Fortis Clearing, a wholly owned subsidiary of Fortis Bank, is to implement City Networks CityNet Enterprise Reconciliation (Insight) product. Fortis Clearing will employ Insight to reconcile its open positions, open trades, open trade equity and option market value in the company’s London office. Fortis Clearing expects to reconcile over 150,000 internal records, and a similar number of exchange records each day, with the Euronext.LIFFE and Eurex exchanges. Once reconciliations with other exchanges have been automated the company expects daily reconciliation volumes to exceed 500,000 records. As well as the benefits of increased automation and standardised reconciliation, Fortis Clearing will also receive improved exception reporting and a number of user functionalities, including access to audit control and management capabilities.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.