FIX Trading Community, the non-profit standards body for the global financial trading industry, has unveiled the FIX Protocol for use for transmitting MiFID II Transaction Reports to Approved Reporting Mechanisms (ARMs). Under MiFID II, all investment firms (including certain buy-side institutions) executing transactions in financial instruments are required to report details of their transactions to […]
As our society moves to a world propelled by automation, where technology has given way to artificial intelligence, machine learning, driverless cars and delivery drones, it’s not leap of faith for technologists to consider how technological advances can play a role in banking. In fact, given the proliferation of risks and controls that banks and […]
As we enter a new era in global tax reporting with increasing regulations around tax transparency, Banking Technology and Thomson Reuters have gathered industry views from across the globe to piece together a full picture on the financial market’s readiness for the Common Reporting Standard (CRS) and continued approach to the Foreign Account Tax Compliance […]
UK-based regulatory reporting and risk management software vendor, AxiomSL, has signed the local operations of Union Bank of India for its flagship product, XBRL. XBRL will automate regulatory reporting to the UK’s regulator, Financial Conduct Authority (FCA), at Union Bank of India (UK). AxiomSL says the project comes as part of the bank’s compliance with […]
US-based Friess Associates, which manages around $1 billion for institutional and private investors, is automating its ops with Linedata Longview. The new investment management platform will support portfolio management, trading and compliance at Friess Associates. Linedata highlights asset-specific workflows of its offering, an interface that can be tailored to the various roles of disparate users, […]
Experian, the information services company, has launched its CrossCore platform for fraud and identity services. CrossCore has “plug-and-play” capability and lets companies connect any new or existing tools and systems in one place, whether they are Experian, internal or third-party partner solutions. Steve Platt, global EVP, fraud and identity, Experian, says: “New fraud threats, updates […]
This week marks exactly two years until the General Data Protection Regulation (GDPR) comes into force. It will fundamentally change the way that companies capture, manage and store information. To comply with the GDPR, financial institutions face the prospect of having to completely overhaul legacy systems and practices in just 24 months. Customer is truly […]
Poland-based subsidiary of the BNP Paribas group, Bank BGŻ BNP Paribas, is automating its risk management ops with Wolters Kluwer’s OneSumX solution. OneSumX will support asset and liability management (ALM), liquidity risk management and funds transfer pricing (FTP) at Bank BGŻ BNP Paribas. The parties already have a long-standing relationship – BNP Paribas has been […]
Anadolubank Nederland, a subsidiary of Anadolubank Turkey, has chosen AxiomSL’s XBRL solution to submit a range of regulatory reports to country’s central bank, De Nederlandsche Bank (DNB). The project follows the DNB’s decision to align with other European central banks by mandating the use of XBRL for European Banking Authority (EBA) regulatory submissions. Anadolubank Nederland […]
Changes to regulatory reporting requirements and their impact on investment management companies have made the implementation of regulatory enterprise risk management (RegERM) systems crucial. Mark Weir, head of data management at Maples Fund Services, explores the issue. A RegERM system should be established within a company to provide accurate and timely compliance and regulatory reporting, with the […]
US investment management firm Pimco has selected Kyc.com and Markit for its due diligence and onboarding requirements. Pimco has opted for Counterparty Manager, Tax Utility, kyc.com and the “entire regulatory and compliance ecosystem”. Kyc.com and Markit say their “ecosystem” provides buy- and sell-side firms, and corporates with a solution for onboarding, KYC (Know Your Customer), […]
ICAP, a UK-based financial services firm, has revealed profit and revenue loss for the year ended 31 March 2016; and a new name following the sale of its global hybrid voice broking and information business. Revenue, trading operating profit, trading profit before tax and profit before tax were all down for year ended 31 March […]
Bloomberg has applied to the Global Legal Entity Identifier Foundation (GLEIF) to become a local operating unit (LOU) of the Global LEI System (GLEIS). By submitting this application, Bloomberg moves to the candidate stage of the LOU accreditation process and joins an existing network of LOU’s monitored by GLEIF. Peter Warms, senior manager of fixed […]
The European Banking Federation (EBF), the Global Financial Markets Association (GFMA) and the International Swaps and Derivatives Association (ISDA) are planning global policy measures on cybersecurity, data and technology through a new set of common principles. In its paper, “International Cybersecurity, Data and Technology Principles”, the organisations want to create a “starting point for dialogue […]
Coventry Building Society is working with a credit risk analytics firm, Jaywing, to meet the International Financial Reporting Standards (IFRS) 9 modelling requirements. The UK-based building society has recruited Jaywing ahead of the 1 January 2018 deadline to meet the new guidelines. Initial work is already underway, says Jaywing, and a prototype model for one […]
Sapient Global Markets, a technology and consulting services firm, has launched RegRecon for reconciliation and regulatory reporting accuracy. RegRecon offers automated trade matching and reconciliation, break management and resolution workflow. It is available as a standalone solution and managed service, or within Sapient’s CMRS (compliance management reporting system) platform. Arun Karur, vice-president at Sapient, says […]
AxiomSL is implementing its flagship regulatory reporting platform at US-based PNC Financial Services. PNC, one of the largest banks in the US, will use the solution for its reg reporting needs in the domestic market, plus Canada and the Bahamas. Alex Tsigutkin, CEO at AxiomSL, says the vendor is “proud to have been chosen by […]
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 […]
Paris-based Sopra Steria has been selected by the UK’s Financial Conduct Authority (FCA) to deliver a new digital regulatory market data processing platform in an “exclusive” six-year contract. The new platform will support the FCA’s on-going regulation of firms, as well as encompassing new requirements under the forthcoming Markets in Financial Instruments Directive (MiFID II). […]
Payments UK’s new service – Standards Collaboration Framework – offers institutions support in the implementation of industry standards. The first taker has already been onboarded. This is Faster Payments Scheme Limited (FPSL). Payments UK says the customer “will use the central, well-maintained ‘library’ to simplify how its industry stakeholders access and receive notifications about updated […]
ISO 20022 Registration Management Group, the senior global registration body, has approved the ISO 20022 message guidelines – they have now been published. The new guidelines were developed by the ISO Real-Time Payments Group (RTPG) and facilitated by Payments UK, the representative of the country’s payments industry. Payments UK describes this development as “an important […]
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 […]
Bolivia’s banking community has connected to Swift’s Know Your Customer (KYC) Registry, a centralised repository which maintains a standardised set of information about financial institutions required for KYC compliance. Since December 2014, the KYC Registry has been adopted by more than 2,350 financial institutions globally to “complement” existing compliance programmes. In Latin America, the Registry […]
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- […]
Swift will launch Payments Data Quality, a reporting and data analytics service to help financial institutions comply with new international requirements for originator and beneficiary information in payments messages. The service will be available in Q3 2016 and Swift says it will help banks monitor their compliance with the Financial Action Task Force’s (FATF) Recommendation […]
NICE Actimize hopes to muscle into the mid-tier banking sector with the launch of AML Essentials, an anti-money laundering cloud-based platform. It will be delivered on the Amazon Web Services (AWS) cloud. The solution offers transaction monitoring, CDD (customer due diligence) and KYC (know your customer), and watch list filtering to reporting and SAR (suspicious […]
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 […]
MiFID II is delayed yet again as the European Commission (EC) asks the European Securities and Markets Authority (ESMA) for a “rethink”. ESMA has received a letter from EC concerning certain parts of the regulation draft. EC wants a rewrite of three technical standards that govern trading on commodities, exemptions for companies providing support market […]
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 […]
