The European Commission has expressed concerns that the US government shutdown is preventing a deal between the EU and US regulator, just as new swaps rules come into force for firms based both inside and outside the US.
The London Stock Exchange has intensified its push into the derivatives markets with the launch of a new bourse called LSE Derivatives Market, which it says will create new opportunities for traders in London and provide a better proposition under the EU’s EMIR legislation than its predecessor Turquoise Derivatives.
As CFCT commissioner Scott O’ Malia calls for more time for SEF reforms to be implemented, senior market observers are concerned that the new rules will not only fail to meet their 2 October deadline, but will also hurt ordinary market participants and increase systemic risk rather than reduce it.
What do hundreds-of-thousands of counterparties, dozens of regulations and your many regulators all want from you? Better counterparty classification …
Most emerging Asian countries have developed or are developing their own CCPs and trade repositories in response to global reforms of OTC derivatives markets – but proliferation of CCPs is a concern, according to new research by analyst firm Celent.
Dissatisfaction with global regulators has been expressed during the entire Sibos week, with the topic being raised in sessions across the board.
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
The Singapore Exchange and Luxembourg-based Clearstream are planning to launch a collateral management service that should help customers use assets as collateral at SGX’s securities depository CDP.
Russia’s BCS Financial Group has chosen to install market abuse surveillance, insider dealing and compliance tools from specialist firm b-next, as the firm prepares to enter the UK market.
Here’s what you don’t know about how the European Parliament is going to stretch your time and budget in 2014 …
Russian broker BCS Prime Brokerage plans to install a new pre-trade risk system called TripleCheck, which it says will help it to meet tough new regulations on algorithmic and proprietary trading.
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.
A three-hour trading crash at Nasdaq OMX caused by a connectivity issue has once again put the spotlight on trading technology and the resilience of financial markets, which have been sorely tested in recent months and years.
A fragmented data architecture can threaten a financial institution’s ability to keep track of its assets. All too often, front office systems are separated into individual asset classes and lines of business, making the integration of the transaction flows from these systems very difficult.
The UK Payments Council has set a date for the introduction of the seven-day account switching service, which will make it easier for UK customers to switch their bank.
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.
Financial services firms in Japan are taking early steps to prepare for new rules on OTC derivatives, according to a new survey carried out by fintech company Calypso in Tokyo.
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.
Bloomberg has received approval to launch a Swap Execution Facility, ahead of the compliance deadline for new US Dodd-Frank rules for clearing of OTC derivatives.
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.
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 […]
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.
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.
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.
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 …
Market participants have condemned a proposal in the UK House of Commons that calls for the UK government to consider implementing a tax on high-frequency trading activity in the country.
Securities trading in France, the Netherlands and Belgium is to move to T+2 settlement in October 2014, following a decision by Euroclear to pre-empt Europe-wide settlement reforms.
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 …
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.
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.
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.
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.
Delays to the controversial US FATCA rule have provided a valuable window of opportunity for financial institutions to prepare.
European securities regulator ESMA has started the latest round of consultation on OTC derivatives clearing with the release of a discussion paper on regulatory technical standards for the European Market Infrastructure regulation, the new pan-European rulebook.
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.
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.
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.
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 …
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.
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.
