The International Securities Services Association adopted a set of compliance principles to address the “critical challenges” posed by financial crime. The new principles aim to establish “a clear global standard for the opening and maintenance of cross-border securities accounts”.
As the SEPA deadline has come and gone, what will be built upon its advances towards digitisation and standardisation?
BNY Mellon expects to have its SunGard InvestOne system back to normal today following testing over the weekend and the US Labor Day holiday and have caught up on the generation of net asset values for clients.
Even as they cement their recovery from the financial crisis, adherents to traditional banking models are facing a new storm as they grapple with the digital demands of the Facebook generation and heightened regulatory risks surrounding data. At the same time, they must match the customer service levels offered by the “challenger” banks if they are to avoid haemorrhaging business to their nimble and digital-focused rivals.
Equifax, the consumer and business information specialist, has launched a new service providing real-time, integrated data on companies and the individuals who own and run them.
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions are seeking comment on proposals for harmonising the Unique Transaction Identifier used to be used for OTC derivatives trade reporting.
Credit Suisse is facing allegations that its dark pool Crossfinder ripped off investors by providing unfair advantages for some participants while misleading others. The incident follows a long history of nefarious activity reported in various dark pools in recent years – and exposed the bank to charges of hypocrisy from market observers.
No one involved in the UK financial services industry could have failed to notice the recent increase in level of fines issued by the UK’s City Regulator, the Financial Conduct Authority. Mary Stevens, from risk and regulatory technology company Wolters Kluwer Financial Services, analyses what the fines mean for the industry.
International payments may soon be made using the ISO 20022 messaging standard for the first time, following the publication of the first draft of ISO 20022 payments messages by an industry association backed by Payments UK (formerly the UK Payments Council).
MiFID II comes into effect in January 2017, which might seem a long way off, but you need to start preparations now if your institution is really going to benefit
The European Commission has adopted new rules that make it mandatory for certain OTC interest rate derivative contracts to be cleared through central counterparties.
Banks may need to revisit the way they handle data, in preparation of an upcoming agreement between the European Commission and the US authorities on data-sharing.
International derivatives market GMEX is due to go live on Friday after more than two years of development. Created by co-founders Hirander Misra and Vj Angelo, the new exchange has just signed Bank of America Merrill Lynch and will start by offering futures contracts backed by German derivatives giant Eurex.
The rate of mobile fraud is highest on Android devices, according to new data from cyber security company Kount, with mobile fraud also outpacing that of online and in-store fraud for the first time this year. The data also shows that average transaction amounts on iOS mobile devices are greater than those made from Android devices.
So after the protracted and ongoing rollout of SEPA, along comes further EU regulation in the guise of the second phase of the Payment Services Directive (PSD2) with further challenges to banks impacting the provision of one of the core banking services – namely payments
Connecting Governance, Finance, Risk & Compliance allows firms to govern all important issues and risks that exist at the intersection of multiple functions. Breaking silos and adopting a forward looking, holistic view of GFRC functions will be what provides financial institutions with a competitive advantage
Regulations aimed at transparency across financial markets may be making things simpler for the regulators, but they are making life more complex for banks, according to Sven Ludwig, senior vice president, risk management and analytics EMEA, at SunGard.
As part of its expansion into IT services, Chinese telecoms giant Huawei has partnered with 11 banking IT solution providers to establish an open platform ecosystem for the finance industry.
Despite the squeeze on capital created by the increased global regulatory burden, treasurers must still provide ample working capital for daily commercial flows, with minimum damage to their balance sheets. At the same time, the continuing rise in cross-border trade – frequently with relatively unknown and distant markets – increases exposure to geo-political and environmental risks. In such an environment, and particularly in light of post-crisis sensibilities, liquidity is more of a concern than ever, both to lubricate the daily machinations of trade and to act as a buffer for potential financial or supply-related shocks
Five years on from the Dodd-Frank Act being signed into law in the US, a number of outstanding issues for derivatives reform need to be resolved, according to a new paper by the International Swaps and Derivatives Association.
Some of the top banking industry associations may be joined together, amalgamated or otherwise merged, following the publication of the Financial Services Trade Association Review this month. The move poses both risks and potential benefits.
A ‘Babel Fish’ for financial messaging has been launched by Volante Technologies with the intention of simplifying corporate-to-bank integration and removing obstacles to on-boarding. Like the fictional universal translator from Hitchhikers’ Guide to the Galaxy, the system translates incoming message formats into something that the receiver can understand.
The release in 2013 of Universal Rules for Bank Payment Obligation by the International Chamber of Commerce effectively endorsed and formalised the structure for international trade finance processes. Despite this, the volume of completed BPO transactions remains low
advances in technology, and particularly consumer demand, are driving change and making the payments environment an interesting place to be in the years ahead
The UK’s Payment Systems Regulator has published a series of papers describing its work on the creation of the Payments Strategy Forum, the body it is creating under independent leadership to bring together regulators, industry and users.
It seems not a day goes by without seeing those three little letters and five numbers – ISO 20022 – appearing in headlines or articles. But hang on a minute, what’s all the commotion about? It’s just another message format that I need to make sure my systems can handle, right?
The funds industry has successfully implemented the requirements of the Alternative Investment Fund Managers Directive over the past year but has doubts about the use of data being gathered by regulators and question whether it is helping regulators to better spot threats and systemic risks that may impact market stability.
The global financial crisis devastated the reputation of the UK banking industry and it is not hard to understand why public trust in banks is at a low ebb. Since 2008, there have been at least five major scandals involving one or more banks operating in the UK, writes Peter Duffy Along with the reputational damage […]
There is a nuclear revolution going on in banking and payments with new digital challenger banks like Atom and Starling seeking to displace established banks that are themselves turning to real-time payment infrastructures to retain customers and under regulatory pressure to open up to FinTech competition from mobile players and payment service providers (PSPs). Crypto-currencies, cyber-security and other tech challenges were also addressed at the Banking Technology Forum 2015
Tactical regulatory firefighting has distracted banks from their long-term strategic shift to an enterprise view of data. Looming issues such as the possible Brexit highlight the urgency of this task
The need for financial institutions to accurately gauge their exposure to myriad sources of risk has seldom, if ever, been greater. The credit crisis toward the end of the last decade must have made that clear, and if bankers managed to avoid getting the message back then, the point has been driven home ever since by regulators around the world
Eleven financial associations have published their support for a new set of derivatives reporting standards developed by ISDA, which is calling for greater cross-border harmonisation of data standards – even if that means some national laws will have to be amended.
Swift has published a best practice guideline for implementation of ISO 20022 for financial institutions, based on experience gleaned through its involvement in more than 150 consulting projects for more than 70 clients across the globe.
TABB Group forecasts global compliance spending among capital markets firms will some increase 7.5% to 8% in 2015, reaching $2.592 billion , and growing at a similar pace for 2016, driven by global regulations that require institutions to expand coverage, enhance existing capabilities and standardise compliance solutions and processes.
Regulators should not define how markets are structured when it comes to innovation and open access to clearing. Instead, it should be left up to the market to define how services are provided, according to speakers at the IDX FIA Europe conference in Europe this week.
As the European Commission’s MiFID II legislation moved towards implementation of technical standards, some of Europe’s national regulators are seriously worried that mandatory open access to CCPs may not be such a good idea. Concerns about the ability to manage risk and the ability to effectively handle data were highlighted by speakers at the IDX FIA conference in London yesterday.
Karla McKenna has been named head of standards at the Global Legal Entity Identifier Foundation on a year’s secondment from Citi, where she is director of market practice and standards.
Global regulators are struggling to find the balance between recognising each other’s existence and learning to harmonise and coordinate their activities, and protecting domestic national economic stability. But people who can’t accept that there will be some differences in regulation between Asia, Europe and the US are not realistic, according to Timothy Massad, chairman of the Commodity Futures Trading Commission.
Industry association FIA Europe is calling on regulators to make changes to derivatives laws, including amendments to Basel III and MiFIR, as well as EMIR reporting obligations. The association argues that without the changes it is advocating, the viability of some of the new rules will be at risk.
Irish bank Permanent TSB has chosen a regulatory reporting platform from Wolters Kluwer as part of its measures to cope with Basel III. Belgian bank Banca Monte Paschi Belgio, the Belgian branch of Italy’s Banca Monte dei Paschi di Siena, has also chosen the same OneSumX regulatory reporting solution.
