Industry Has Until 22 February to Respond to CFTC’s Legal Entity Identification Proposals for the Swaps Market
Following on from the series of roundtables last year conducted by the US Commodity Futures Trading Commission (CFTC) to examine the data standardisation challenges underlying the provisions contained within the Dodd-Frank Wall Street Reform and Consumer Protection Act, the regulator has published a set of proposals in the Federal Register regarding the identification of counterparties...
Information Builders and Unisys Help Financial Industry Meet New Compensation Time Rules
Information Builders today announced that it has launched a joint solution with the UK subsidiary of Unisys Corporation for the British financial services industry. The arrangement will enable financial institutions to collate data from multiple sources to provide a single view of each customer. This is in response to the latest Financial Services Authority (FSA)...
CESR Champions Underlying Reference Data Standardisation in its Latest OTC Platform Trading Advice for MiFID
In its latest technical advice to the European Commission as part of the ongoing MiFID review, the Committee of European Securities Regulators (CESR) has reprised its data standardisation theme as the “preliminary step on the way to organised platform trading” of OTC derivatives. Progress within the front office is therefore predicated on getting the data foundations...
UK FSA Sends Out Yet Another Reminder of 31 December Deadline for SCV Compliance
The UK Financial Services Authority (FSA) has this week sent out another letter (there have been a fair few sent out over the course of this year) to firms’ compliance offices in order to remind them of the 31 December 2010 deadline for compliance with the incoming Financial Services Compensation Scheme (FSCS) Single Customer View...
UK FSA Fines Scottish Equitable £2.8m for Customer Data Management Failures
The UK Financial Services Authority (FSA) has fined Scottish Equitable Plc £2.8 million for failures related to the management of its customer data that the regulator says caused “significant consumer detriment”. In the vein of other fines meted out by the FSA over the course of this year, the action against Scottish Equitable, which will...
RBS’ Davies Highlights the Need for Reliable Reference Data to Support the Risk Function
Following on from its implementation of EDM vendor SmartCo’s DataHub platform earlier this year to support the reference data requirements of its Global Banking and Markets division, Royal Bank of Scotland (RBS) is continuing to build up its data management capabilities with a view to better supporting its risk management function. Speaking at last week’s...
Leading Canadian Asset Management Firm Selects Equipos for Client Reporting Automation
Equipos, a global client communications software provider, today announced that one of Canada’s largest asset managers has appointed Equipos to deploy a fully integrated and automated client reporting system throughout the company’s institutional operation by September 2011. Under terms of the agreement Equipos will automate the acquisition of client portfolio data from the client’s core...
UK FSA Highlights Asset Managers’ Counterparty Risk Shortcomings and Valuations Independence
As a follow up to its 2009 Financial Risk Outlook (FRO), the UK Financial Services Authority (FSA) has published a review of the derivative risk management practices in place across the investment management industry, which highlights the buy side’s valuations and risk management practices and related shortcomings. The study, which is based on data from...
European Council Proposals for Derivatives Repositories Include Potential Fines for Ref Data Failures
The data standardisation issues underlying the decision to push all standardised OTC derivatives to be centrally cleared and to establish new trade repositories have been well exposed during regulatory discussions over the course of this year. In light of this, the European Council’s recent regulatory proposals on the subject include direct reference to potential fines...
Prioritise Your Projects in Light of the Regulations Coming Down the Pipe, Says Nomura International’s Bannocks
Firms need to get a good handle on the regulations coming down the pipe and how they will impact the data management function, as well as prioritising them in order of timeframes, said Chris Bannocks, managing director and global head of reference data, Operations, Nomura International. Speaking at this week’s JWG organised event on next...