RegTech


Operational risk: Hell is other people

As the focus on operational risk increases, Nicholas Pratt discovers that the greatest threats to a bank’s security lie outside of its four walls

Warsaw installs co-lo as Italy imposes HFT tax

Poland’s Warsaw Stock Exchange has introduced co-location systems designed to appeal to high-frequency traders, as Italy clamps down on HFT with Europe’s first HFT-specific tax. The moves highlight ongoing national and international divisions over the role of HFT in capital markets.

Investment banks must provide “immediate” service improvement says TABB

As the world’s banks continue to struggle with severe regulatory change, economic turbulence and technological evolution, a new report by analyst firm Tabb Group says that financial institutions will have to provide immediate, friction-free access to content, community and execution, or face extinction.

New rules for dark trading and HFT in Australia

Australia’s Securities and Investments Commission has set out a series of final rules on dark liquidity and high-frequency trading, which it says will promise a more stable market.

The new FCA – don’t have nightmares

Is there anything to fear about the new FCA? Well, possibly quite a lot, it would seem. A hundred or so days into the new era of the FCA and it would be hard for anyone in the wealth management or private banking sector to have missed the message that the regulation of the sector is going to be different from now on.

Market surveillance: a watching brief

The US Securities & Exchange Commission is often accused of using skateboards to chase Ferraris in its attempts to keep up with trading houses, but less than a year after announcing that it intended to create a new market surveillance system – and six months after going live with it –  its cloud-based approach is […]

Data protection compliance: the biggest hurdle facing the back office?

In an effort to improve the protection offered to consumers, and to harmonise data practices, the EU is currently in the process of passing two pieces of legislation: the Cybercrime Directive and the General Data Protection Regulation (GDPR). Few people have given much thought to how these will align with international financial regulation.

RBS prepares for SEPA with Canada’s CGI Group

The Royal Bank of Scotland has chosen Canadian IT firm CGI Group to help its corporate clients manage the transition to SEPA, the European Union project to simplify bank transfers denominated in euros.

Here algo again: MiFID II will require your attention in 2014

For firms who remember MiFID I, and those that don’t, round two is almost upon us. This month, the Council of the EU agreed their general approach, meaning that the draft of MiFID II/MiFIR is free to advance to the European Parliament. If all goes according to the current plan, the new combined legislation will be with us in time for 2015 implementation.

Pressing the reset button

Whether or not the coalition government succeeds in implementing all of its proposals remain to be seen but undoubtedly the transformation of the banking sector – across all levels – is most certainly underway …

FATCA-style agreements present taxing times for GRC teams

If your role has anything to do with governance, risk and compliance or with international tax agreements, then you’ll be familiar with the United States Foreign Account Tax Compliance Act and the potential impact on many of the world’s financial institutions …

Chilean banks build CCP based on Calypso tech

A group of Chilean banks working on a new CCP for OTC derivatives have chosen Calypso technology to help build its core clearing platform, in an initiative that highlights Latin America’s efforts to match G20 financial sector reforms.

Risk data: can it be both efficient and compliant?

With six months before the 4th Capital Requirements Directive comes into force, many will be asking what technological improvements will be necessary to efficiently manage risk going forward. Before they embark on a costly overhaul of their data systems, firms should look at what regulatory trends are likely to require similar changes in the future and adjust their specification accordingly.

Roundtable: the Future of Standards

Predicting the future is never easy, but trying to anticipate likely developments in a particular area is essential in order to take timely action. With that caveat, Stephen Lindsay, head of standards at SWIFT, sets a boundary on a discussion on the Future of Standards: “What we are trying to do is extrapolate a little bit from where we are now to where we might be in a few years’ time,” he says.

Barclays under fire for “outrageous” remittance closures

At a passionate debate in Westminster this week MPs, led by Rushanara Ali, member for Bethnal Green & Bow, called for government action in the wake of Barclay’s recent decision to close accounts for a large number of small payments businesses in the remittances sector.

The battle for benchmarks: divisions in the ranks?

With lots of different regulatory benchmark efforts now underway, the industry could be forgiven for not taking a common stance. With IOSCO issuing final principles, ESMA and the EBA are simultaneously consulting on a European set of principles. Meanwhile the UK is moving ahead with its own reforms.

Libor is dead … long live NYbor?

Uncertainty over the mechanism for calculating the Libor benchmark in future remains in the wake of the generally applauded appointment of NYSE Euronext as its new administrator.

HDFC Bank India takes up Numerix risk tools

India’s HDFC Bank has chosen to install risk management tools provided by Numerix, in a move the bank says will help consolidate its risk management and reporting capabilities.

FATCA, IGAs and AML Technology

After a long wait, the first real FATCA implementation deadlines are just around the corner. To meet the new account identification requirements, by 1 January 2014, institutions should be in the process of implementing the necessary upgrades in their onboarding and overall compliance systems and processes.

Changing banking for good: aspiration or opportunity?

The possibility of jail for miscreant top bankers has hit the headlines following publication of the Parliamentary Commission on Banking Standards final report, a compendium of all that is considered wrong with both banks and the regulator …

Data structures hampering banks’ ability to monitor risk

According to a new white paper from Wolters Kluwer Financial Services, one of the key issues faced by data architects tasked with creating a unified data management infrastructure is the fact that operations in different countries often have different internal systems.

Embrace the internet to determine the future of banking

The impact of the internet on the banking industry may yet turn out to be far more important than the financial crisis and the subsequent regulatory overhaul. Viewing statements on-line and making payments electronically is just the very beginning of the revolution.

A pro-fund change? Good news for AIFs

The Alternative Investment Fund Managers Directive threatens to have a significant operational impact on the industry. Fund managers will soon be subject to a host of new requirements including increased KYC and due diligence, better risk and liquidity monitoring, and new reporting and disclosure requirements. However, in the UK the transition looks to be particularly […]

ISO 20022 – A Hero for Our Times

ISO 20022 has been hailed as the lingua franca in payments and securities for some years now. It offers great potential for re-engineering the payments industry, and for process improvement, but for a standard that promises so much it is still relatively unknown.

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