JWG’s Di Giammarino Highlights the Potential Cost of the OFR for Individual Systemically Important Firms
The Office of Financial Research represents a “game of chicken” between the regulatory community and the industry, said PJ Di Giammarino, CEO of think tank JWG, at this week’s event on the regulatory data radar in 2011. “If you don’t provide feedback and get your act together by 15 July deadline, it could get pretty...
CFTC’s Gensler Elaborates on Why Identification Standards are so Important to the Regulatory Function
The five month investigation into the 6 May US flash crash has been widely publicised and everyone and their dog has been fixated on the impact of high frequency trading on the markets at large. However, the investigation has also raised regulatory awareness of the underlying data inadequacies that lie at the heart of the...
The OFR Should Leverage Existing Regulatory Reports and Focus on Systemic Risk Only, Says the Cluff Fund Report
Following on from the decision to establish two new US federal bodies to monitor and address systemic risk – the Financial Stability Oversight Council and the Office of Financial Research – as part of the Dodd-Frank Act, the Anthony T Cluff Research Fund has collected together industry opinion on how these two bodies should operate,...
IMA’s Sears Warns of the Dangers of Leaving Lawyers to Define Industry Standards
Last week’s MiFID Forum in London saw Guy Sears, director of Wholesale at the Investment Management Association (IMA), warn attendees of the dangers of leaving it up to lawyers or regulators to decide on the best data standards for use within the context of MiFID reporting. He indicated that such a move is potentially damaging...
European Commission’s Leaked MiFID Review Paper Highlights Data Standardisation Challenges Ahead
Following on from the slew of technical advice and consultation papers that have been issued by the Committee of European Securities Regulators (CESR) over the course of this year, the European Commission has finally drawn together its public consultation document on the subject of the MiFID Review, a draft of which was leaked last week....
End of January Deadline for Responses to US Proposals for OFR Reporting of Counterparty IDs
The industry has just under two months to respond to the proposals regarding how firms will report data to the Office of Financial Research, including the standards that must be used for identifying counterparties. The statement of policy was published in the Federal Register at the end of last month for public comment and firms...
Markit Document Exchange’s Davenport Departs for Pastures Unknown
Following three years at the helm of Markit Document Exchange, Penny Davenport has opted to head for pastures new. As managing director and head of Markit’s documentation library since its launch back in 2008, Davenport has helped the document platform to gain critical mass and extend its reach to other areas such as reference data...
Avox and GoldTier Partner on Enhanced ‘Know Your Customer’ System
Avox, a supplier of legal entity data on financial entities globally, announced today that it has partnered with GoldTier, a compliance software provider, to create an enhanced system to help the financial industry comply with increasingly strict regulatory “Know Your Customer” (KYC) requirements. GoldTier is a leading provider to financial firms of software for onboarding...
ECB’s Trichet on the Importance of Stats: Reading from the Ref Data Utility Hymn Sheet?
Last month, European Central Bank (ECB) president Jean-Claude Trichet delivered the opening address to the central bank’s own conference on statistics and much of his speech was strangely familiar. Referring directly to the need for a “public reference data utility” that could provide “standardised information on instruments and entities that would be operated on the...
SIX Telekurs and Expersoft Systems Announce Strategic Partnership
SIX Telekurs has signed a strategic partnership with Expersoft Systems, a global vendor of portfolio and wealth management platform solutions. The agreement allows the two companies to combine their cutting edge solutions, thereby offering small and medium sized independent providers of wealth management services for high net worth individuals (HNWI) and institutional clients a unique...