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...
Taking the Risk Out of Mutual Fund Compliance By Jeff Levering, Vice President, NewRiver
Selling a mutual fund requires complex mutual fund information to be summarised down into data that sellers can understand, which is most often driven by a technology or data warehouse infrastructure. Missing and/or bad mutual fund data is nothing new, but it has recently garnered the attention of regulators as it was directly responsible for...
MiFID Increases Depth, Complexity Of Data Management, Firms Say
Data managers are grappling with some “deep and complex” issues related to vital functions such as trade reporting since the introduction of MiFID in Europe, London-based practitioners say. One challenge has arisen in particular, sources say, specifically related to inconsistencies between data issued by data vendors, trade reporting bodies like Boat and the Committee of...
Swift AGM Approves New Regulators Category
Swift has received unanimous approval at its AGM for the addition of Financial Market Regulators as a new participant category on the network. Admitting regulators to Swift will make it easier for Swift members and users to meet regulatory transaction reporting obligations, while facilitating the development of global regulatory reporting solutions, Swift says. The approval...
Cicada Boosts Integration With Cicada Profiler 1.4
Cicada has revealed the next version upgrade of its Cicada Profiler software, a packaged solution for anti-money laundering and Know Your Customer (KYC) data management requirements. The software is designed to bring improved collaboration, control and centralisation to customer identification and risk-based due diligence processes. The release focuses on increased integration with third-party data used...
Who’s Ready for SEPA? By Andrew Foulds, head of client services, CB.Net
As the Single Euro Payments Area (SEPA) deadline looms, there is a sense of panic growing among organisations, many of which are not prepared for the significant changes that will be required for payment processes. While corporates may be aware of the EU Directive and SEPA’s impending 2008 deadline, many have yet to devise a...
Fortent Releases Regulatory Information Management Tool
Fortent, a provider of information and technology to the risk and compliance market, has launched Fortent Inform, a tool designed to help financial institutions streamline their management of regulatory information. As a web-based, centralized source of compliance information and analysis, Fortent Inform provides a single source for US federal and state financial regulations and related...
Solid Reference Data a Prerequisite For Liquidity Management Success
If you thought the heady world of automated trading, dark pools and liquidity fragmentation under MiFID and RegNMS had little effect on the humble reference data function, then you thought wrong, it seems. A recent research note from analyst Tabb Group identifies a growing need for sell side firms to establish comprehensive liquidity management functions,...
Cicada Upgrades Profiler Platform
Cicada has upgraded Cicada Profiler software, adding improved capabilities to meet firms’ anti-money laundering and know your customer compliance needs. Release 1.1 of Cicada Profiler introduces an ownership checklist that can trigger collection of corporate ownership data, for example, based on customer type. The new version supports different types of ownership definitions and supports one-to-many...
MiFID JWG Releases White Paper to Encourage Discussion of Reference Data
The MiFID Joint Working Group last month issued a discussion paper to look at the impact of the EU’s upcoming Markets in Financial Instruments Directive on reference data. The paper – The Implications for Reference Data under the Markets in Financial Instrument Directive – suggests that MiFID may have significant impact on several areas of...