BAFT and Bankersalmanac.com Collaborate to Extend Due Diligence Repository
Originally appeared in MiFID Monitor Bankersalmanac.com and the Bankers’ Association for Finance and Trade (BAFT) have agreed to collaborate on promoting and extending the coverage of the reference data vendor’s Due Diligence Repository, which was launched in 2004. The repository has been set up by Bankersalmanac.com as an industry utility and BAFT will be engaged...
SEC Provides Details of Upgrade to Edgar Database
Earlier this week, Securities and Exchange Commission (SEC) chairman Christopher Cox announced the upgrade to its reporting and disclosure system, the Edgar database. According to Cox, the new XBRL-based platform will give investors faster and easier access to key financial information about public companies and mutual funds, when it is introduced over the next three...
SEC Launches Online Reference Site for AML for Mutual Funds
Originally appeared in MiFID Monitor The Securities and Exchange Commission (SEC) has unveiled a new one-stop online reference site to assist mutual funds in their anti-money laundering (AML) compliance efforts. It has also launched a new centralised phone line specifically for securities firms to report the filing of a suspicious activity report (SAR) that may...
IBM Data Governance Council Discusses Industry Best Practices for Management of Critical Financial Data
The IBM Data Governance Council, which was set up three years ago by IBM and comprises 50 financial market firms, is currently discussing establishing best practices for the industry on how to manage critical financial data. The council plans to build what it calls an “information governance framework”, which will be based on their existing...
IBM Data Governance Council Ponders the Future of Data and Plans to Establish Best Practices
The IBM Data Governance Council, which was set up three years ago by IBM and comprises 50 financial market firms, is currently discussing establishing best practices for the industry on how to manage critical financial data. The council plans to build what it calls an “information governance framework”, which will be based on their existing...
US Fed and SEC Ratify Data Sharing Agreement
Following months of discussions, the US Federal Reserve and the Securities and Exchange Commission (SEC) have finally signed a formal agreement that explicitly allows for the two agencies to share information about the inner workings of investment banks. According to the memorandum of understanding, the SEC will provide the Fed with “information and analysis regarding...
US Fed and SEC to Draw up Agreement on Data Sharing
The US Federal Reserve and Securities Exchange Commission (SEC) are discussing an agreement to revamp the regulation of the US financial markets, which could include drawing up data sharing agreements between the two bodies. The agreement, which is rumoured to be announced this week, is intended to fill gaps in regulatory oversight and increase cooperation...
Introduction of BEI Beyond Industry’s Level of Maturity, Research Warns
Regardless of an understanding of the benefits of introducing a standard business entity identifier (BEI), the industry is as yet unconvinced that the cost of its introduction is justifiable. That is the message that the EDM Council, consultancy firm Bearingpoint and Swift heard loud and clear during interviews conducted with 15 international financial institutions as...
DIFC’s DClear Releases Plans for Reference Data Utility
DClear, the wholly owned subsidiary of the investment arm of the Dubai International Financial Centre (DIFC), has released plans for a reference data utility for the global financial market. The aim of the project is to provide a shared copy of reference data among financial market participants on both the buy and sell sides. It...
SEC’s Cox to provide guidelines for adoption of XBRL
Christopher Cox, the Securities and Exchange Commission (SEC) chairman, is expected to release recommendations this week about how US companies can adopt extensible business reporting language (XBRL) for their financial reporting. This follows the SEC Advisory Committee on Improvements to Financial Reporting’s report, released in February, which recommended that companies should use XBRL to tag...