of physicians' agency relationships on treatment decisions. Using a 100% sample of procedures in Florida from 1998 to 2010, we find that publication of the trial reduced procedure volume, but the magnitude of the decline was smaller in physician-owned surgery centers. Incentives affected physicians' reactions to evidence.
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