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Firms that successfully apply to the DSS will be able to manage the issuance, maintenance and the settlement of financial securities. The central bank and UK regulator said it will also be possible to combine these activities with that of a trading venue, creating new business models.
There are some very powerful, well-entrenched special interests who will rightfully see this as a direct attack on their business models. At its core, the real issue revolves around who the markets should benefit – the vast majority of institutional and retail investors, or a narrow subset of powerful intermediaries. “If
While perhaps not one of the most exciting aspects of the trade lifecycle, settlement is a central process that acts as a pillar for the capitalmarkets. The settlement period relates to the space of time between the trade date and the settlement date when a trade is considered complete.
Traditionally, many securities transactions have settled on a T+2 basis, in which buyers receive ownership of a security and the seller receives payment two business days after the trade date.
As revealed by The TRADE and sister publication Global Custodian in February, fintech giant acquired SaaS post-trade platform Torstone Technology. The deal will further bolster FIS capitalmarkets technology offering, having acquired SunGard in a major deal back in 2015.
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