Conduct risk is gaining teeth, and with MiFID II on the way it’s set to gain a whole load more. But there is just one problem: nobody quite agrees on what conduct risk means or where its boundaries are set.
Compliance concerns are causing nearly one-third of banks to turn away business, according to a new report from Aite Group.
The European Commission has rejected a request from the European Securities and Markets Authority to delay the reporting of exchange traded derivatives, with the effect that all derivatives trades will have to be reported to registered trade repositories from 12 February next year.
ICAP and Interactive Data Corporation have begun a collaboration aimed at making pre-trade price information more easily available for institutional investors and risk managers.
The UK High Court has ruled against Barclays in a case brought by remittance provider Dahabshiil, granting an injunction preventing the bank from closing Dahabshiil’s account.
Moscow Exchange has opened its new cleared OTC derivatives market, marking a major step towards Russia’s G20 commitments. But some observers still have doubts about Russia’s reputation as an investment destination.
A surprisingly high proportion of US banks are still not prepared to comply with Dodd-Frank’s regulations on swaps, despite the impending arrival of mandatory trading on swap execution facilities, according to Charley Rich, vice president of product management at tech firm Nastel.
Firms like JP Morgan and HSBC have taken major measures to improve internal controls so that they can comply with new and changing regulations. It won’t end there.
Traders, research teams and corporate broking teams all need to communicate, but as regulation imposes ever-stricter ‘Chinese walls’ within banks and brokers that is getting more difficult. Investing in internal communication tools can make a big difference, according to Simon Bailey, director and head of IT and operations at British investment banking and stockbroking firm Numis Securities.
The constantly changing tide of national, European and global regulatory change is making life difficult for Britain’s building societies and banks to keep pace, according to Mark Smith, head of ALM at Yorkshire Building Society.
Geopolitical shifts and increasing protectionism among nations will mean that the universal banking model is no longer sustainable – and there is little that anyone can do, according to Bill Michael, EMA head of financial services at KPMG. “The future shape of banking is beyond the control of boards, individual regulators or countries alone,” Michael […]
UK operator EE has launched mobile voice recording services to help UK organisations to fully comply with the FCA’s mobile trading regulations.
As financial regulation on mobile phone recording grows ever tighter in Europe, a significant proportion of financial institutions still haven’t put in place any technology to handle it. They could be missing out, according to Steve Haworth, chief executive at computer telephony specialist TeleWare.
One may speculate that with Chancellor Angela Merkel’s Christian Democratic party having secured a quite remarkable third term in office, the last in a long line of potential hurdles for the advocates of a Financial Transaction Tax (FTT) in Europe has been overcome
Sapient Global Markets has released a suite of software and services designed to help companies meet FATCA, the controversial new US regulation that obliges banks to report their US customers so that they can be taxed.
Senior financial industry executives have expressed disappointment at the failure of the US and European securities regulators to realise a deal over derivatives reforms and swap execution facilities, the new category of US execution venues brought in under the Dodd-Frank Act.
Financial information services company Markit is aiming to create the largest financial markets messaging community and remove barriers to cross-market communication through its open messaging initiative and supporting technology, Markit Collaboration Services.
Some European money transmitter companies are learning what insurance carriers from outside the US. learned years ago — the country is a nightmare of financial regulations that can differ sharply from state to state. And European companies that are doing business in individual states probably need a license from that state.
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.
