Swift has created a dedicated Financial Compliance Services unit to manage a growing number of service offerings. The new unit will focus initially on the development of a Know Your Customer Registry planned for launch later this year as well as the integration and development of existing services.
Barclays has been fined $3.75 million by the US Financial Industry Regulatory Authority for its failure to keep electronic records, including emails and instant messages, which are required by law. The failure is the latest in a string of recent fines for the bank.
Five international banks are to become direct participants in the UK’s CHAPS high-value payments system as part of the Bank of England’s efforts to reduce systemic risk.
With regulators agreeing that “higher expectations” must be met by G-SIFIs for risk data aggregation and reporting by 2016, firms are now under huge pressure to provide data strategies and implementation plans and end denial about any shortcomings.
The International Organisation of Securities Commissions has set out its final recommendations on the integrity and efficiency of markets, calling for regulators to think deeply about the effects of their regulation and keep monitoring the markets regularly to ensure that changes are taken into account.
Electronic fixed income trading, one of the last major asset classes traded by humans, could take a big step forward when a new Nasdaq OMX dark pool trading venue goes live next year.
IntercontinentalExchange has revealed further details of its plans for Liffe, following its acquisition of NYSE Euronext in November.
Germany’s Commerzbank has just signed up to Regis-TR, the European trade repository owned by German CSD Clearstream and Spanish CSD Iberclear, as part of the bank’s drive to ready itself for the EMIR legislation on OTC derivatives reporting.
With new arrivals from big names including FATCA, MiFID, Dodd-Frank and the AIFMD, 2014 is set to be another eventful year in the regulatory space. So what are our Top 10 predictions?
Bitcoin is more traceable but less regulated, less expensive but more volatile, and more decentralised but less accountable, than a regular currency. Feeling confused? That’s not the half of it, according to Ernst & Young.
With no fewer than 70,000 pages of regulation, and some record fines, 2013 will be a year to remember (or possibly to forget) for many financial services professionals
Basel III has transformed liquidity risk management departments into glorified regulatory functions, according to a new report by analyst firm Celent. As if this good news was not enough to be getting on with, the research house also inevitably concludes that banks will have to change their risk data, models, appetite, organisational and analytics frameworks too.
The data management aspects of compliance can run into tens of thousands of man-hours per institution, each year. Firms have to adapt and find new techniques to manage this increasing burden.
Wrapping up all of the reference data a large global bank needs and making sure it is standardised, automated and ready for the regulator is a big task. Japanese bank Mizuho International has just installed an EDM service from vendor Golden Source, which it says will help to support trading and satisfy the regulator.
Financial crime specialist Fiserv has just launched its Financial Crime Risk Management platform, which aims to help financial institutions to ward off financial crime and slash their risk.
Sapient Global Markets has launched a close of business reporting service that it says will help capital and commodity markets trading firms to meet regulation at lower cost.
Former SunGard chief executive Cris Conde writes about the importance of training in firms’ governance, risk management and compliance strategies and why they should treat it as an investment.
BNY Mellon has added a link to Bloomberg to its AccessEdge investment management service, which the bank says will help clients to better manage their collateral.
As Europe’s post-trade infrastructure is subjected to increasing levels of regulation, CSDs will be forced to change their business models to stay alive, custodians will be forced to seek alliances to find economies of scale, and brokers will have to outsource parts of their mid and back office processes to stay in the game, according to analyst firm Celent.
Bank algos may superficially appear to be well-tested – but the process may be open to any number of unexpected flaws, according to Steve Wilcockson, industry manager at big data specialist firm MathWorks.
A new mobile voice recording service is being developed by UK tech company Voxsmart, which it claims is the first to automatically capture every type of communication on a mobile device so that it can be used for trading compliance purposes, including the FCA in the UK and Dodd-Frank in the US.
Fintech vendor Volante Technologies has launched its T2S Accelerator, which is designed to help financial services firms to prepare for the T2S settlement platform.
Regulators should consider carefully the implications of their actions, and not be too hasty to censure or restrict trading activity on dark pools, according to a report released by analyst firm Celent this week. The findings have been supported by senior financial services executives at Fidessa, who have called for investor choice to be maintained.
MiFID II is almost upon us. Expect it to be the topic of conversation very soon. So what do you need to know about it?
Market participants need to be sure they understand how their collateral is being handled. They also need to make sure they are ready for EMIR, according to financial executives at the Mondo Visione Exchange Forum this week.
Conduct risk is gaining teeth, and with MiFID II on the way it’s set to gain a whole load more. But there is just one problem: nobody quite agrees on what conduct risk means or where its boundaries are set.
Compliance concerns are causing nearly one-third of banks to turn away business, according to a new report from Aite Group.
The European Commission has rejected a request from the European Securities and Markets Authority to delay the reporting of exchange traded derivatives, with the effect that all derivatives trades will have to be reported to registered trade repositories from 12 February next year.
ICAP and Interactive Data Corporation have begun a collaboration aimed at making pre-trade price information more easily available for institutional investors and risk managers.
The UK High Court has ruled against Barclays in a case brought by remittance provider Dahabshiil, granting an injunction preventing the bank from closing Dahabshiil’s account.
Moscow Exchange has opened its new cleared OTC derivatives market, marking a major step towards Russia’s G20 commitments. But some observers still have doubts about Russia’s reputation as an investment destination.
A surprisingly high proportion of US banks are still not prepared to comply with Dodd-Frank’s regulations on swaps, despite the impending arrival of mandatory trading on swap execution facilities, according to Charley Rich, vice president of product management at tech firm Nastel.
Firms like JP Morgan and HSBC have taken major measures to improve internal controls so that they can comply with new and changing regulations. It won’t end there.
Traders, research teams and corporate broking teams all need to communicate, but as regulation imposes ever-stricter ‘Chinese walls’ within banks and brokers that is getting more difficult. Investing in internal communication tools can make a big difference, according to Simon Bailey, director and head of IT and operations at British investment banking and stockbroking firm Numis Securities.
The constantly changing tide of national, European and global regulatory change is making life difficult for Britain’s building societies and banks to keep pace, according to Mark Smith, head of ALM at Yorkshire Building Society.
Geopolitical shifts and increasing protectionism among nations will mean that the universal banking model is no longer sustainable – and there is little that anyone can do, according to Bill Michael, EMA head of financial services at KPMG. “The future shape of banking is beyond the control of boards, individual regulators or countries alone,” Michael […]
UK operator EE has launched mobile voice recording services to help UK organisations to fully comply with the FCA’s mobile trading regulations.
As financial regulation on mobile phone recording grows ever tighter in Europe, a significant proportion of financial institutions still haven’t put in place any technology to handle it. They could be missing out, according to Steve Haworth, chief executive at computer telephony specialist TeleWare.
One may speculate that with Chancellor Angela Merkel’s Christian Democratic party having secured a quite remarkable third term in office, the last in a long line of potential hurdles for the advocates of a Financial Transaction Tax (FTT) in Europe has been overcome
Sapient Global Markets has released a suite of software and services designed to help companies meet FATCA, the controversial new US regulation that obliges banks to report their US customers so that they can be taxed.
