GLOBAL - Northern Trust has been forced to write off the US$4.8bn (£3.1bn) it invested in the Global Straight Through Processing Association.
The association – a 41 member non-profit organisation – closed after failing to find sufficient funding to stay afloat.
GSTPA was an initiative directed towards creating a global trade management system and promoting straight through processing in securities trading.
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.