Finra’s Goldschmid Calls for Major Changes at SEC, Including Merger with CFTC
Originally appeared in MiFID Monitor Harvey Goldschmid, a member of the board of the Financial Industry Regulatory Authority (Finra) and former Securities and Exchange Commission (SEC) commissioner, has called for wide ranging changes to the regulatory body, including a merger with the Commodity Futures Trading Commission (CFTC). He discussed the matter at a recent conference...
Exchange Operators Call for CDS Clearing to Become Mandatory
The contenders in the clearing counterparty (CCP) race have indicated that they wish for credit default swap (CDS) clearing to be made mandatory. Testifying before the US Congress, the four exchange operators involved in the CCP space, IntercontinentalExchange (ICE), the Chicago Mercantile Exchange (CME) Group, NYSE Euronext’s Liffe and the Eurex derivative division of Deutsche...
Thomson Reuters Signs Agreement to Purchase GRC Vendor Paisley
Originally appeared in MiFID Monitor Thomson Reuters has signed a definitive agreement to acquire Paisley, a US-based software provider of governance, risk and compliance (GRC) solutions. According to the financial information giant, once the deal has received the required regulatory approvals, Paisley will become part of its Tax & Accounting business. Paisley’s solutions are focused...
CFTC’s Lukken Calls for Three New Regulatory Agencies to Replace SEC and CFTC
Originally appeared in MiFID Monitor Following the debate about regulatory scrutiny of the credit derivatives space that has been ongoing over the last few months, Walter Lukken, acting chairman of the Commodity Futures Trading Commission (CFTC), has now indicated that he wants his own regulatory body and the Securities and Exchange Commission (SEC) to be...
We Can’t Solve the Problems with the Same Thinking That Created Them; Radical Solution is Required to Solve Data Problems, says Avox’s Price
Radical thinking on industry business models is needed in such disastrous times, proselytised Avox’s Ken Price at FIMA this morning. He suggests turning the traditional ‘user in the middle sources multiple vendors’ model on its head so that the users, who after all generate most of the data themselves, become the centre of the model...
Optimism Abounds at FIMA Data Integration Stream
In spite of – or, indeed, maybe because of – the grim news emanating from the financial pages in recent weeks, enterprise data management practitioners have much to be optimistic about. That was at least the impression given by presenters in the Data Integration stream of the FIMA Financial Data Management Conference Wednesday afternoon. Stream...
US Associations’ Tarp Survey Indicates Industry in Need of Price Transparency Guidelines
Originally appeared in MiFID Monitor The industry needs more information about how the implementation of the US Troubled Asset Relief Program (Tarp) could be most effective, particularly in the areas of price transparency, according to a survey by five industry associations. The survey, which was sent to members of the Securities Industry and Financial Markets...
McCreevy Calls for Clear Roadmap to Establish CDS Clearing Counterparties Before Year-End
Originally appeared in MiFID Monitor European Commissioner for Internal Market and Services Charlie McCreevy has called for the industry to establish central clearing counterparties for the credit derivatives markets before the end of the year. During the first meeting of the European Commission’s working group on derivatives, McCreevy stressed the urgency for more transparency in...
US SEC Eases Registration Requirements for CDS Clearing Counterparties
The US Securities and Exchange Commission (SEC) has indicated that it will ease the registration requirements for the contenders in the race to establish a central clearing counterparty for the credit default swap (CDS) market. According to market reports, the regulator is aiming to expedite the creation of clearing counterparties and standardise the criteria to...
ECB Hosts Meeting on CCPs for CDS Market, Indicates Support for Greater Transparency
Originally appeared in MiFID Monitor Following the meetings last month hosted by the Federal Reserve Bank of New York and the European Commission, the European Central Bank (ECB) has joined the debate concerning the introduction of central counterparties (CCPs) for credit default swaps (CDSs). The ECB hosted its first meeting this week and participants included...