Nordea Corporate & Investment Banking (C&IB) was chosen as the best corporate bank among large Nordic corporates with an all-time high customer satisfaction score in the 2018 Prospera survey. In both Finland and Denmark, Nordea was ranked as number one among peers, with all-time high customer satisfaction scores.

- To be number one when the customers decide makes me enormously proud. Not only is this proof that our strategy works, it also shows what great value we add when we work across functions and engage as a team. Our entire value chain, and all parts of the bank working together, have been crucial for us to achieve this position. Advising our customers is our passion, and I’m looking forward to being part of developing our business in 2019 and beyond, says Martin A Persson, Head of Wholesale Banking.

In Finland, Nordea C&IB was ranked as the best corporate bank, with an all-time high customer satisfaction score. Also in Denmark, Nordea C&IB gained a clear number 1 spot in the Prospera annual large corporate customer survey, with an all-time high customer satisfaction score. Nordea C&IB in Sweden delivers all-time high customer satisfaction results, closing the gap to the target number one position. In Norway, Nordea gained a bronze position.

- We are proud to see that the journey we started in 2016 with a change of direction and ambition level has been recognised by our important large corporate customers. We have worked hard to become much more agile, easy to deal with, intense, coordinated and at the same time maintain or improve our relevance, says Mathias Leijon, Global Co-Head of C&IB.

- We will continue to raise the bar in terms of what we want to achieve together with our customers and to truly leverage our own purpose statement. 2019 will be an exciting year and we are looking forward to working closely with our whole value chain to continue to be the number one player in the Nordics, says Michael Zeier, Global Co-Head of C&IB.

CLS today announces that CLSNet, a standardized, automated bilateral payment netting service for over 120 currencies operating on a distributed ledger technology (DLT) platform, is now live with Goldman Sachs and Morgan Stanley. Six additional participants from North America, Europe and Asia, including Bank of China (Hong Kong), have committed to joining the service, with a steady onboarding of several other market participants planned in the next few months.

The service has been developed for, and in collaboration with, buy-side and sell-side institutions. CLSNet has been designed to standardize and increase the levels of payment netting in the FX market for trades not settling in CLSSettlement. By standardizing and automating the calculation of payment netting, CLSNet can reduce costs for market participants and increase liquidity in FX markets. The service also supports compliance with certain principles of the FX Global Code of Conduct.

Commenting on the launch, Alan Marquard, Chief Strategy and Development Officer, CLS, said, “We are excited to be launching CLSNet, the first service of its kind to be operated on a DLT platform. Further, this offering demonstrates how we are using our unique, trusted position at the center of the FX market to solve industry challenges. 

“A standardized and automated payment netting process will lead to improved intraday liquidity, reduced cost, improved operational efficiencies and ultimately support business growth.” 

Currently, a lack of standardization and automation introduces risk and operational inefficiencies for market participants. While a large number of participants currently net with each other on a regular basis, these processes often have manual intervention and are not fully standardized or scalable. The impact of limited payment netting is exacerbated by the high settlement costs associated with emerging market currencies, despite their increased relevance for FX market participants. 

Further, there are many FX market participants that do not net the payments in respect of FX trades, instead choosing to settle on a gross basis. These gross payments have full exposure to settlement risk, resulting in higher intraday liquidity demands and causing institutions to hold more capital.

CLSNet was built in conjunction with IBM and runs on the Linux Foundation’s Hyperledger Fabric blockchain framework. CLS’s collaboration with IBM has produced valuable insights into the benefits that DLT can bring to post-trade processes. CLS will use the knowledge and experience gained from building this service on DLT architecture as it looks to create greater efficiencies and reduce costs for clients.

Adam Josephart, Managing Director, Fixed Income Division, Morgan Stanley, said, "CLSNet will deliver the standardization and automation needed for non-CLS settled transactions. We are delighted that Morgan Stanley is one of the early adopters of the service."

Barry Lo, General Manager, Bank-wide Operation Department of Bank of China (Hong Kong), said, “We take great pleasure in participating in CLSNet, which will enhance operational efficiency in trade matching and payment netting for non-CLS settled currencies such as CNH, and strengthen our risk management. This underscores our strong commitment to driving Fintech innovation and represents a major step forward in the application of new technology in our businesses.”

“Since we first pioneered the use of blockchain in the FX market nearly three years ago, IBM has been working hard with CLS on the development and deployment of CLSNet as the first post-trade production deployment of blockchain technology in a global market utility,” said Marie Wieck, General Manager, IBM Blockchain. “With CLSNet now in production with two of the world's largest banks, for a major market function, it is a testament to the ongoing maturity of blockchain technology and the value that it can deliver in practice.”

QuantHouse, the independent global provider of high performance systematic trading solutions including innovative market data services, algo development tools and global network infrastructure, today announced the appointments of Emmanuel Carjat as Chief Operating Officer (COO) and Denery Fenouil as Chief Technology Officer (CTO).

In the role of COO, Emmanuel Carjat is responsible for managing QuantHouse operations helping to drive and guide the continued growth of the business. Emmanuel was the co-founder of Atrium Network founded in 2006 which was subsequently purchased by TMX Group in 2011, where he remained in the role of Managing director until 2015. In 2017, the TMX Atrium business was acquired by Intercontinental Exchange (ICE). Emmanuel gained a Masters in Telecommunications from Pierre and Marie Curie University.

Denery Fenouil is a co-Founder of QuantHouse and has rejoined the company in the role of CTO with a focus on software and technology development. Denery has more than 20 years of experience designing and building successful technology solutions for established companies and startups such as IBM, ATOS and Karhoo. He was the designer and architect of the QuantHouse low latency market data technology. Denery holds a Master in Computer Science from UNSA of NICE, France.

Pierre Feligioni, CEO and Co-founder, QuantHouse, said, “We are delighted to welcome Emmanuel to QuantHouse and to see Denery return. We believe their extensive knowledge and combined experience will make great additions to the leadership team. As we continue to grow, it is important that we maintain the operational excellence that QuantHouse has become known for, and to do this we need to put the right people in place to build on the great work we have already achieved.”

Emmanuel Carjat, COO, QuantHouse, commented, “Over the past year I have seen the industry change and eagerly adopt new technologies, particularly around cloud-based operations, by outsourcing core infrastructure capabilities to third parties. With its API Ecosystem store, dedicated datacenters, market data feeds and fibre optic network, QuantHouse provides all the building blocks required by quant traders so they can focus their time and resources on developing trading strategies.”

Denery Fenouil, CTO, QuantHouse, added, “It is with great pleasure that I rejoin the QuantHouse fold. Since the buyback from S&P in 2017 QuantHouse has achieved immense growth and recognition from the industry for the tools and services it provides to the quant trading community. I look forward to aiding QuantHouse in its on-going growth and transformation as it becomes the de facto trading environment for quantitative traders.”

Banking Competition Remedies Ltd (BCR), the independent body established to implement the £775 million Royal Bank of Scotland (RBS) State Aid Alternative Remedies Package, today highlights the imminent closure of the application window for the Incentivised Switching Scheme (ISS) - this Friday 30 November at 17:00 UK time.

The purpose of the Incentivised Switching Scheme is to provide funding of up to a maximum total of £275 million to SME customers of the business previously described as Williams & Glyn, to switch their business current accounts and loans to ‘challenger’ institutions. A further maximum sum of £75m has been set aside within RBS to cover customers’ switching costs.

Following the closure of the application window this Friday 30 November there will be a period of review before a public announcement of the application results on Wednesday 19 December.

Three quarters (75%) of Chief Financial Officers (CFOs) believe digitalisation will have a positive impact for temporary employees within the finance department, according to research¹ from recruitment specialist Robert Half UK.

As companies battle to adapt to the rapidly changing finance landscape, many are hiring from the financial planning and analysis sector. To ensure a smooth transition as they build in-house capabilities, CFOs are hiring temporary resource with previous experience of helping firms with transformation, whilst still maintaining financial control.

More than a third (34%) of CFOs agree that temporary staff will be crucial to ensure they stay ahead of industry automation, as more organisations look to implement automation software and solutions. A third (33%) also agree that temporary employees bring a broad range of in-demand skills to their business, including those that will help with the ongoing digital transformation.

In 2018, CFOs were most likely to allocate budget to hire temporary staff in financial management (32%), followed by accounting (28%) and credit management (27%). 

Digitalisation benefiting finance departments in the long-term

Overall, CFOs believe that digitalisation will benefit the finance department. Just under half (45%) acknowledge that it has increased team spirit, while nearly two thirds (63%) say it has improved team innovation. Digitalisation is also helping to drive efficiency within finance departments, with many implementing software to streamline operations, therefore reducing the need for staff who simply input data and code.

However, as an indication of the increasing importance of temporary staff to finance departments, nearly three in five CFOs (57%) said that contractors are becoming a key component of their long-term staffing strategy. 

Vincent Brown, Vice-President at Robert Half UK commented: “The days of temporary staff acting as a stop gap in finance departments are long gone. CFOs now recognise the strategic value of temporary and contract staff, especially those who can help them adapt to digitalisation and implement automated processes that will save time and money. By augmenting the finance department with temporary staff, the priorities of meeting operation finance objectives can be maintained while allowing time for upskilling in new processes and systems.

“It is encouraging to see that CFOs believe digitalisation is improving team spirit and innovation ̶ two factors which have a huge impact on workplace morale. By hiring temporary staff who aide the digital transition to automation, CFOs can build a more collaborative, innovative and happier working environment for the long term.”

Signicat, a leader in verified digital identity solutions, today announced it has been selected by Resurs Bank to provide instant mobile signing of credit agreements. Resurs Bank is the leader in retail finance in the Nordic region with more than 1,000 retail partners, serving more than 35,000 stores.

Customers signing a credit agreement in stores served by Resurs Bank no longer have to sign physical paperwork – instead, they can sign using their eID and create a digital agreement. All paperwork is shared digitally, so in-store purchases of high value items requiring a credit agreement are therefore as fast, secure, and convenient as any online transaction.

The agreement is signed using a combination of Signicat Sign and an approved electronic ID (eID), such as BankID. The customer can easily accept the terms and conditions and sign using their mobile device. 

A pilot programme in Sweden was an instant success, with 76% of customers choosing to sign credit agreements using Mobile BankID. The service has now been rolled out to all retailers served by Resurs Bank in Norway, Denmark, Sweden and Finland.

“This technology means that traditional stores can better compete with their online rivals—while they offer superior customer service they need to combine this with the convenience of online shopping,” said Marcus Lennerhov, Product Manager at Resurs Bank. “Thanks to Signicat, the majority of our retail credit agreements are now signed digitally using a mobile device giving customers the security and ease they are used to online.”

“In ditching paper, electronic signatures offer a frictionless and instant customer experience, and gives retailers a trusted and scalable way to deal with growing demand while improving conversion,” said Gunner Nordseth, CEO, Signicat. “Working with Resurs Bank to provide digital signing to over 35,000 stores is another milestone for digital identity in the Nordics, a model for the rest of the world to emulate.”

Axioma announced today that Legal & General Investment Management (LGIM), one of Europe’s largest asset managers and a major global investor, has selected Axioma Risk, the enterprise-wide risk-management solution providing timely, consistent and comparable views of multi-asset class risk across the front, middle and back offices.

As the only cloud-based multi-asset class risk solution that delivers consistent views of risk across the enterprise, Axioma Risk continues to gain traction with financial institutions seeking the utmost in power, flexibility and analytics.” said Sebastian Ceria, CEO.

Adel Malcolm, Head of Global Analytics at LGIM, said: "We are delighted to be partnering with Axioma as we expand our risk analytics capability so that we are well-positioned for the future.”

Exactpro, an international  firm providing software testing services for mission-critical technology that underpins global financial markets, is pleased to announce the appointment of Ms. Natia Sirbiladze as CEO of its Tbilisi, Georgia branch - Exactpro Systems Georgia.

Natia started her career as a business analyst and consultant working for various companies, including Ernst & Young. She continued as a Lead Analyst at the Ministry of Finance of Georgia. She then worked as an IT Business Consultant at the UNDP, where she was in charge of identifying the needs of the Ministry of Foreign Affairs’ HR department for the employee Appraisal Module, investigating the existing IT systems and integration parts, and preparing prototypes and technical IT specifications. She then worked as an IT Project Manager for TBC bank, led the bank’s mobile banking and the digital wallet projects and worked as an analyst on the Redesign Internet Banking project. Natia holds a Master of Sciences degree in Information Systems from Tbilisi State University in Georgia and a Master of Sciences degree in Information Systems Technology and Management from The Viana do Castelo Polytechnic Institute (IPVC) in Portugal (Instituto Politécnico de Viana do Castelo).

“The launch of Exactpro Systems Georgia in Tbilisi in September this year was one the steps to execute our strategy of global growth as a company focused on software testing and building software to test our clients’ software. Thanks to Ms. Sirbiladze's academic background and several years of work experience in programming, business analysis and user acceptance testing, banking, finance, accounting and IT consulting, the Exactpro Group's senior management feels that she is a perfect fit for this challenging job. We are pleased to welcome Natia on board and look forward to growing our new delivery centre in Tbilisi”, says Kirill Zagorouiko, Chief Operating Officer of Exactpro.

New research from Yolt, the smart thinking money app and Cebr, has revealed that consumers under the age of 30 consistently spend the least amount of money on luxury items, in absolute terms and when measured as a percentage of their total expenditure. On average, millennials under 30 dedicate just 13% of their weekly expenditure to paying for luxuries, such as holidays, restaurant meals and alcoholic drinks.

This is the lowest proportion of any age range included in the research and is far lower than those aged 65 to 74 – the group which does the most luxury spending, allocating nearly one fifth (19%) of their weekly expenditure to these items³. When analysed over a ten-year period, the research revealed that most consumers now spend 42% more on luxuries than they did in 2006, but the millennials under 30 spend has increased by much less - just 29% on these items.

Pauline van Brakel, Chief Customer Officer, Yolt, said:

“Millennials have long been associated with frivolous spending, prioritising luxuries over long-term financial goals such as homeownership. Yolt’s#MillennialMoney research shows that whilst the share of total spending on luxuries has increased overall, this isn’t actually being driven by the younger age groups. Millennials are consistently spending less on luxuries than any other age group.

Spending on luxuries

The Yolt research shows that millennials under 30 spend less on luxuries than older people. Those in the 65-74 age category spend on average over £100 a week on luxury items which makes up almost a fifth of their total spending. Under 30’s on the other hand, spend under £70 each week, suggesting they are either tighter with the purse strings when it comes to splurging on bigger ticket items or have less surplus cash to spend on non-essentials.

Spending on essentials

The proportion of an under 30’s weekly salary spent on essential goods has risen by 4.3% since 2006, making up over 83% of their total expenditure. They now spend a higher proportion of their expenditure than any other age group on essentials, such as rent, food, electricity and gas bills, National Insurance contributions and tax. This is compared to 65-74 year olds where essentials make up 54% of all spending, with this figure falling to 51% for those aged over 75. Older age groups have also experienced far less of an increase in essentials’ share of their total expenditure. For 65-74 year olds, essentials make up 3.2% less of their total expenditure now than they did in 2006.

Wayne, 26 a Yolt user from the South East says:

“With a growing family, the main goal that we’re working towards is all about saving for that deposit. A big focus for me has been looking at where I can easily cut back and save. The little things add up.”

Pauline van Brakel, Chief Customer Officer, Yolt, said:

“When over 80% of your spending goes on essentials such as rent and bills, keeping track of what is left over can become even more important. Money apps like Yolt are designed with exactly this in mind, empowering users to track their spending and manage their savings, enabling them to worry about money management less.”