NEWS
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in New York. “When you get into the management of capital markets fees, it’s an entirely different, complicated animal,” Faherty said. The service will provide Bonaire’s clients with a central place to track and normalize fees charged and rebates owed across all the different market participants they do business with, according to Faherty. Exchange fees, since they are both publicized and made available through vendors, will be the easiest to obtain and input, Faherty said, adding that Bonaire will leave it up to broker-dealers and investment banks to manually input their fee schedules with individual clients since each relationship varies. The service is expected to go live by the third quarter, according to Faherty, but that will ultimately be dictated by the pace of client adoption. Noting the technology needed to build the system was already in place, Faherty said Bonaire would eventually like the service to resemble a utility
that provides a flow of fee information across as many participants as possible. “If we can get more broker-dealers on the system, we can feed the feed data to their clients,” Faherty said. He added the brokers will also benefit because the service would help “reduce their payment cycle and give the investment banks more transparency”. EXCHANGES & ATSs
ISE limits complex order legging, mandates risk parameter use
The International Securities Exchange is beefing up risk management features for its members with new limits on complex orders that leg into the regular market and revised mandates for use of its risk parameters, according to a proposal from the exchange.
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NRI names tech manager
Nomura Research Institute has named Yasuki Okai as the manager of its Financial Technology Solution Division. Okai has been with NRI since 1988, managing development for cash management systems and leading IT operational reform. In his new role, he will focus on capital markets, developing IT offerings to support regulatory compliance among clients. Okai will report to Keiichi Ishibashi, senior executive vice president and member of the board.
SS&C nabs former PwC exec
SS&C Technology has hired Timothy Reilly as the senior vice president for Institutional and asset managers. Prior to SS&C, he was a market leader in PricewaterhouseCoopers’
SEC hires regional enforcement director from within
The Securities and Exchange Commission has appointed Amelia Cottrell as its new associ-
In a filing at the Securities and Exchange Commission, ISE said it plans to restrict the ability for complex orders with more than three legs to leg-into the market. While the exchange allows some complex orders to be executed outside the complex order book on the regular market, it said the risk to market makers is higher with these orders because its system executes all legs at the same time. Because compliance with risk parameters is checked af ???????????????????????????????????????????????????????????????????????????????????????????????%M?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????Q???????????????????????????????????????????????????????????????????????????????????????????%M????????????????????????????????????????????????????????????????????????????????????????????????????Q??????????????????????????????????????????????????????????????????????????????????Q??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????e?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????5??????????????????????????????????????????%M????????????????????????????????????????????????????????????????????????????????????????e???????????qm5u??????????????????????????????????????????????????????????????????????????????????????????????????????????????????t???????((0