Confluence’s Botula and Powell Elaborate on Data Implications of Money Market Fund Reforms
Data management solution vendor Confluence is busy readying itself to be able to provide its US-based customers with a solution that will allow them to meet the requirements of the US Securities and Exchange Commission’s (SEC) incoming Money Market Fund Reform Rule. Kirk Botula, executive vice president and chief operating officer, and Scott Powell, product...
UK FSA Slaps JPMorgan with £33.32m Fine for Client Money Rules Infractions
As if it was a warning shot to those dragging their heels in meeting the UK Financial Services Authority’s (FSA) recent call for firms to provide more data about their management of client assets, the regulator has this week fined JPMorgan Securities Limited £33.32 million for breaches of its client money rules. It is the...
CESR’s Ratings Agency Consultation Paper Sets Out CRA Data Requirements
Following more than a year of discussions about how to best tackle the underlying issues with credit ratings in the post-crisis environment, the Committee of European Securities Regulators (CESR) has produced a new consultation paper detailing the data requirements for these ratings agencies under the new regime of heavier scrutiny. Industry participants have until the...
European Commission Adopts Draft Mandate for EU-US Data Protection Agreement
Following months of negotiations, the European Commission has finally published a draft mandate to negotiate a personal data protection agreement between the European Union and the United States when cooperating to fight terrorism or crime. European politicians, including Viviane Reding, the EU’s Commissioner for Justice, Fundamental Rights and Citizenship, are keen that bulk data transfers...
UK FSA’s Risk Head Dewar Sends Out Second Warning on Client Assets; Three Strikes and You’re Out…
As part of its tougher stance towards the market and in a follow up to a related “Dear CEO” letter sent out in January, the UK Financial Services Authority’s (FSA) managing director of risk Sally Dewar has sent out another letter warning firms to respond to its request for information on their management of client...
Middle Office Cinderella Finally Getting its Day in the Spotlight Due to New Transparency Requirements, Says Op Risk Panel
The new transparency requirements that are being mooted as part of the MiFID review process by the Committee of European Securities Regulators (CESR) have resulted in a surge of interest and investment in the middle office, according to panellists discussing operational risk at last week’s Xtrakter user conference. Godfried De Vidts, director of European Affairs...
LSE’s Husler Explains Decision Behind the Move of its Transaction Reporting Service onto UnaVista
The London Stock Exchange (LSE) has offered a transaction reporting service, dubbed the Exchange Reporting Service (ERS), since 2002, but has recently moved the service onto its web-hosted platform UnaVista. According to Mark Husler, head of information services business development at the LSE, the exchange operator decided to move the service onto the platform in...
Confluence Helps Fund Administrators Manage New Complex Money Market Fund Reporting Mandates
Confluence, a global leader in investment management data automation, today announced new software to help fund administrators manage complex Money Market Fund Reform Rule reporting recently mandated by the US Securities and Exchange Commission (SEC). Unity Regulatory Reporting delivers an automated solution to the complex challenge of preparing and filing the SEC’s required Form N-MFP,...
Barnier Keen for Credit Ratings Agencies Crackdown to be Globally Coordinated; Iosco Publishes Consultation on Subject
Earlier this week, European internal market and services commissioner Michel Barnier indicated that he is keen for a level of global coordination to be achieved when implementing new financial system regulations, including those for credit ratings agencies (CRAs). Speaking ahead of his meeting with US Treasury secretary Timothy Geithner, Barnier stressed the importance of stronger...
UnaVista to Offer Transaction Reporting Service
The London Stock Exchange announced today that the Financial Services Authority (FSA) has given UnaVista Approved Reporting Mechanism (ARM) status for transaction reporting. In addition to providing the basic validation services required under MiFID, UnaVista will offer firms validation tools to monitor the quality of their transaction reports, significantly reducing the risk of providing incorrect...