Fintech

SEC Directs Equity Exchanges and Financial Industry Regulatory Authority to Improve Governance of Market Data Plans

Published

4 years ago

May 6, 2020

Washington, D.C.–(Newsfile Corp. – May 6, 2020) – The Securities and Exchange Commission today issued an order directing the equity exchanges and the Financial Industry Regulatory Authority (FINRA) (the participants) to submit a new National Market System plan (NMS plan) with a modernized governance structure for the production of public consolidated equity market data and the dissemination of trade and quote data from trading venues.

“Today’s action reflects careful analysis and deliberation on modernizing and improving access to equity market data and, as a result, our equity market structure more generally,” said SEC Chairman Jay Clayton. “Today’s Commission action is based on extensive input from a broad range of investors and market participants and reflects the commitment of the women and men of the SEC to fairness in our markets and the interests of investors.”

Millions of Main Street investors, whether individually or collectively through mutual funds or pension funds, have invested their savings in equity securities. The consolidated equity market data produced pursuant to NMS plans is a critical component of the national market system through which these investments are priced and traded. Recent market developments have given rise to concerns about whether, as currently structured, the existing NMS plans for equity market data continue to fulfill their regulatory purpose to ensure the availability of information with respect to quotations for and transactions in securities. Today’s order addresses conflicts of interest inherent in the current governance structure of the existing equity data plans and is designed to improve the efficiency of NMS plan operations and the responsiveness of the plan to the concerns of non-SRO market participants.

The order follows a Notice of Proposed Order issued on Jan. 8, 2020, that was followed by an extended comment period. Under the order, the participants must submit a new NMS plan that will be published for public notice and comment before the Commission takes action. Until the Commission approves a new NMS plan, the current NMS plans will continue to govern. The Commission also approved amendments to the existing NMS plans, submitted by the participants and modified by the Commission, designed to address conflicts of interest and the protection of confidential information.

This order is a part of a broader, ongoing Commission effort to modernize the U.S. national market system to better meet the needs of investors—both retail and institutional—and other market participants. For example, in October 2019, the Commission published a proposal to improve the procedure for public comment and Commission review of proposed fee changes by NMS plans. In February 2020, the Commission published a proposal to modernize the infrastructure for the collection, consolidation, and dissemination of NMS market data to better meet the diverse needs of investors in today’s equity markets. Today’s order marks a further significant step in this modernization effort by requiring a new governance framework for the collection and dissemination of equity market data, as outlined by the Chairman in March 2019.

FACT SHEET

Governance of NMS Plans

Under its statutory authority, the Commission requires the participants to act jointly to disseminate consolidated information regarding NMS stocks. Currently, three national market system plans (the Equity Data Plans) approved by the Commission facilitate the collection, consolidation, and dissemination of information regarding NMS stocks. These plans are (1) the Consolidated Tape Association Plan, (2) the Consolidated Quotation Plan, and (3) the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation, and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis.

The Commission’s order directs the equity exchanges and FINRA to submit a New Consolidated Data Plan within 90 days that includes specific governance provisions that the Commission believes will enable the plan to address concerns that have been raised about the governance of the existing Equity Data Plans and the provision of equity market data to market participants.

Following receipt of the New Consolidated Data Plan, the Commission will notice the plan for public comment. After considering any comments received on the New Consolidated Data Plan, the Commission will consider whether to approve the New Consolidated Data Plan with any changes or subject to such conditions as the Commission may deem necessary or appropriate. Until a New Consolidated Data Plan has been approved by the Commission, the current Equity Data Plans will continue to govern the collection, processing, and dissemination of equity market data.

The Commission also approved amendments to the existing Equity Data Plans submitted by the Participants, and modified by the Commission, that (1) make mandatory their current disclosure policies with respect to conflicts of interest, and (2) establish a policy regarding the confidential treatment of any data or information generated, accessed, transmitted to, or discussed by the operating committee.

Fintech

NOVASPARKS EXPANDS ITS OPERATIONS IN ASIA-PACIFIC

Published

11 hours ago

December 4, 2023

Vlad Poptamas

NovaSparks™, the leading field programmable gate array (FPGA) market data company, is pleased to announce the appointment of Clément Pelletier as the new sales and marketing director, based in Bangkok, Thailand. Pelletier will report to Dr. Luc Burgun, CEO and president, beginning on December 1^st, 2023.

“Clément possesses a wealth of experience that makes him unique in the industry,” said Luc Burgun, NovaSparks’ chief executive officer and president. “His thorough understanding of the sales process, particularly in the field of trading tools which he acquired over 20 years in Asia, makes him ideally suited to drive our sales and marketing initiatives in APAC. We are pleased to welcome Clément and look forward to his leadership in expanding our operations in Asia.”

Pelletier brings to NovaSparks solid experience in sales and marketing in Asia. Most recently, he served as sales director for the APAC office of Horizon Software, a global leader in electronic trading solutions and algorithmic technology. Prior to Horizon Software, he served as CEO of CPIT, an IT services and consulting, specialized in the Fintech industry, based in Hong Kong. Pelletier holds a Master of Engineering from INSA Lyon.

Fintech

Broadridge Investment Management Technology Enhances Carlyle’s Private Credit and CLO Portfolio Management Operations

Published

11 hours ago

December 4, 2023

Vlad Poptamas

Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) announced today that its cloud-based solution, Sentry, has been implemented at global investment firm Carlyle in support of its private credit and collateralized loan obligation (CLO) portfolio management. The Sentry private credit and CLO portfolio management technology will enable Carlyle to more efficiently manage its deal pipeline, trade compliance and loan operations on a single platform, and scale operations as the platform grows.

“With increased demand in credit products and ongoing growth of our product offerings, we wanted the right technology that would enable us to scale up and achieve a platform approach,” said Jim Keogh, Carlyle’s Managing Director and Head of Operations for Global Credit. “Sentry has smoothly integrated with our technology stack and provides functionality that will improve our capabilities as we grow.”

“Working closely with Carlyle, we customized Sentry to specifically suit their portfolio management requirements, which emphasized the need to help manage all aspects of private credit and CLO administration,” said Mike Sleightholme, Broadridge’s president of international and head of asset management solutions. “This implementation really showcases the value of the flexibility and scalability our solution offers and how it helps position firms for growth.”

Broadridge’s Sentry PM is a scalable web-based solution that provides front-to-back-office functionality to both the private debt and syndicated loan markets to increase overall efficiency, including research and pipeline management, pre- and post-trade compliance, analysis of hypothetical trade scenarios, dynamic waterfall projections, loan administration, and data aggregation across strategies, portfolios and assets.

Fintech

Nuvei enters global payments partnership with Microsoft

Published

11 hours ago

December 4, 2023

Vlad Poptamas

Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has partnered with Microsoft to deliver leading payment experiences for customers of its products, solutions, and services across many of its key markets.

Microsoft will start using Nuvei’s customizable and agile payments technology in the Middle East and the Africa region, while benefiting from Nuvei’s deep knowledge of local markets to optimize its payments for recurring billing and individual transactions across both its Office and Xbox product ranges.

Other benefits of Nuvei’s global payments capabilities Microsoft is harnessing include optimized authorization rates through local acquisition and superior risk management that minimize false declines, as well as Nuvei’s ability to offer all of the relevant local alternative payment methods (APMs) to each market through a single integration. Philip Fayer, Nuvei Chair and CEO said: “Enabling Microsoft to connect to its customers across a wide range of products is testament to our technology and dedication to world-class customer service. We’re excited to optimize payments for such a universal brand that is trusted and relied upon by so many people.”

“We’re pleased to extend our payment solutions to the Middle East and African region,” added Ajith Thekadath, Vice President Global Payments at Microsoft. “Whether it is a one-off purchase, software subscription, or in-game purchasing, payments are critical to our overall customer experience. Partnering with Nuvei enables our customers to pay wherever they are and whenever they want to.”

Extending the partnership across geographies and use cases

Nuvei and Microsoft are committed to extending this partnership across additional markets, as well as exploring new use cases to enhance the overall Microsoft experience. This includes Microsoft Dynamics 365, its business applications technology suite that drives operational efficiency and improved enterprise resource management.

Fayer commented: “As two innovative, technology-led businesses that provide solutions to many of the leading international brands across the globe, it makes sense to explore how we can work more cooperatively as we grow our commercial relationship.”