Should all the uncertainty around cleared OTC derivatives persist, some think listed swap futures will be a viable and eventually popular product ... though right now it is decidedly nowhere near as popular as the real thing: swaps. Yet innovators in the market have thought long and hard about the swap future and how to make it both functional and prolific, and applied for patents on it, several already granted. Perhaps more interesting is that seven exchanges have licensed these pending and granted patents to list swap futures, and six of those are long-established players, collectively hundreds of years old.
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By Jennifer Molgano and Sophie Schmitt
Last week was an eventful one for the U.S. wealth management industry. Fidelity announced the acquisition of eMoney Advisor, and SS&C agreed to acquire Advent. In addition to reacting to these events and digging out from yet another record snowstorm, your intrepid wealth management analysts ended the week with a trip to the Big Apple to hear Bank of America Merrill Lynch executives speak about the latest developments with the Merrill Lynch Clear tablet application.
The financial technology mergers and acquisitions carousel continues to spin in 2015. Some of the most noteworthy deals in 2014 include SimCorp acquiring Equipos in February, Morningstar acquiring ByAllAccounts in April, Envestnet acquiring Placemark in July, and SS&C acquiring DST Global Solutions in December. This week was yet again full of announcements: Fidelity Investments has announced that it will acquire eMoney Advisor for a rumored US$250 million, and SS&C went public with the announcement that it is acquiring Advent Software for US$2.3 billion.
Since the start of the financial crisis in 2008, the winds of change have not let go of the wealth management industry. Mergers and acquisitions are one result of those changes. This week was yet again full of announcements. On the same day that SS&C announced its acquisition of Advent Software for US$2.3 billion, Fidelity Investments has announced that it will acquire eMoney Advisor for a rumored US$250 million. The latter deal is particularly interesting, as a financial services firm has acquired a technology vendor.