BNI Financial News

An against-the-odds deal to avert a US shutdown is soothing nerves across Wall Street after a week of interest rate-spurred market disruptions. 

It’s been quite the year for David Daglio. The former chief investment officer at BNY Mellon started his own tactical asset management firm and has now joined a $7 billion multifamily office which has acquired his firm.

(Reuters) -Bank of New York Mellon Corp beat Wall Street estimates for third-quarter profit on Tuesday, as rate hikes by the U.S. Federal Reserve bolstered the lender's income from loans.

Digital record keeper Vestwell continues to grow as program administrator for state retirement plans.

Altruist has played the latest card in its ongoing efforts to woo independent advisors to its asset custody platform.

(Corrects to BNY Mellon (NYSE:BK) Investment Management, not BNY Mellon, in paragraph 10)

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The banking co-operative in June announced that it was working with more than a dozen financial institutions and market infrastructures to test the use of its messaging network as a means to instruct the transfer of tokenised value over a range of public and private blockchain networks.Participants in the project include Australia and New Zealand Banking Group Limited (ANZ), BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange (SDX) and The Depository Trust & Clearing Corporation. Web3 services platform Chainlink was used as an enterprise abstraction layer to securely connect the Swift network to the Ethereum Sepolia network, while Chainlink’s Cross-Chain Interoperability Protocol (CCIP) enabled interoperability between the source and destination blockchains.Transfers of simulated tokenised assets took place - between two wallets on the same public distributed ledger technology network; between two wallets on different public blockchains; and between a public and private blockchain network.Tom Zschach, chief innovation officer at Swift says the findings have the potential to remove significant friction slowing the growth of tokenised asset markets and enable them to scale globally as they mature."For tokenisation to reach its potential, institutions will need to be able to seamlessly connect with the whole financial ecosystem," he says.

Argentina and Russia are giving money managers a brutal reminder this week of idiosyncratic risks in emerging markets. 

As Charles Schwab nears the completion of its merger with TD Ameritrade, a large registered investment advisor is instead moving to another custodian.

Moody's cut the ratings of 10 U.S. banks by one notch and placed some banking giants on review for potential downgrades. The agency also changed its outlook to negative for several major lenders.

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Magellan-backed equities clearing firm FinClear has kicked off a spending spree with the acquisition of Transact1, a Brisbane cash investment platform used by industry super funds with $3.1 billion in funds under management.

A team of Merrill Lynch brokers are launching an independent wealth management practice with Steward Partners Global Advisory.

Creative Planning is joining Goldman Sachs Advisor Solutions, marking perhaps the largest victory yet for the investment bank’s growing custody business.

By Tom Westbrook

The "FedNow" service, which has been in the works since 2019, will seek to eliminate the several-day lag it commonly takes cash transfers to settle, bringing the U.S. in line with countries including the United Kingdom, India, Brazil, as well as the European Union, where similar services have existed for years. FedNow is launching with 41 banks and 15 service providers certified to use the service, including community banks and large lenders like JPMorgan Chase, Bank of New York Mellon, and US Bancorp, but the Fed plans to onboard more banks and credit unions this year.

WASHINGTON (Reuters) -Big U.S. banks on Tuesday said higher interest rates had helped boost profits in the second quarter, causing shares to spike, but a pullback in consumer spending, slower loan growth and increased deposit costs may cloud the outlook for the sector.

Many investors may not know much about how cryptocurrency works, but they know they want it, according to a new report.

The fresh initiative follows a proof-of-concept conducted with Chainlink last year on the development of a Cross-Chain Interoperability Protocol (CCIP) that would connect Swift to multiple blockchain networks. Tom Zschach chief innovation officer, Swift, says there’s unlikely to be a single prevailing blockchain network.

Schroders Plc, an asset management firm with over $900 billion in assets under management, is venturing into crypto and is actively searching for a third-party custodian to support its digital asset expansion.