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Formicary Launches New Version of RiskSeer to Transform and Improve Risk Management Processes
Formicary, a specialist technology integration company for the financial services industry, has launched the latest version of RiskSeer – its integrated Independent Price Verification application. Designed to transform and improve risk management processes, RiskSeer centralises market and trade data to facilitate accurate and timely decision making by the risk, product control and finance units of…
Regulators Continue Scrutiny of Ratings Agencies, As Kroll Plans to Challenge Big Three
The credit ratings agencies have had another hard couple of weeks of it, with the US government hurling criticism at these firms for their perceived contribution to the economic downturn. This attitude however, does not appear to have dissuaded risk consultant Jules Kroll from planning to establish his own ratings agency to rival the big…
Lack of Consistent Sanctions and Risk Customer Screening Standards Exposes Firms to Heightened Compliance Risk
Many large financial institutions are failing to implement consistent policies and procedures for sanctions, Politically Exposed Persons (PEP) and customer risk screening due to inconsistent, legacy-based systems, according to compliance screening and data management specialists, Datanomic. Fragmented and inconsistent legacy platforms with different criteria and capabilities deployed across multiple departments and/or countries are resulting in…
Accuity Incorporates Batch Functionality in the New Version of IBAN Payment Resource to Further Enhance Research Efficiency
Accuity, a provider of payment routing data, AML screening software and services, has launched version 3.1 of IBAN Payment Resource, its online look up tool for validating and converting International Bank Account Numbers (IBANs). The newest version offers important enhancements, including batch processing for hundreds, even thousands of records simultaneously. IBAN Payment Resource’s new batch…
3L3 Committees Publish New Paper on Supervisory Practices for Money Laundering Directive
The three European level three (3L3) committees, the Committee of European Securities Regulators (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS), have this week turned their attention to the area of anti-money laundering (AML) with the publication of a new report. The 3L3’s Anti-Money…
Is Cloud Computing an Answer to Risk and Reference Data Storage?
This week’s FS Club debate on cloud computing suggested that despite all the confusion around the exact definition of a cloud, what it does represent is potential for the future in terms of data storage. Nick Davies, chief technology officer for Lombard Risk Management, suggested that a private cloud could be used for purposes such…
Fitch Solutions Launches Custom Data Service for Credit Markets
Managing data from multiple sources is proving to be troublesome for most firms and even more so in a stressed economy, according to Fitch Solutions, a division of the Fitch Group. In response, Fitch Solutions has launched an integrated data service (IDS) to meet growing user demand for a single, customisable feed platform covering data…
NYSE Euronext and DTCC Finalise Joint Venture Agreement to Create New York Portfolio Clearing
NYSE Euronext (NYX) and the Depository Trust & Clearing Corporation (DTCC) today announced they have finalised their formal agreement to create their innovative new joint venture, New York Portfolio Clearing (NYPC). A draft application for NYPC to be granted status as a Derivative Clearing Organisation with the Commodity Futures Trading Commission (CFTC) and draft amendments…
DTCC Names Radisch Managing Director of Legal
The Depository Trust & Clearing Corporation (DTCC) announced today that Lois Radisch has joined the DTCC’s Legal Department in New York as managing director, with primary responsibilities for activities involving the US regulated subsidiaries at DTCC. Radisch will report directly to Larry Thompson, DTCC’s managing director and general counsel. The three regulated subsidiaries are the…
SwapClear Passes US$1 Trillion in Overnight Index Swap Trades in 11 Weeks Since Launch
LCH.Clearnet Limited’s SwapClear service has surpassed the US$1 trillion market in cleared overnight index swap (OIS) trades in only 11 weeks since OIS clearing was launched. SwapClear is the leading global interest rate swap clearing service. Launched in 1999, it currently clears circa 64% of the global interbank interest rate swap market and, at 30…