Self-regulatory organizations for US futures industry National Futures Association (NFA) and CME Group have selected AlphaMetrix360 to deliver electronic data aggregation services.
This agreement will enable the organizations to form a system, which will gather balances for all bank depositories holding customer segregated, secured amount and sequestered funds on behalf of futures commission merchants (FCM), everyday.
In order to check any discrepancy, NFA and CME will on a daily basis carry out an automated comparison of the balances reported by the bank depositories to the balances reported by the FCMs.
Commenting on the selection, AlphaMetrix360 president and chief executive officer Aleks Kins said that the agreement will improve ability of both firms to monitor safety of customer funds.
A dedicated AlphaMetrix Regulatory Solutions Group has also been established, which will be managed by the company’s group senior partner Dennis Zarr.
Implementation process of the initiative has already started in early November and will begin reporting daily data in early December.