Data Management Insight Entity Data, KYC and Client Onboarding The latest content from across the platform
Virginie’s Blog – Control
The recent woes at UBS with its own Nick Leeson/Jerome Kerviel (delete as desired) style rogue trader and this month’s MF Global bankruptcy investigation into its customer data practices have both highlighted an important aspect of data management: control. Whether it be data and system access concerns, or those related to the treatment of customer…
Markit Acquires QSG, Enters Data Analytics Sector
Markit, a leading, global financial information services company, today announced that it has acquired Quantitative Services Group (QSG). QSG is a leading provider of independent equity research, advanced trading analytics and investment consulting services. The acquisition expands Markit’s capabilities in equities and will enable Markit to expose its high-quality data products to QSG’s statistical processes…
FSA Slaps Credit Suisse UK with a £5.95m Fine for Data Failings Regarding SCARPs
The UK Financial Services Authority (FSA) has fined Credit Suisse’s UK operations £5.95 million for failing to maintain accurate records for its structured capital at risk products (SCARPs) and risk related systems and controls failures. According to the regulator, the private bank had inadequate systems and controls in place in order to assess its customers’…
Opinion: LEIs – The Need for a System
By Chris Pickles, head of industry initiatives, BT Global Banking and Financial Markets On 15 October the finance ministers and central bankers of the G20 economies issued a communiqué that said: “We underscored our support for a global legal entity identifier (LEI) system which uniquely identifies parties to financial transactions with an appropriate governance structure…
Opinion: Moving One Step Closer to a Global LEI
By Bill Meenaghan, global product manager for Alert, Omgeo Support from the G20 group of finance ministers and central bank governors for a global legal entity identifier (LEI) system is a promising development and one that, we hope, will encourage momentum towards the adoption of the LEI standard. With the second phase of the ISO…
FSB Granted with More Power for Systemic Risk Data Monitoring, ESRB Details Data Collection Arrangements
At the weekend, the G20 indicated that the Financial Stability Board’s (FSB) powers with regards to systemic risk monitoring and data gathering would be increased to allow it to compile an annual review on how well financial regulations have been adopted across the G20 countries. And, at the end of last month, the European Systemic…
Virginie’s Blog – Regulatory Change and LEI Discussions Dominate at DMRAV (Not to Mention the G20 Meeting)
As I previously predicted, the spectre of incoming regulation and the standards developments around a new legal entity identifier (LEI) were popular topics for discussion at yesterday’s Data Management for Risk, Analytics and Valuations (DMRAV) conference in London. Panellists and delegates alike discussed the changing dynamics within the data management universe that have meant much…
Financial Intergroup’s Grody and BT’s Pickles Debate the LEI Issue
Following on from the questions about the legal entity identification (LEI) work going on as a part of the US Office of Financial Research (OFR) and the Financial Stability Board’s (FSB) efforts to determine a global standard that were raised by BT Global Banking & Financial Markets’ head of industry initiatives Chris Pickles last week,…
BT’s Pickles Raises 10 Questions About the LEI Project
Last week’s legal entity identification (LEI) focused workshops in Basel, which were organised by the Financial Stability Board (FSB), allowed a number of financial industry participants and regulators to get together and discuss their views on the creation of a global utility and a new LEI standard. However, the event also raised a number of…
Virginie’s Blog – A Step up for the FSB?
Given the discussions I had with a number of people at Sibos a couple of weeks ago, the data management industry practitioners engaged in working on establishing a new legal entity identification (LEI) standard have high hopes that the Financial Stability Board (FSB) will be able to bridge the gap between national regulators in setting…