Cicada Packages KYC Solution…
Cicada is packaging its data management software and data cleansing team to offer a purpose-built Know Your Customer (KYC) solution. The framework will provide configurable, rules-based workflow schema to help financial institutions manage their client data review process, as well as keep an audit trail and source attribution details. The solution can manage both internal...
RDUG Joins ISITC, FPL, FISD To Forge MiFID Working Group
The Reference Data Users Group (RDUG) has thrown in its cards with three other industry lobby groups to form a joint working group to address compliance issues spurred by the European Union’s Markets in Financial Instruments Directive (MiFID), whose implementation date of early 2007 is causing ructions within the securities industry operations community. Writing exclusively...
Watch out for MiFID, the industry’s greatest challenge since Y2K By Gary Wright, managing director, CityCompass Research
In case you are not aware, the EU’s Markets in Financial Instruments Directive, or MiFID, has been under discussion and review for a number of years. It is not an understatement to say that MiFID will entail fundamental change to all securities markets within the European Union. The changes in both business practice and the...
MiFID: Will Firms be Ready by April 30, 2007? By Dr. Anthony W. Kirby, Founder, RDUG
The European Union’s pending MiFID initiative, or the Markets in Financial Instruments Directive, replaces the Investment Services Directive (ISD), which was originally adopted in 1993. The ISD defined “home” and “host” state regulators, establishing the conditions under which authorized investment firms and banks could provide specified services in other EU member states on the basis...
FISD Seeks Feedback for MDDL with New Working Group
The Financial Information Services Division (FISD) is seeking feedback on the data model behind the Market Data Definition Language (MDDL) as it is “moving into implementations by many of our members,” says the FISD. It has set up a Securities Model Working Group under its Securities Processing Automation efforts to address MDDL and related data...
EUSD: Are You Ready? By Gary Wright, MSI, Managing Director, CityCompass Research
For those not quite up to speed, EUSD stands for the European Union Savings Directive and it impacts just about all financial services firms who act as collecting or paying agents in capital markets within the European Union. These paying agents – including banks, building societies, corporations issuing bonds that pay interest on certain instruments...
Battle of the Reference Data Industry Groups? Atkin Launches Findac, As FISD Gears Up
Competition looks set to hit the reference data industry bodies space, as former FISD chief Mike Atkin has found a backer to set up his own industry group – Financial Data Coalition (Findac) – which appears to be in direct competition with his former employer. Findac, which has the tagline: “Promoting standards and efficiencies in...
Swift Proposes Standard Protocol for EU Clearing & Settlement
Swift has published a consultation paper outlining proposals for a standardised communication protocol for European clearing and settlement. This is in response to the Giovannini Group report to improve efficiency of EU cross border clearing and settlement. Specifically Swift is aiming to define a solution for Barrier 1 of the 15 identified barriers to efficient...
Norex Exchanges Adopt GICS Classification Standard
The Nordic and Baltic stock exchanges strategic alliance, known as Norex, is this month adopting the Global Industry Classification Standard (GICS) as its official security classification standard. GICS was jointly developed by Standard & Poor’s and MSCI in 1999 in response to what they saw as a need for a more accurate, complete and standard...
WM Datenservice Introduces Feed Access to Reference Data
German data agency WM Datenservice has over the last quarter introduced a data feed service to offer clients a greater degree of flexibility in accessing WM’s reference data and improved timeliness to near-real-time data delivery. The new Financial Object Feed (FOF) is in part a response to the growing trend within the German market of...