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XBRL Tagging of Corporate Actions Could Save the Industry US$400m per Year, According to DTCC, Swift and XBRL US Case Study
As promised by David Hands, director of asset services product management at DTCC Solutions, back in April, the group working on the XBRL and ISO mapping initiative has finally published its case study to illustrate why firms should adopt XBRL tagging for corporate actions. And that reason comes in the form of an estimated saving…
Appetite for Outsourcing has Risen to Due to Concern About Regulation and Reputational Risk, Says MoneyMate’s Brennan
Despite the fear of outsourcing that has dominated the financial services community over the last few years, firms are now increasingly open to discussions about the subject, according to recent research by buy side focused, data quality management solution vendor MoneyMate. The majority of the 40 US and UK-based investment managers involved in the vendor’s…
In the Firing Line
Last week’s MiFID reunion meeting involved both a handy roundup of all the MiFID related proposals coming down the pipe (although it was a speedy roundup, given the number of items to cover) and an opportunity for industry participants to do what they seem to like best of late: vent about regulatory grievances. In the…
DTCC, SWIFT & XBRL US Unveil Business Case for Corporate Actions Automation
The Depository Trust & Clearing Corporation (DTCC), SWIFT and XBRL US today announced the results of a business case advocating a transformation in the way corporate actions announcements are communicated in the United States, allowing investors to receive information on such corporate actions as mergers, dividends, stock splits and other events in a more timely,…
Systemic Risk Regulator Should Resemble the CRO Function and Data Utility is Likely to be Too Costly
The 22 respondents to the Securities Industry and Financial Markets Association’s recent survey (Sifma) believe that regardless of the exact structure of the systemic risk regulator, its roles and responsibilities for the overall markets should reflect those of a firm’s chief risk officer (CRO). The Sifma member firms, regulators, clearing counterparties (CCPs) and exchanges involved…
JWG’s MiFID League Table Includes Four Main Reference Data Considerations
As previously noted by Reference Data Review, the current review of MiFID encompasses a whole host of reference data issues, which think tank JWG has handily included in its recently updated MiFID league table. The four main reference data changes comprise the new requirements for counterparty and client identifiers, the extension of post-trade data requirements, changes to…
Post-Trade Data Quality has Deteriorated Since MiFID But Are Current Proposals Enough for Instrument Identification, Asks FISD’s Davin
The market fragmentation that has been a major by-product of the introduction of MiFID has resulted in a number of serious data related issues in the OTC space in particular, said Tom Davin, managing director of the Washington-based Financial Information Services Division (FISD) of the Software & Information Industry Association (SIIA), at the recent MiFID…
ESF’s Angheben Warns Firms to Keep a Close Eye on Post-Trade Transparency Regime Progress
Firms need to keep a close eye on what is shaping up to be MiFID II, under the auspices of the Committee of European Securities Regulators’ (CESR) consultation on post-trade transparency, warned Marco Angheben, director of the Association for Financial Markets in Europe (AFME) and the European Securitisation Forum (ESF) at last week’s Thomson Reuters…
Engineering Approach to Data Management Challenges of New Regulation is Best, Says HSBC’s Johnson
The deluge of regulatory change that is facing the data management community is best tackled by adopting an engineering approach, according to Chris Johnson, head of product management, market data services at HSBC Securities Services. Speaking at a recent Thomson Reuters pricing event as a data management representative rather than on behalf of HSBC, Johnson…
FRSGlobal’s Brammertz Propounds Risk Management Benefits of the US Office of Financial Research
The plans for the establishment of a US-based reference data utility in the guise of the Office of Financial Research continues to make its way through the US political system and it seems that many of those from the risk management world feel it will make a difference for the better. The Professional Risk Managers’…