With MiFID II now confirmed and MAR just around the corner, Dave Tolladay of Alerts4 Financial Markets examines the key questions facing financial institutions having to increase trade surveillance monitoring spend while reducing costs. Between €500 and €700 million – that’s the estimated one-off compliance cost to be imposed on financial firms carrying out a […]
FICO, an analytics and decision management software provider, and tech consultancy firm Capgemini have teamed up to provide analytic solutions in financial services. The alliance will provide FICO’s risk and fraud management products through Capgemini’s consulting and integration services in North America. Anirban Bose, global head of banking and financial services, Capgemini, says “many of […]
Japan Exchange Group (JPX), a financial services corporation, has selected Cinnober for risk monitoring. This will include the entire Japanese market of equities, bonds, futures, options, credit default swap (CDS) and interest rate swap (IRS). This latest deal follows JPX recently building a real-time clearing solution for its listed derivatives market with the help of […]
Swiss banking technology vendor NetGuardians has signed Swissquote Bank for its RiskGuardian solution. It will ensure data confidentiality compliance. RiskGuardian includes the NGScreener enterprise software platform along with predefined controls for specific regulations, such as the FINMA 2008/21 Appendix III regulation related to client confidentiality. Like with many of NetGuardians’ clients, Swissquote is a Tememos’ […]
Russia-based Sberbank has implemented Wolters Kluwer’s risk management solution, OneSumX, to streamline its treasury operations. OneSumX will enable the bank to perform dynamic simulation, market risk analysis and liquidity risk analysis, says the vendor. There was an extensive system selection, says Wolters Kluwer, with around 30 providers on the long list. Andrey Prudnikov, treasury director […]
In a world where prudential regulatory rules are interlinked the old temptation to explore one regulatory development at a time is damaging. Regulatory reporting, and the technological systems behind it, need to adapt if we are to avoid past mistakes, writes Selwyn Blair-Ford, head of global regulatory policy at Wolters Kluwer. Here’s a scenario that […]
New Zealand’s central bank, Reserve Bank, is implementing Numerix’s Oneview for trade valuation and risk management analytics. The system will support risk pricing and risk analytics, market standard trade valuation, and position and collateral management. “We are improving our technology and analytics capability in our domestic and foreign market operations,” says the bank’s deputy governor, […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! EPC launches public consultation on SEPA instant payments scheme You’ve got until 10th July to submit your views. What do corporates want from their banks? Simplicity, standardisaion and automation. New core banking system selection in the Netherlands Amsterdam Trade […]
The European Commission (EC) wants to update the fourth Anti-Money Laundering directive so that it also covers virtual currencies, such as Bitcoin. In the UK, the Treasury has followed suit by announcing plans to subject virtual currency exchanges to the same regulations as banks. This isn’t surprising. Gunnar Nordseth, CEO and co-founder of Signicat, muses over the possible […]
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed PDQ ATS for its flagship Validus risk and surveillance platform. PDQ ATS, an independent alternative trading system for equity market participants, will use Eventus’ Validus platform for a centralised look at trading, operations, surveillance, compliance and risk management information for both buy- […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Lombard Risk Management and Oracle Financial Services have teamed up to deliver a global regulatory reporting solution. Called Oracle Financial Services Regulatory Reporting Solution (OFSRRS), it automates the end-to-end process and integrates Oracle’s Financial Services Data Foundation (FSDF) compute engines with Lombard Risk’s regulatory reporting solution AgileReporter. AgileReporter is the latest version of Lombard Risk’s […]
With the new era in global tax reporting, Thomson Reuters is conducting a survey to gauge the level of the industry’s readiness for FATCA and CRS. Evolving global regulations around tax transparency are challenging organisations around the world to implement new procedures. Are you ready? We are calling on you to help us create a […]
Commerzbank is now live with an integrated set of finance and risk solutions powered by the SAP HANA platform. SAP says the bank has more than 70% of its balance sheet running on SAP Bank Analyzer and SAP Accounting for Financial Instruments. It adds that Commerzbank is able to close its monthly books “significantly faster”, […]
Bank of Cyprus UK has selected Lombard Risk’s new AgileReporter for automated regulatory reporting to replace Hitec Labs’ PolicyHub. The bank says it wanted to “improve” on its existing solution which required a number of supplementary manual processes to deliver its reports. Andrew Michaelides, CFO of Bank of Cyprus UK, says: “As complex regulatory requirements […]
Poland-based Bank Pocztowy is implementing a new risk management system, OneSumX, supplied by Wolters Kluwer. The solution will support the following areas: asset and liability management (ALM), market risk, liquidity risk, and credit risk (for the Basel III capital charges calculation). The bank will also use Wolters Kluwer to provide funds transfer pricing (FTP) analysis […]
Eventus Systems, a US-based provider of data processing and analysis solutions, has signed UBS Securities for its flagship Validus risk and surveillance platform. Mark Holder, global co-head of electronic trading at UBS, says Eventus and Validus offered “impressive capabilities that strengthen our current platform”. The implementation has just begun. “Validus is going to bring a […]
The introduction of the Fundamental Review of the Trading Book (FRTB) requires a rethink when it comes to risk architecture and data requirements. Xavier Dubois, Wolters Kluwer’s senior risk and finance specialist for EMEA, outlines the key points. There is an area of complete agreement when it comes to examining the potential impact of FRTB – […]
The Payment Services Directive (PSD) legislation was adopted in 2007 with the objective of making cross-border payments across the EU as easy, efficient and secure as “national” payments within a member state. With the arrival of PSD2, the trend of digital innovation in payment will accelerate, states Antony Bream, UK managing director at Crealogix. The original Directive […]
A long-standing regulatory reporting software vendor, Lombard Risk, is undergoing a shake-up, with new identity, website and product offering unveiled. This follows on from the recent management overhaul, including the arrival of new CEO, Alastair Brown (he moved from RBS) and new global head of product, Tina Wilkinson (she moved from FIS/Sungard), and the resignation […]
Exactly who is affected as a result of the Fundamental Review of the Trading Book (FRTB)? Xavier Dubois, senior risk and finance specialist for EMEA at Wolters Kluwer, explores the subject. Earlier year, the Basel Committee on Banking Supervision (BCBS) set out the long awaited revised standards for minimum capital requirements for market risk. We […]
Make a note, 5th September 2017 has been unveiled as the industry target for the US to move from a T+3 to a T+2 settlement cycle. The decision on this has been reached by the US T+2 Industry Steering Committee (T+2 ISC), organised by The Depository Trust and Clearing Corporation (DTCC) and co-chaired by the […]
The aims of the Securities Financing Transactions Regulation (SFTR) may be laudable – but how much difference will some of the changes really make, other than create another operational burden? As Tracy Dilks, senior consultant, and Akber Datoo, founder and managing partner, D2 Legal Technology, suggest, the regulator might as well put a sign in […]
Can applying semantics make BCBS 239 reporting consistent and comparable across all regulatory bodies? Rupert Brown explores the options when best practice isn’t good enough… Regulatory vagaries and the punitive fines make these tense times for bank risk officers. On the one hand, regulators are asking for a whole lot of architectural work to be […]
As financial institutions across the board gear up for 2016, the year ahead poses some notably regulatory challenges. Not least among these is the impending Market Abuse Regulation (MAR) from the European Commission; there will also be further progress on MiFID II. On 3 July this year, an event will take place which will mark […]
As the European Commission finally confirms an implementation date for MiFID II, Volker Lainer of GoldenSource explains why now is the time for financial institutions adopting a quick fix approach to regulation to reconsider. After waiting and wondering, financial institutions finally have a firm date of January 3rd 2018 for MiFID II compliance. Whether this […]
Distributed ledgers have a role to play in identity verifications, but there are potential pitfalls, state Professor Michael Mainelli and Vinay Gupta. They are increasingly touted as the answer to the identity problems plaguing finance and government. They may well be part of the answer, but more important is recognising they are only tools to help […]
The European Commission’s upcoming PSD II legislation will bring big changes to the payments landscape in Europe. Banking Technology talks to Jerry Norton, VP of financial services at CGI, to find out more. In October, the European Parliament gave its approval to the level one text of the Payment Services Directive II, which aims to further the […]
London-based Calastone, the global funds transaction network, has launched Data Services, a market intelligence solution for fund managers. Calastone says that MiFID II, the European regulatory framework designed to “improve the transparency and oversight of financial markets”, is moving responsibility to understand the distribution chain from distributors and platform providers to fund managers. Rob Swan, […]
The European Commission has put markets out of their suffering by finally confirming a one year extension to the entry into application of the revised Markets in Financial Instruments Directive, or MiFID II. The extension has been made to overcome technical implementation challenges faced by both regulators and market participants. The new deadline is 3 […]
There’s one challenge that regulators seem unable to address, and that is regulation itself. Today’s evolving regulatory environment seems to be beset by a range of internal contradictions. One such contradiction is the banks’ decision to act as clearing providers for derivatives businesses.
Money Market Statistical Reporting presents a fair number of challenges. And firms are pressed for time to prepare for these requirements, according to an overview prepared by Wolters Kluwer Financial Services. Where they may have adopted tactical solutions in the past to meet transaction level reporting obligations, now is a good opportunity to think more strategically about investing in the right platform and infrastructure. This is especially true given that daily reporting obligations will soon be extended in 2018 to include securities and financial transactions
Every bank wants to achieve a single view of a customer, but no-one has found an easy, cost-effective, scalable way to do it. The simple fact is that there is too much customer information, entering the bank from too many places, to align and maintain into a single view. An effective solution would reduce costs, allow the bank to generate revenue faster, facilitate KYC processes and meet regulatory requirements.
If 2015 was all about how the financial sector continued its post 2008 crisis transformation, 2016 looks set to promise even more developments in the same vein across the EMEA region. The ongoing change continues to be remarkable in its depth and scope impacting financial institutions and technology firms like Wolters Kluwer Financial Services who exist to enable banks and others to navigate risk and regulatory complexity
The European Union’s initiative to create a Capital Markets Union in Europe is currently stuck in a quagmire of political debate. That shouldn’t discourage politicians and regulators from taking the necessary steps as soon as possible, according to a new report by the International Capital Markets Association.
On 12 January new EU regulations on securities financing will take effect. Local regulators including France’s AMF have warned financial institutions to be ready for the new rules, which require greater transparency.
Operational risk and cyber-security concerns are converging as a topic for risk managers, who also face a changing agenda resulting from the digital transformation of baking and financial services.
If 2015 is to be remembered as the year regulators challenged boards to demonstrate their strong governance over their risk management, 2016 promises something just as important. In fact, 2016 will arguably be a truly momentous year in the world of non-financial risk as it could well become the year that risk governance silos are finally dismantled
Complying with the European Commission’s Payment Services Directive II is like climbing the massive sandstone bulk of Ayers Rock in Australia – you think you’ve reached the top, and then you realise you still have a long way to go, according to speakers at the recent European Payments Regulation conference in London.
As part of the ongoing Basel reforms, the Bank for International Settlements is busy rewriting the rules that govern how much capital banks must maintain in order to mitigate different types of risk. So far the Standardized Approach for Measuring Counterparty Credit Risk Exposures and the Fundamental Review of the Trading Book have garnered the most attention. However, these are just two components of a much larger package of changes to the Basel capital requirements, which banks need to think about holistically and start factoring into their technology programs now
