OpenFin, the operating system powering digital transformation across financial desktops globally, today announced that Stephen Wood has joined the firm as Global Head of Enterprise Deployment.
Wood joins from Deutsche Bank, where he served as Head of Market Data, Risk and Compliance, from 2012 – 2015, and Global Head of Market Data Services, from 2015 – 2018, with responsibilities including managing the deployment of vendor products. Wood brings his unique insights to OpenFin, where he will be responsible for driving the firm’s enterprise deployment strategy.
He will be working closely with the growing number of banks, asset managers and hedge funds now running their financial desktop applications on OpenFin. In addition, he will continue developing relationships with the rapidly expanding community of FinTech and market data vendors keen to build on OpenFin, to further collaboration among these firms and accelerate their time-to-market, by enabling their applications to be more easily deployed to end users.
Wood brings over 20 years of financial services industry experience to the newly created position, along with a unique insight into the full trade lifecycle having worked in exchanges, data vendors, the back/middle office, trading technology and extensively with the front office. He joins at an exciting time for the business and the industry as a whole, as many firms are looking to OpenFin to help them transform their slow, inefficient and extremely complex software deployment processes.
Commenting on his recent appointment, Stephen Wood said: “I firmly believe the financial services industry is changing; with revenues shrinking, cost is becoming a fundamental driver to success. Firms can no longer afford the multiple rounds of software packaging, security reviews and testing required every time a new or updated version of an application is released. These processes stifle innovation and delay access to new features and functionality that can drive greater productivity and profitability.”
A recent report by Greenwich Associates estimated, “antiquated processes cost financial services firms roughly $1.5 billion annually on an aggregate basis.”
Wood added: “In order to meet client demands and deliver a cutting edge service, firms need to be able to transform their legacy technology platforms, simplify their environment and employ agile development methods so they can continue to provide their users with best of breed applications. I’m excited to be joining OpenFin, as we are in a primary position to be the catalyst for future success in the capital markets.”
Many financial firms are now turning to OpenFin to address the challenges presented by outdated deployment practices. Licensed to more than 145,000 financial desktops globally, OpenFin is now being used to enable the deployment of hundreds of applications to over 500 major banks and buy-side firms. Using OpenFin, firms can build unique and secure desktops that integrate legacy technology with the very latest applications and allow new and updated applications to be quickly and efficiently deployed onto permissioned desktops.
Adam Toms, CEO of OpenFin Europe, said: “I am delighted to welcome Stephen to our expanding team in Europe. Stephen brings a deep understanding of industry developments in the market data sector and evolving trends that are likely to impact future technology requirements. As Global Head of Enterprise Deployment, he will play an instrumental role in our growth strategy, to enable major financial services vendors, FinTechs, banks, buy-side firms and hedge funds to build innovative solutions on OpenFin, and get those applications quickly and securely deployed to end users.”
Chipmakers in drought-hit Taiwan order water trucks to prepare for ‘the worst’
TAIPEI (Reuters) – Taiwan chipmakers are buying water by the truckload for some of their foundries as the island widens restrictions on water supply amid a drought that could exacerbate a chip supply crunch for the global auto industry.
Some auto makers have already been forced to trim production, and Taiwan had received requests for help to bridge the shortage of auto chips from countries including the United States and Germany.
Taiwan, a key hub in the global technology supply chain for giants such as Apple Inc, will begin on Thursday to further reduce water supply for factories in central and southern cities where major science parks are located.
Water levels in several reservoirs in the island’s central and southern region stand at below 20%, following months of scant rainfall and a rare typhoon-free summer.
“We have planned for the worst,” Taiwan Economy Minister Wang Mei-hua told reporters on Tuesday. “We hope companies can reduce water usage by 7% to 11%.”
With limited rainfall forecast for the months ahead, Taiwan Water Corporation this week said the island has entered the “toughest moment”.
Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker, this week started ordering small amounts of water by the truckload to supply some of its facilities across the island.
“We are making preparations for our future water demand,” TSMC told Reuters, describing the move as a “pressure test”. The chip giant said it has seen no impact on production. Both Vanguard International Semiconductor Corporation and United Microelectronics Corp signed contracts with water trucks and said there was no impact on production.
Vanguard said it has started a drill to truck water to its facilities in the northern city of Hsinchu.
Taiwanese technology companies have long complained about a chronic water shortage, which became more acute after factories expanded production following a Sino-U.S. trade war.
(Reporting By Yimou Lee; additional reporting by Jeanny Kao; Editing by Simon Cameron-Moore)
Oil slips after U.S. crude stocks rise amid deep freeze hit to refiners
By Sonali Paul
MELBOURNE (Reuters) – Oil prices fell in early trade on Wednesday after industry data showed U.S. crude inventories unexpectedly rose last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut.
Crude stockpiles rose by 1 million barrels in the week to Feb. 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2 million barrels in a Reuters poll.
API data showed refinery crude runs fell by 2.2 million bpd.
U.S. West Texas Intermediate (WTI) crude futures were down 55 cents or 0.9% at $61.12 a barrel at 0136 GMT, after slipping 3 cents on Tuesday.
Brent crude futures fell 38 cents, or 0.6%, to $64.99 a barrel, erasing Tuesday’s 13 cents gain.
Investors will be awaiting confirmation from the U.S. Energy Information Administration later on Wednesday that crude inventories rose last week, despite the hit to shale oil production amid the unprecedented icy spell in the U.S. south.
“The key question is how quickly does U.S. oil supply recover. It looks like supply will recover faster than refineries, and supply is going to outpace demand in the next few weeks. That will give negative weight to the market,” Commonwealth Bank analyst Vivek Dhar said.
The price retreat is being seen as a pause following a rally of more than 26% to 13-month highs in both Brent and WTI since the start of the year.
Prices have jumped due to the U.S. supply disruption and supply discipline by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, led by an extra 1 million bpd cut by Saudi Arabia.
At the same time stimulus spending to boost growth, investors rotating into commodities, and hopes that the rollout of vaccinations could lead to an easing of pandemic restrictions are all buoying oil prices.
(Reporting by Sonali Paul; Editing by Edwina Gibbs)
Oil settles mixed amid post-storm uncertainty
By Laura Sanicola
NEW YORK (Reuters) – Oil prices settled near year-long highs on Tuesday on signs that global coronavirus restrictions were being eased, although concerns about the pace of a U.S. economic recovery and the return of Texas oil production kept gains in check.
U.S. crude settled down 3 cents to $61.67 a barrel, still close to its highest levels since January 2020. Brent crude <LCOc1> settled up 13 cents, or 0.2%, to $65.37 a barrel.
Both contracts rose more than $1 earlier before retreating.
Shale oil producers and refiners in the southern United States are slowly resuming production after 2 million barrels per day (bpd) of crude output and nearly 20% of U.S. refining capacity shut down because of last week’s winter storm.
Traffic at the Houston ship channel was slowly returning to normal. Production, however, was not expected to fully restart soon and some shale producers forecast lower oil output in the first quarter.
Some oil production may never come back, commodities merchant Trafigura said on Tuesday.
After the cold snap, U.S. crude oil stockpiles were also seen falling for a fifth straight week, while the inventories of refined products also declined last week, an extended Reuters poll showed.
“It appears that last week’s severe cold spell and related Texas power outage could be affecting the weekly EIA data into the middle of next month,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
There were also concerns over the U.S. economic recovery, which the chair of the Federal Reserve, Jerome Powell, said remained “uneven and far from complete.”
He said it would be “some time” before the central bank considered changing policies it had adopted to help the country back to full employment.
Commerzbank analyst Eugen Weinberg said the recent oil price rise was buoyed by upbeat price forecasts from U.S. brokers.
Goldman Sachs expects Brent prices to reach $70 per barrel in the second quarter from the $60 it predicted previously, and $75 in the third quarter from $65 forecast earlier.
Morgan Stanley, which expects Brent to reach $70 in the third quarter, said new COVID-19 cases were falling while “mobility statistics are bottoming out and are starting to improve”.
Bank of America said Brent prices could temporarily spike to $70 in the second quarter.
(Reporting by Laura Sanicola in New York; Additional reporting by Bozorgmehr Sharafedin in London and Jessica Jaganathan in Singapore; Editing by Matthew Lewis and Mark Heinrich)
How to give your investment portfolio a Spring clean
By Alexander Joshi, Behavioural Finance Specialist, Barclays Private Bank Spring is often a time of optimism and change, and in...
ESG – how this new alternative data set delivers competitive edge
By Stef Nielen, Strategic Business Development, Alveo Buy-side financial firms are increasingly looking to tap into alternative data sets, including rapidly...
Exclusive: Ant investor Boyu Capital targets $6 billion for new private equity fund – sources
By Kane Wu HONG KONG (Reuters) – Chinese private equity firm Boyu Capital, an investor in Chinese technology titans including...
Asia markets slide as higher bond yields test tech sector
By Tom Westbrook SINGAPORE (Reuters) – Falling tech stocks in China and Hong Kong pulled Asia’s markets sharply lower on...
The cash-flush amateurs hunting game cards, handbags and art
By Elizabeth Howcroft and Tommy Wilkes LONDON (Reuters) – Stocks, bonds and commodities? Old hat. Once the preserve of the...
GameStop: How events unfolded and the next chapter
By David Morrison, Senior Market Analyst at Trade Nation, GameStop is a bricks and mortar video gaming retailer which launched in...
Does your institution have operational resilience? Testing cyber resilience may be a good way to find out
By Callum Roxan, Head of Threat Intelligence, F-Secure If ever 2020 had a lesson, it was that no organization can...
How the Brexit Agreement Failed the Financial Services Sector
By Steve Taklalsingh, MD UK Business, Amaiz Over the Valentine’s weekend, it was announced that during January, the first month that...
Two weak links cyber attackers are exploring to breach banks
By Rui Ribeiro, CEO at Jscrambler The coronavirus pandemic has brought on a lot of changes into modern society, specifically...
Chipmakers in drought-hit Taiwan order water trucks to prepare for ‘the worst’
TAIPEI (Reuters) – Taiwan chipmakers are buying water by the truckload for some of their foundries as the island widens...