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SEC Continues Defence of Fair Value Accounting Standards
The Securities and Exchange Commission (SEC) again defended its decision to retain fair value accounting standards on 30 December, following further calls from the banking community to suspend the contentious rules. The regulator has previously stated that it will be focused on improving rather than suspending the rules. “Fair-value accounting did not appear to play…
Reval Adds Four to Hedge Accounting Staff in Asia Pacific
Reval, a provider of risk management solutions and services, has expanded its Asia Pacific operations via the hiring of four hedge accounting professionals. Accordingly, Reval has added Blaik Wilson, George Chapman, Bevan Webster and Abhishek Maiti to its regional operations. The vendor, which has operations in Australia, New Zealand and India, indicates that the appointments…
Markit Revises Pricing Consolidation Rules for Markit iBoxx Indices
Markit has indicated that it is implementing changes to the rules governing the consolidation of prices for its iBoxx indices. According to the vendor, these changes are aimed at improving the pricing in illiquid and volatile markets. The Markit iBoxx EUR and Sterling cash bond indices are used by asset managers as a benchmark for…
SIX Telekurs Names Credit Suisse’s Gross as CEO
SIX Telekurs, the financial information division of Switzerland’s SIX Group, has named Thomas Gross, the current head of Securities Operations at Credit Suisse, chief executive officer, effective April 1 2009. Gross, who will also become a member of the SIX Group executive board, will succeed Jörg Buser, who has been heading SIX Telekurs on a…
SEC Confirms US Companies Required to File Financial Reports Using XBRL in 2009
Originally appeared in MiFID Monitor The US Securities and Exchange Commission (SEC) has confirmed that from mid-next year large public corporations and mutual fund companies will be required to submit their financial reports in extensible business reporting language (XBRL). The move, which was initially proposed in May, is aimed at making it easier for investors…
Euroclear Receives Approval for Creation of New Set of ISO 20022 Messages
Euroclear has received approval from the ISO 20022 registration bodies for the creation of a new set of ISO 20022 messages to be used throughout the global capital markets. According to the firm, it is the first set of approved ISO 20022 messages developed by an organisation operating in the securities industry other than Swift….
Financial Crisis Has Focused Institutions on Data Quality Initiatives, Says Information Difference
The recent financial crisis will not deter financial institutions from investing in master data management (MDM) and data quality systems, according to a recent survey conducted by consulting firm the Information Difference and sponsored by Trillium Software. The findings of the survey suggest that these initiatives will be of mounting importance to businesses in the…
Maintrust Selects Gain Data Management for Delivery of SIX Telekurs VDF Data
Nomura’s German asset management subsidiary, Maintrust, has gone live on Aim Software’s Gain Data Management platform in order to facilitate the automated delivery of static data from SIX Telekurs Valordata Feed (VDF) into SunGard’s V3. Maintrust indicates it decided to upgrade its data management infrastructure as result of rising compliance requirements and an increase in…
FTSE Group Goes Live on XSP v5 Corporate Actions Platform in New York
Following its implementation in London earlier this year, FTSE Group has gone live with the XSP v5 Corporate Actions platform in New York. The implementation is part of FTSE’s initiative to achieve an automated STP environment for the management of corporate action events applied to FTSE indices, explains Chris Broad, chief operating officer at FTSE…
FASB and IASB Begin Review of Mark to Market Principles
The Financial Accounting Standards Board (FASB) has indicated it is beginning a review of mark to market accounting rules in cooperation with the International Accounting Standards Board (IASB). The board is said to be considering extending current mark to market principles to a much broader range of securities than they currently cover by taking a…