JPX enlists Cinnober for real-time clearing project
Cinnober has been selected by the Japan Exchange Group (JPX) to deliver real-time clearing technology for its listed deriva- tives market, which is operated by the Osa- ka Exchange (OSE), and cleared by the Ja- pan Securities Clearing Corporation (JSCC). The implementation will be based on Cin- nober’s TRADExpress RealTime Clearing solution. “We are proud to work with Cinnober
as our partner to deliver our next genera- tion clearing system, in which we are mak- ing a major strategic investment following a detailed analysis and selection process,” says Hiroyuki Shibuya, CIO of JPX. “We now
look forward to working together as one team as we move towards implementing a real-time clearing system that meets both global standards and international best practice.” JPX was established in January 2013
via the merger of the Tokyo Stock Exchange Group and the Osaka Securities Exchange. It operates financial instruments exchange markets to provide reliable venues for trad- ing listed securities and derivatives instru- ments. In addition to providing market infrastructure and market data, JPX also provides clearing and settlement servic- es through a central counterparty, and it
Apple Pay Stockholm Syndrome and sinking ships: the future of mobile payments
Mobile and digital payments are “a fundamental building block” not only for banking but also the improvement of financial inclusion across the globe. That was the view of Jean-Stéphane Gourévitch, Head of Business Development at Mobile Convergence Ecosystems, speaking to an audience at a recent London event hosted by K&L Gates. “Payments was the first financial sector
disrupted by digital, in the same way music was disrupted by digital,” said Gourévitch. “It’s becoming more and more part of a broader offering [by banks] and [at the same time] becoming invisible to the con- sumer.” Countries where the government
have imposed strict regulatory legisla- tion on non-banks and their ability to offer payments to customers have witnessed “horrible” growth rates for the adoption of mobile banking, he stated. Mobile penetration in Africa, Gourévitch highlighted, is extremely cutting edge when compared to Europe. Mobile pay- ments began as peer-to-peer in countries like Kenya but have developed into a much larger sector. Customers can pay for rent, transportation and healthcare with their mobile phones. Countries that have allowed non-banks to have a role in finance have seen a “massive uptake”, including
Kenya, Tanzania, Indonesia and South Africa, he adds. It is much too much to outsource such
an important area, says Gourévitch. “Mobile operators like Orange have realised that and are now becoming a bank themselves with the [purchase of] 65% of Groupama Banque earlier this year.” Addressing the bankers in the room,
Gourévitch apologised, before telling them “you’ve sold your souls to Apple” and “have developed a Stockholm Syndrome” for the Cupertino giant. In the short-term, embrac- ing projects like Apple Pay, he argues, gives banks an edge in the payments market. In the long-term, although Apple may turn on the banks when it looks towards P2P. Social media is coming for the space in payments that banks are struggling to fill properly, Gourévitch added. WeChat and TenCent in China have already proven they are capable of taking over verticals usually reserved for banks. “Although Facebook said it didn’t want to be a payments provid- er,” Gourévitch continued. “If it wanted to it could do it.” Policy and regulations will have a key
role in the enablement of market devel- opment, he adds. Emerging legislation is opening up the sector to greater inno- vation. Banks should really start to get to grips with the upcoming PSD2 re-draft,
© IBS Intelligence 2016
conducts trading oversight to maintain the integrity on the markets.
Scott Thompson
Gourévitch stated, because it will be “a rev- olution in banking” and “will completely change the way the industry works”. “Banks are at a crossroads and some of
them get it,” he added. He identified BBVA as a firm that “gets it”, in the way that they are heading towards a software and service model for their customers. Société Générale, on the other hand,
is a bank that isn’t “getting it”. Its COO, Gourévitch claimed, does not believe Fin- Tech is the way of the future and that Société Générale will continue to be prof- itable using its traditional model. With a smile, Gourévitch told the room: “That sounds just like the captain of the Titanic”. Alex Hamilton
www.ibsintelligence.com 9
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