eClerx and Comply Exchange Team Up to Offer Tax Reporting Solution
eClerx and Comply Exchange have teamed up to offer an end-to-end tax reporting solution that is designed to help financial institutions meet the requirements of regulations including the Foreign Account Tax Compliance Act (Fatca) and the OECD’s Common Reporting Standard (CRS). The partnership brings together business process outsourcing provided by Mumbai based eClerx with tax...
Final Call for Input to ESMA Study on a Messaging Protocol for Reporting under MiFIR
The European Securities and Markets Authority (ESMA) is canvassing market participants’ views on messaging protocols for transaction reporting under the Markets in Financial Investments Regulation (MiFIR) in a questionnaire with a response deadline of March 6, 2015. The questionnaire is part of a study on technical formats for MiFIR commissioned by ESMA and contracted to...
Opinion – BCBS 239 Compliance: Slip Slidin’ Away?
By Jennifer L. Costley, Ph.D., Principal, Ashokan Advisors “Slip slidin’ away Slip slidin’ away You know the nearer your destination The more you’re slip slidin’ away…” – Paul Simon A couple of weeks ago, the Basel Committee on Banking Supervision (BCBS) issued their second annual progress report on the adoption of the Committee’s Principles for...
Alacra and Accuity Partner to Integrate Bankers Almanac with Alacra Compliance Enterprise
Accuity and Alacra have partnered to integrate data from Accuity’s Bankers Almanac with the Alacra Compliance Enterprise (ACE) workflow application. The partnership includes integration of Bankers Almanac’s Due Diligence Data File with ACE and is expected to increase the speed and efficiency of client onboarding. The partnership has been made in response to client requests...
Opinion – Tougher Stress Tests Bring Banks to an Impasse: Revolutionise or Fail
By Peter Ku, Senior Director of Global Financial Services, Informatica Just before Christmas, the results of the first stress testing exercise for the UK banking system were revealed. The test scenarios modelled a financial doomsday, in which the housing market crashes, unemployment spikes and inflation rises. The aim of the exercise was to determine which...
A-Team Webinar Offers Solutions to the Data Management Problems of FATCA
The US Foreign Account Tax Compliance Act (FATCA) raises significant data management challenges, but it is only one of a number of tax avoidance schemes that are emerging, making a strategic rather than tactical approach the best way to achieve compliance. The challenges of FATCA were discussed during a recent A-Team Group webinar entitled ‘How...
Silverfinch Allies with Fundsquare to Promote Adoption of Solvency II Look-Through Solution
Silverfinch, a business within the MoneyMate Group, has tied up with Fundsquare to push its Solvency II look-through data utility further into the European market. Fundsquare, a data utility set up last year by the Luxembourg Stock Exchange to support cross-border distribution of investment funds, has a larger European footprint than Silverfinch and will make...
SunGard Details Cost and Compliance Issues of BCBS 239
The Basel Committee regulation BCBS 239 could cost the financial services industry $1.5 billion to $2 billion a year as firms remodel their IT architectures to meet the demands of the regulation’s 11 principles – but while the cost of compliance is high, the regulation is a game changer and could improve firms’ profitability. The...
London Data Management Summit: The Challenges and Opportunities of Solvency II Compliance
Solvency II has been some time in the making, but as deadlines loom for interim requirements in 2015 and full implementation in January 2016, the data management challenges of the regulation must be tackled not only by firms in the insurance industry, which Solvency II seeks to regulate, but also by third-party administrators and asset...
ICE Benchmark Administration Calls for Comments on Proposed Improvements to Libor
Intercontinental Exchange’s ICE Benchmark Administration (IBA) is calling for feedback on proposed enhancements to Libor. The proposals have been published this week in a Position Paper on the Evolution of ICE Libor and include an expanded universe of transactions, a wider window for eligible transactions, and the need for consistent and reliable data. IBA took...