Connect with us

Payments

LiquidityBook names Sayant Chatterjee COO

Published

on

LiquidityBook, a leading Software-as-a-Service (SaaS)-based provider of buy- and sell-side trading solutions, today announced the hire of Sayant Chatterjee as Chief Operating Officer.

In his role, he will drive strategic alignment across all departments and help execute plans for expansion, with a primary focus on enhancing LiquidityBook’s sell-side products and services. He will be based in the firm’s New York office.

A veteran in the capital markets technology space with over 20 years of experience working with the broker-dealer community to design and deliver complex global solutions, Mr. Chatterjee will help scale LiquidityBook’s sell-side product suite and deepen its commitment to this aspect of its business. He will play a key role in bringing LiquidityBook’s industry-leading POEMS (portfolio, order, and execution management system) to a greater number of market participants.

Mr. Chatterjee joins LiquidityBook from JonesTrading, where he served as Chief Information Officer for over seven years. In this role, he spearheaded product development initiatives to create industry-leading trading services across all of Jones’ business lines. Prior to Jones, Mr. Chatterjee was at Fidessa for nearly 13 years and worked on all aspects of the business, including implementation, product management and strategy, as well as expanding the company’s presence in Asia. He holds a B.S. from State University of New York at Stony Brook.

Commenting on Mr. Chatterjee’s hire, LiquidityBook Chief Revenue Officer Sean Sullivan said: “Adding Sayant to the team is emblematic of our ongoing commitment to the sell side. Broker-dealers are looking for more efficient, cost-effective systems in a very competitive space and amid shrinking margins. As such, they require an OMS with the latest in SaaS technology and a transparent, intuitive business model. Sayant has been at the forefront of this transition away from legacy products and business practices and will immediately make an impact on our ongoing efforts. His wealth of industry experience and deep engagement with the sell-side community are exceptional, and we look forward to bringing him aboard.”

Mr. Chatterjee added: “Whether at a broker-dealer or on the vendor side, I have spent my career learning about the unique needs of and challenges faced by sell-side firms. As a longtime client of LiquidityBook, I have a firsthand knowledge of their great operating model, ease of configuration and deployment and ability to keep up with the ever-shifting needs of the broker community. Joining their team represents a rare opportunity to help deliver a truly transformative solution backed by client service and technology teams that are second to none. I could not be more excited to get started.”

This is the latest move in what has been a fruitful year for LiquidityBook. Earlier this month, the firm announced the hire of Frank Kost as Head of Sell-Side Business Development, North America. Both hires come on the heels of a successful minority funding round in which Primus Capital Partners took a stake in the company. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.finextra.com/pressarticle/87931/liquiditybook-names-sayant-chatterjee-coo?utm_medium=rssfinextra&utm_source=finextrafeed

Payments

XBRL News about trends and Nigeria

Published

on

Here is our pick of the 3 most important XBRL news stories from the last week. 

1  Major European trends for reporting

Whether it’s the upcoming mandatory ESG disclosures or increased scrutiny reflected in data granularity, the road leading up to 2022 (and beyond) is a challenging one. In a financial world that is so profoundly wired together, a small change on one end can unravel a process on another end, and the wind of change will affect all involved. Approaching the publication of our whitepaper on major trends shaping reporting in the European Union, we share our subjective teaser on trends that are and will be a major influence.

Europe currently is in the vanguard for reporting of all kinds. Here’s a summary of the relevant trends.

2 99 days that will change reporting

The coming days should see greater certainty emerge in the environmental, social, and governance (ESG) standards-setting space, observes XBRL International CEO John Turner.“For those of us very used to the normal pace of accounting standards setting (or indeed, disclosure rule creation), the speed with which policy makers have turned their attention to the goal of mandatory and consistent sustainability reporting is breathtaking,” he writes in a new blog post.

Due to his position, John has great insights into reporting developments around the world. Check out his 99 days!

3 New for Nigeria: XBRL reports blaze a trail

We were delighted to hear this week that Dangote Cement, Africa’s largest cement producer, has produced its most recent financial statements in XBRL, using the International Financial Reporting Standards (IFRS) Taxonomy. This marks the first time a Nigerian listed company has reported its results using XBRL.

It is genuinely encouraging to see an important company in Africa’s largest country by population stepping up to true leadership by voluntarily filing XBRL reports! Go Nigeria, go Africa!

—————————————————————

Christian Dreyer CFA is well known in Swiss Fintech circles as an expert in XBRL and financial reporting for investors.

 We have a self-imposed constraint of 3 news stories each week because we serve busy senior leaders in Fintech who need just enough information to get on with their job.

 For context on XBRL please read this introduction to our XBRL Week in 2016 and read articles tagged XBRL in our archives. 

 New readers can read 3 free articles.  To  become a member with full access to all that Daily Fintech offers,  the cost is just USD 143 a year (= USD 0.39 per day or USD 2.75 per week). For less than one cup of coffee you get a week full of caffeine for the mind.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://dailyfintech.com/2021/07/29/xbrl-news-about-trends-and-nigeria/

Continue Reading

Fintech

BIS, MAS Plots Blueprint for a Global Real-Time Retail Payments Network

Published

on

The Bank for International Settlements Innovation Hub Singapore Center and the Monetary Authority of Singapore (MAS) published a proposed blueprint to enhance the global payments network connectivity via multilateral linkages of countries’ national retail payment systems.

Titled Project Nexus, this blueprint outlines how countries can fully integrate their retail payment systems onto a single cross-border network, allowing customers to make cross-border transfers instantly and securely.

According to a statement from MAS, “this blueprint will bring like-minded regulators and instant payments operators along with global bodies like the G20 and the Committee on Payments and Market Infrastructures (CPMI) together to make real-time cross-border payments a reality in the next two to four years”.

The Nexus blueprint comprises two main elements, the first being the Nexus Gateways which is to be developed and implemented by the operators of participating countries’ national payment systems.

It will serve to coordinate compliance, foreign exchange conversion, message translation and the sequencing of payments among all participants.

These gateways will be predicated on a common set of technical standards, functionalities and operational guidelines set out within the proposal.

The second element is an overarching Nexus Scheme that sets out the governance framework and rulebook for participating retail payment systems, banks and payment service providers to coordinate and effect cross-border payments through the network.

Under the Nexus blueprint, participating countries will only need to adopt the Nexus protocols once to gain access to the broader cross-border payments network.

This removes the need for countries to negotiate payment linkages with each jurisdiction on a bilateral basis.

The Nexus blueprint was developed through extensive consultation with multiple central banks and financial institutions across the globe.

It builds on the pioneering bilateral linkage between Singapore’s PayNow and Thailand’s PromptPay launched in April 2021, and benefits from the experience of the National Payments Corporation of India’s (NPCI) development and operation of the Unified Payments Interface (UPI) system.

The blueprint can be built upon through continued research and engagement with regulators, payment operators, banks, and other industry participants collaborating towards a technical proof-of-concept.

Sopnendu Mohanty, Chief Fintech Officer, MAS Singapore Hungary fintech

Sopnendu Mohanty

Sopnendu Mohanty, Chief Fintech Officer, MAS said,

“To achieve significant cost-reduction in cross-border payment transfers, enhancements must be made on two fronts: direct connectivity between domestic faster payment systems, and frictionless foreign exchange on shared common wholesale settlement infrastructures.

The BIS Innovation Hub Singapore Centre is working on both. The Nexus project maps out a much-needed set of standards to achieve seamless cross-border payment systems connectivity.”

Print Friendly, PDF & Email

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://fintechnews.sg/53885/payments/bis-mas-plots-blueprint-for-a-global-real-time-retail-payments-network/

Continue Reading

Payments

Catastrophe Models Are More Accessible, Insightful and Prevalent Than Ever

Published

on

Five years ago, catastrophe(CAT) modelling was relatively unknown. Today, CAT modelling for hurricanes and earthquakes is fast becoming the norm in property underwriting, for catastrophes that can obliterate otherwise stable businesses. Commercially viable CAT models started emerging only in the last quarter century. Earlier, rudimentary methods were employed to estimate catastrophic losses as historical loss data was scarce for low frequency, high severity events and standard actuarial techniques inadequate.

CAT modelling is the practice of using computing horsepower to mathematically represent physical characteristics of catastrophes. Dominant CAT models in use are AIR Worldwide(AIR), Risk Management Solutions(RMS), and EQECAT. These modelers develop probabilistic models that help organizations prepare for financial impacts of catastrophes. (Re)insurers, rating agencies, risk managers and brokers license models from these firms.

It was the unprecedented loss sizes experienced during Hurricane Andrew in 1992 that exposed deficiencies in the erstwhile actuarial approach to quantify cat losses. When the hurricane hit, AIR promptly issued a fax to its clients estimating model losses in excess of $13 billion. Months later, the Property Claims service reported an actual industry loss of $15.5 bn. Losses hit the market hard, resulting in insolvency of 11 insurers. Subsequently, adoption of catastrophe models grew briskly, turning into a more sophisticated and reliable basis to catastrophe risk assessment.

CAT models are designed to pinpoint locations where future events are likely to occur, intensity likelihood, estimated damage ranges and insured losses by future events. Factors that obviate use of traditional methods include: constantly morphing exposure landscapes, new properties in high hazard areas and changes in building materials and designs. Models combine historical disaster information with current demographic, building (age, type and usage), scientific and financial data to determine potential cost of catastrophes for specified geographic areas.

The process of developing CAT models is complex, drawing on expertise from a broad range of disciplines, including meteorologists, seismologists, geologists, engineers, mathematicians and actuaries. CAT models provide a wide range of outputs e.g. exceedance probability curves, real time loss estimates and loss tables.

Insurers use CAT modelling for underwriting and pricing. Models assess risk in an exposure portfolio, guiding underwriting strategy and reinsurance decisions. It helps reinsurers and brokers to price and structure contracts, while bond investors use it in pricing and structuring of catastrophe bonds. Some regulators allow insurers to use CAT modelling in rate filings for pricing.

The unprecedented severity of storms during the 2004-05 hurricane seasons led to CAT modelers facing criticism for underestimating losses. However, it is important to recognize that there is no one-size fits all approach and different approaches exist, each using different assumptions, data inputs and computational algorithms.

As in most of insurance, new technologies are making a dent in CAT modeling. Xceedance, a global provider of insurance consulting and services, offers On-Demand Catastrophe Modelling Services, using the open Oasis Loss Modelling Framework. It allows global and regional catastrophe modelling companies to implement models on the Oasis platform, while delivering modelling services on-demand to the insurance industry with no annual licensing requirements and the flexibility to choose peril models from its community of expert model providers.

The CAT modeling industry is also steadily moving towards greater use of AI, a step change from its focus on traditional statistical techniques. In data-assisted approaches, physical models simulate the underlying processes. Such usages are emerging in organizations such as Cytora and Reask. A number of partnerships have evolved tying carriers with insurtechs, example being global reinsurer Scor with insurdata and KatRisk.

Despite the widespread use of CAT models, as with financial models, it is not an exact science. But as the probability of extreme weather-induced catastrophes becomes acute, CAT models will grow as a vital component of risk management toolboxes for (re)insurers.

Cover Image

You get 3 free articles on Daily Fintech. After that you will need to become a member for just US$143 a year (= $0.39 per day) and get all our fresh content and our archives and participate in our forum.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://dailyfintech.com/2021/07/29/catastrophe-models-are-more-accessible-insightful-and-prevalent-than-ever/

Continue Reading

Blockchain

XRP jumps 19% as Ripple announces ODL corridor in crypto-friendly Japan 

US-based blockchain company Ripple, which operates the payment protocol and exchange network using XRP, announced a new partnership with Japan’s largest money transfer provider SBI Remit, mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to transform remittance payments from Japan to the Philippines.

The post XRP jumps 19% as Ripple announces ODL corridor in crypto-friendly Japan  appeared first on CryptoSlate.

Published

on

Ripple transfers 60 million XRP even as US SEC lawsuit crawls on

To bolster its fair notice defence in a lawsuit filed by the Securities Exchange Commission (SEC), Ripple (XRP) claims two of their sitting Commissioners have spoken out about the lack of clarity on how securities laws apply to crypto.  Meanwhile, Ripple and Binance got caught on the radar as 110 million XRP tokens worth roughly […]

2 min read →
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://cryptoslate.com/xrp-jumps-19-as-ripple-announces-odl-corridor-in-crypto-friendly-japan/

Continue Reading
AR/VR1 day ago

Review: Winds & Leaves

watch-live-russias-pirs-module-set-to-depart-space-station-today.jpg
Aerospace4 days ago

Watch live: Russia’s Pirs module set to depart space station today

Esports5 days ago

Genshin Impact Sacred Sakura Cleansing Ritual Quest Guide

Esports5 days ago

Best bot lane Pokémon on Pokémon UNITE

Esports4 days ago

League of Legends Wild Rift Patch 2.4 Release Date

Energy4 days ago

NexGen Announces Commencement of 2021 Field and Regional Exploration Drilling Programs at the Rook I Property

Blockchain5 days ago

Ethereum 2.0 Exceeds 200K Validators, Has 6.6 Million ETH in Staking

Aviation5 days ago

RAAF Globemaster ‘weaving between’ Brisbane skyscrapers goes viral

Crowdfunding5 days ago

Digital Asset Firm Kraken Releases Report on Benefits of Centralized Finance Platforms Amid DeFi Boom

Energy4 days ago

Nowa umowa partnerska Shanghai Electric zawarta podczas WAIC 2021 doprowadzi do rozwoju i przemiany wielu branż dzięki transformacji cyfrowej

Blockchain4 days ago

Ethereum Inventor Debuts As An Actor? Joins Mila Kunis In NFT-Based Show

Esports4 days ago

TFT Set 5.5 11.15 B-patch nerfs Hecarim, Lucian, and Irelia

Crowdfunding5 days ago

Tezos (XTZ) Trading Support Added by Digital Asset Firm Gemini, but Not Yet Offering Custody for Tez

Fintech4 days ago

Finding the right balance with hybrid client experiences

Energy4 days ago

Specialty Tapes Market worth $67.2 Billion by 2026 – Exclusive Report by MarketsandMarkets™

Esports3 days ago

Legends of Runeterra adding new Lab of Legends mode: The Saltwater Scourge

Energy4 days ago

SOL: Sasol Limited – Production And Sales Metrics And Financial Results For The Year Ended 30 June 2021

Fintech5 days ago

Aurion Biotech Announces IOTA Cell Therapy Trial

Blockchain4 days ago

HNT Technical Analysis: Price Above the Fibonacci Pivot Point of $12.05, May Soon Surpass the Resistance Level of $12.45

Energy4 days ago

Novo acordo de parceria da Shanghai Electric na WAIC 2021 é criado com a finalidade de atualizar e transformar os setores com Empoderamento Digital

Trending