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Basel II and the Law of Unintended Consequence: Leading to Direct Financial Benefit
By Rick Wilson, vice president of product strategy for Trillium Software Not every result from the ‘law of unintended consequences” is a negative outcome. For example, it’s unlikely that the Basel regulations, set up to monitor the accuracy of financial performance reporting, were implemented with the deliberate intention of improving banks’ bottom lines. But that…
UK FSA Indicates BIC Codes are Needed for all Transaction Reporting Firms, Defers AII System Launch Indefinitely
This month, the UK Financial Services Authority (FSA) has indicated that transaction reporting firms under MiFID will need to obtain a bank identifier code (BIC) in order to be in compliance with wider European level regulations. Firms will have to apply to Swift for a BIC before they email the transactions monitoring unit (TMU) with…
DTCC Policy for Releasing CDS Data to Global Regulators
The DTCC Trade Information Warehouse for credit derivatives is a user-governed, not-for-profit cooperative that provides a registry of the details of virtually all outstanding credit default swaps traded globally. The Warehouse currently holds data on roughly 2.3 million contracts from trading counterparties located in 52 countries, covering credit obligations of entities located in more than…
Fed’s Tarullo Once Again Champions Resolution Plans, BCBS Publishes New Recommendations on Subject: Data Challenges in Spotlight
Regular readers of Reference Data Review should be no strangers to the data and practical implementation challenges of resolution, or living wills, regulations that are the talk of the town at the moment. After all, US Federal Reserve governor Daniel Tarullo is just one of the high profile regulators that has been grandstanding about them…
UK Organisations Take Naive Approach to Data Centre Management, Nlyte Software Research Reveals
Nlyte Software, a provider of data centre performance management solutions, today released the results of its recent research that surveyed 200 UK CIOs on the importance of better managing and optimising the data centre infrastructure. The research, conducted by Vanson Bourne, shows a clear disconnect between reality and hype when it comes to implementing the…
Syntel Launches Pricing Services for Capital Markets, New Service Offering Powered by Numerix
Syntel, a global information technology services and knowledge process outsourcing (KPO) company, today announced that it will begin providing independent pricing services to the company’s global buy side and sell side clients. Syntel will utilise Numerix’s cross-asset pricing and risk analytic technology to power the new offering. Syntel will also combine Numerix CrossAsset models and…
Markit Document Exchange Moving into Reference Data Extraction and Validation, Says Davenport
Since its launch back in 2008, Markit Document Exchange has finally got close to achieving critical mass, with an increase of funds using the documentation library from 5,000 to 15,000 over the last year alone. Penny Davenport, managing director and head of Markit Document Exchange, speaks to Reference Data Review about the vendor’s plan to move…
US Financial Reform Bill Includes Key Data Standardisation Recommendations
The recently published US Financial Reform Legislation Bill contains important data standardisation proposals including the establishment of an Office of Financial Research to monitor and collect data from across the industry. The new regulatory body would include a data centre that would be charged with doing the legwork, namely collecting, validating and maintaining all the…
Lehman Investigation Indicates Immense Scale of the Data Challenge Due to 350bn Pages of Data and “Arcane Systems”
The recently published examiner report into the Lehman bankruptcy indicates the scale of the data challenge faced when winding down a financial institution of its size: the examiner was faced with three perabytes (otherwise known as 350 billion pages) of electronically stored data to process. Unsurprisingly, given the fact that information needed to be presented…
IOSCO Elaborates on Data Template for Hedge Funds Risk Monitoring Purposes
Last month, the International Organisation of Securities Commissions’ (IOSCO) Technical Committee published the details of the new agreed template for the global collection of hedge fund data in order to better manage systemic risk. These new data requirements are aimed at bringing a new level of transparency to the traditionally opaque sector but will, in…