This Week: ASIC/RBA, TSE, Schroders/SteelEye, HKEx, Talos, and more

ASIC and RBA Issue Expectations for ASX’s CHESS Replacement

The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have outlined their expectations of the Australian Securities Exchange’s (ASX) CHESS replacement project. 

The regulators said they expect ASX to replace CHESS as soon as possible. They also expect ASX to demonstrate the readiness of the replacement system and provide them with supporting independent assurances before migrating to it. ASIC and RBA will continue to closely supervise the new system’s progress. 

ASX later responded by welcoming the expectations outlined the regulators, adding that following a period of heightened market activity in March 2020, it made enhancements to the existing CHESS system and post-trade infrastructure to provide additional capacity. It has planned additional capacity for the CHESS replacement to allow for potential further increases in peak volumes. 

The exchange said it is close to completing its review of feedback from CHESS users, and will announce a revised implementation schedule for the replacement project in the second half of October. 

Tokyo Stock Exchange Halts Trading Due to Hardware Failure

On October 1, the Tokyo Stock Exchange (TSE) halted trading due to a hardware failure. The exchange said the switchover from the failed device to the backup did not work properly, and, as a result, market information could not be distributed. 

TSE said there was no execution of trades in the auction market, though some execution information was sent to FLEX—its market data distribution platform—as the information is invalid and is not formal market information. 

It resumed on-exchange trading and ToSTNeT—its off-auction trading system—on October 2. 

Schroders Taps SteelEye for Mifir and Mifid II Reporting

Schroders has chosen compliance technology and data analytics firm SteelEye to improve the level of control and accuracy for its Mifid II transaction reporting and overall Mifir compliance. 

SteelEye provides clients with full visibility of their entire Mifid II transaction reporting workflow. It includes automated tools to manage any over- and under-reporting, and to check for data validation errors. 

Schroders operates from 34 locations across Europe, the Americas, Asia, the Middle East, and Africa.

The SteelEye implementation was deployed in July this year.

HKEx Names Calvin Tai Interim Chief Executive

Hong Kong Exchanges and Clearing (HKEx) has appointed Calvin Tai as interim chief executive, following Charles Li’s decision to retire early. Li will remain chief executive of HKEx until December 31. 

Tai, who is currently the exchange’s co-president and chief operating officer, will continue serving those roles concurrently with his appointment as interim chief executive.

A selection committee led by HKEx chairman Laura M Cha, along with directors Apurv Bagri, Benjamin Hung and Rafael Gil-Tienda, has been convened to conduct a formal search process for a new chief executive. The exchange said it has made considerable process in its search, and will make an announcement in due course.  

Talos Launches Institutional Digital Assets Platform

Talos, a provider of institutional-grade technology infrastructure for digital assets, has launched a platform connecting participants in the crypto ecosystem, including institutional investors, prime brokers, exchanges, OTC desks, lenders, and custodians.

The platform features a suite of solutions supporting clients through the full trading lifecycle of digital assets, from price discovery to execution through clearing and settlement, across spot, futures and foreign exchange markets. 

Development on the Talos platform began in October 2018 and has been in production since August 2019. Clients can access the platform via API or GUI. The company plans to roll out additional capabilities in the next few months, focusing on further reducing trading and settlement risks. 

NZX’s CIO Resigns

The New Zealand Stock Exchange (NZX) has announced that its chief information officer, David Godfrey, has resigned and will leave at the end of the year. 

Godfrey has worked at NZX for more than 11 years in a range of IT leadership roles. 

NZX said an international search to appoint a successor is underway, using executive recruitment firm Hobson Leavy. NZX’s technology committee will be involved in the selection process. 

Following the recent DDoS attack on the exchange, NZX has launched an alternative site—announcements.nzx.com—which provides access to the latest market announcements.

Charles Taylor Adopts Bloomberg AIM and PORT

Charles Taylor Investment Management (CTIM) has adopted Bloomberg’s Asset and Investment Manager (AIM) and Portfolio and Risk Analytics Enterprise (PORT Enterprise) solutions to streamline its investment workflow.  

The firm will use AIM as its order management system, providing data consistency, execution and end-to-end workflows. PORT Enterprise on the other hand, will deliver risk and attribution models, and detailed portfolio analytics.

CTIM said integrating AIM and PORT Enterprise into its investment process will help it adapt to the changing active management environment and serve its clients better. 

Global Infrastructure Partners Selects Hazeltree for Treasury Management

Global Infrastructure Partners (GIP), a New York-based infrastructure asset management firm, has selected Hazeltree Private Markets as its treasury management solution to enhance its technology platform. 

Hazeltree Private Markets, which was built in collaboration with industry participants, centralizes all capital activity—from cash balance and credit facility monitoring to cash movements and credit line drawdowns and repayments—into an integrated management framework.