Despite efforts to create a more transparent OTC derivatives market, market data costs have increased significantly since 2008 and the buy-side has very little to show for it, according to senior financial executives speaking at an event organised by FIX Protocol in London on 6 March.
First Data’s plan for its STAR Network to license Visa’s common Application Identifier (AID) could help get the ball rolling for EMV adoption as other debit networks continue to weigh their own options for routing debit transactions under the Durbin Amendment, observers say.
Government agencies using prepaid cards to deliver benefits are seeing solid user satisfaction and improving efficiencies as such programs evolve, amid an environment of pending regulatory changes and heavy scrutiny by consumer advocates, according to a panel of experts convened at the All Payments Expo (APEX) in Las Vegas this week.
The U.S. House of Representatives last week passed the Consumer Financial Protection and Soundness Improvement Act (H.R. 3193), which combines six bills, approved by the House Financial Services Committee last November, that are designed to bring more accountability, oversight and transparency to the Consumer Financial Protection Bureau (CFPB), according to the bill’s supporters.
BNP Paribas Securities Services has launched a reporting tool for investment banks, which it says will help them cope with tough new financial regulations by better monitoring their intraday liquidity.
Lawmakers in Washington, D.C., today are hosting the fifth in a series of hearings to discuss data breaches, their effect and possible methods to prevent them, as the All Payments Expo (APEX) wraps up four days of hot-topic discussions in Las Vegas, including payments security and fraud trends.
The UK’s Clearing House Automated Payments System turned 30 earlier this year. It wasn’t an anniversary marked with street parties by a grateful nation, but in its quiet way it was a significant moment, for – in common with the whole payments infrastructure – the system is going through a period of change. Phil Kenworthy, […]
A group of major international banks have agreed to jointly develop and use the centralised Know Your Customer Registry announced by Swift at the start of the year.
Until the world has a definitive Legal Entity Identifier, we are going to have to recognise that piecemeal adoption brings with it significant hidden costs in validating, enriching and mapping for regulatory purposes. If the total number of registered market participants is meant to include all the corporates that trade FX forwards, we are far short.
The Prudential Regulatory Authority has set out a series of requirements for non-EU banks who want to do business in the UK.
In addition to the regulatory system changes, what would the technological and infrastructure challenges of such a ruling be?
With a growing number of U.S. employers offering their employees the option of payroll cards, the Network Branded Prepaid Card Association (NBPCA) has joined with consumer advocacy group Consumer Action to develop a pair of guides to help companies and employees learn about payroll cards, including how they work, options for accessing wages and how to avoid or limit fees.
State Bank of India has chosen tools for its new Chinese branch in the northeastern port city of Tianjin from Wolters Kluwer, which it says will help the bank deal with China’s regulatory reporting requirements.
EBA Clearing, the European payment services provider owned by 62 European banks, has reported that its MyBank Mandate pilot scheme, which allows online merchants, public institutions and utility companies in Europe to collect SEPA direct debits online, has passed the first and second phases of testing before it launches later this year.
The deadline for trade reporting mandated by the European Market Infrastructure Regulation is 12 February, and many institutions are working hard to meet it. In this webinar, Banking Technology and the DTCC will be discussing how the industry managed the transition and what challenges remain.
The Government Accountability Office is the latest government agency to scrutinize the increasingly popular campus-based debit and prepaid cards.
Etrali Trading Solutions has rolled out its mobile voice recording service in Japan, allowing financial institutions to meet FSA regulations in the country. Etrali’s solution is SIM-based, and is already being used in Europe and the US.
Greece’s Hellenic Exchanges Group, which runs the Athens Stock Exchange and Athens Derivatives Exchange, has chosen to buy services from the London Stock Exchange to help it cope with tough new European trade reporting rules.
Europe’s trade repositories have reported a largely smooth transition, following the deadline under EMIR on 12 February – but behind the scenes deep questions remain about the viability of the European Commission’s ambitious derivatives reform.
The U.S. House of Representatives is scheduled to vote tomorrow on the Consumer Financial Protection and Soundness Improvement Act (H.R. 3193).
A consumer’s class action suit reminds businesses to adhere to FACTA requirements, and prevent potential identity theft and fraud.
Revelations that Barclays customer data was being sold on the black market to corrupt City traders have caused the bank some embarrassment over the weekend– but the incident raises more questions than it answers, according to observers.
The Dodd-Frank Act launched the acronym SEF into the alphabet soup of modern capital markets, After three years of repeated discussions, consultations, submissions and furious wrangling, Swap Execution Facilities finally come into operation this week.
In the wake of scandals involving manipulation of market indices, can statistical learning theory be used to detect and fix anomalies in Libor and other market indices?
Lawmakers yesterday continued their calls to strengthen regulations protecting consumers’ financial data in the wake of recent retailer data breaches.
A week before the final reporting deadline for the European Commission’s EMIR regulation, tech firms are making a last push to get OTC trade reporting up and running.
Switzerland’s SIX Financial Information has begun delivering FATCA tax information to the US Inland Revenue Service, ahead of the controversial extraterritorial tax’s reporting deadline in July.
Although the consensus in yesterday’s Senate subcommittee hearing on “Safeguarding Consumers’ Financial Data” seemed to be around the shared responsibility of all stakeholders, including government, to protect financial data, the FTC specifically called for legislative action.
Transaction cost analysis has become a staple feature of equities trading since 2007’s watershed piece of European legislation MiFID. But that’s just the beginning of a journey that is increasingly coming to transform the way FX and fixed income asset classes are traded, according to Michael Sparkes, director of analytical products and research at broker ITG.
As Moscow modernises its corporate governance, legal institutions and financial infrastructure, new possibilities are opening up to foreign investors, says Tim Bevan, executive board member at BCS.
The Senate Banking Committee will hold a hearing next week on safeguarding consumers’ financial information in the wake of recent data breaches at several major U.S. retailers.
The Basel principles for effective risk management offer a chance to transform information management that should not be missed.
ederal prosecutors have charged the head of digital currency exchange BitInstant with conspiring to commit money laundering and operating an unlicensed money transmitting business.
The International Swaps and Derivatives Association has set a date for the first stage of sweeping changes to the ISDAFIX benchmark for annual swap rates, as part of a major global push to clean up rates and make them more accountable.
Post-trade services company Traiana plans to connect to four trade repositories in preparation for the European Commission’s EMIR legislation, which requires trade reporting and clearing of OTC derivatives.
Senior transaction banking executives have called for a political discussion to resolve the issue of emerging market access to banking services caused by the reduction of the correspondent banking services network.
A ruling from the circuit court could be issued within the next 30 to 60 days.
According to a report from the Federal Reserve Bank of Boston, innovative mobile banking features can help underserved consumers obtain safe, secure and convenient options that foster financial inclusion.
In the latest development of the ongoing credit card interchange fee dispute between merchants and Visa and MasterCard, the National Retail Federation (NRF) has appealed a $5.7 billion settlement with the payment card networks.
Regulation is driving a structural shift away from capital markets and investment banking towards transaction banking – but even this hint of opportunity could be under threat, according to senior financial services panellists speaking at the BAFT IFSA conference in London this week.
Three judges for the U.S. Court of Appeals in D.C. convened last Friday to ask questions of lawyers representing debit card issuers, the Federal Reserve and merchants, as the panel weighs the Fed’s appeal of a lawsuit vacating its rule capping debit interchange rates at 21 cents in 2011, in accordance with the Durbin Amendment in the Dodd-Frank Act.
