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NYSE Euronext and Eurex Indicate Concern Over Derivatives Regulation, CDS CCP Debate Continues

Two of the contenders in the credit default swap (CDS) clearing counterparty (CCP) race, NYSE Euronext and Eurex, have expressed their concern about a draft bill in the US aimed at expanding derivatives regulation. The firms are worried that the regulation, which would require mandatory clearing of most OTC products, would have the unintended consequence…

NewRiver Files Lawsuit Against Morningstar for Unauthorised Access

NewRiver, a US provider of a central repository of mutual fund documents and data for financial services firms, has filed a lawsuit against Morningstar, alleging that the investment research firm has used the internet to gain illegal access to its Prospectus Express web-based data warehouse. The firm has also accused Morningstar of unfair competition related…

Firms are Focused on the Three Rs: Risk, Regulation and ROI, Says GoldenSource’s Raeves

Today’s economic environment has caused financial institutions to go back to basics and focus on the three Rs: risk, regulation and return on investment (ROI), explained Gert Raeves, senior vice president of strategic business development and marketing at GoldenSource, to attendees at the EDM vendor’s recent briefing on risk management. Raeves also discussed the findings…

McCreevy Calls for Regulatory Overhaul and Continues Campaign for European CDS CCP

Originally appeared in MiFID Monitor European Commissioner for Internal Market and Services Charlie McCreevy is back on his soapbox this week and he seems to have two particular bees in his bonnet. The first is, of course, the need for an overhaul of the European regulatory landscape to improve what he calls the “patchwork” of…

Autonomy Agrees to Buy Interwoven for US$775m

Originally appeared in MiFID Monitor US-based EDM technology vendor Autonomy has agreed to buy legal document management system vendor Interwoven for US$775 million. According to Autonomy, the acquisition is aimed at strengthening its offering in the compliance technology sector. The deal is expected to complete in the second quarter of this year and at that…

S&P Under Investigation by European Commission for Pricing of ISINs

All eyes will be on the European Commission as it investigates Standard & Poor’s pricing practices concerning International Securities Identification Numbers (ISINs). The EC launched its inquiry this month, and many will see the outcome as a precedent for numbering agencies’ future ability to charge consumers and redistributors for the identification codes it administers. The…

IBM Data Governance Council Promotes XBRL for Risk Measurement Reporting Standards

Originally appeared in MiFID Monitor In order to tackle the inconsistency in the measurement of aggregate risk in the market the IBM Data Governance Council is seeking responses from market participants to its recent proposals for risk measurement reporting standards. The group, which was set up three years ago by IBM and comprises 50 financial…

Finra’s Goldschmid Calls for Major Changes at SEC, Including Merger with CFTC

Originally appeared in MiFID Monitor Harvey Goldschmid, a member of the board of the Financial Industry Regulatory Authority (Finra) and former Securities and Exchange Commission (SEC) commissioner, has called for wide ranging changes to the regulatory body, including a merger with the Commodity Futures Trading Commission (CFTC). He discussed the matter at a recent conference…

Exchange Operators Call for CDS Clearing to Become Mandatory

The contenders in the clearing counterparty (CCP) race have indicated that they wish for credit default swap (CDS) clearing to be made mandatory. Testifying before the US Congress, the four exchange operators involved in the CCP space, IntercontinentalExchange (ICE), the Chicago Mercantile Exchange (CME) Group, NYSE Euronext’s Liffe and the Eurex derivative division of Deutsche…

Thomson Reuters Signs Agreement to Purchase GRC Vendor Paisley

Originally appeared in MiFID Monitor Thomson Reuters has signed a definitive agreement to acquire Paisley, a US-based software provider of governance, risk and compliance (GRC) solutions. According to the financial information giant, once the deal has received the required regulatory approvals, Paisley will become part of its Tax & Accounting business. Paisley’s solutions are focused…