Data Management Insight Entity Data, KYC and Client Onboarding The latest content from across the platform
A Number of Firms Have Put Counterparty Mapping Projects on Hold, Pending the OFR’s LEI, Says GoldenSource’s Recent Hire Engdahl
The majority of firms that have already kicked off projects to map their issuer and counterparty data have opted to put them on hold, pending a decision being made with regards to the establishment of a standard legal entity identifier, according to Steve Engdahl, senior vice president of product strategy at EDM vendor GoldenSource. The…
The Industry Needs a Global, Unique Legal Entity ID with No Embedded Logic, Says HSBC’s Serenita
The adoption of a global, unique legal entity identifier that has no embedded logic will have the biggest impact on the data management space, according to Peter Serenita, global head of entity and account data management for Global Banking and Markets at HSBC. However, the industry will also need to take into account the wider…
SEC and CFTC on User Fees, Data Utilities and Obama’s Recent Budget Request
Following on from the recent high profile discussions within the US regulatory community about challenges facing the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) regarding funding over the last few weeks, president Barack Obama has this week proposed to include user fees in next year’s budget for the regulators. The…
New Commodity Derivatives IDs Likely to Prove a Headache for Both the Industry and Regulators
As well as highlighting the legal entity identification challenges that the industry is likely to face as a result of the MiFID review, attendees to this week’s MiFID Transaction Reporting Group meeting also elaborated on the instrument identification challenges of the European Commission’s planned extension of the directive to cover the OTC and commodity derivatives….
CFTC’s Dunn Admits That Key Market Definitions are Missing from Reforms at the Outset
The Commodity Futures Trading Commission (CFTC) has spent most of the start of this year complaining about its dire situation with regards to funding, but this week saw definitive proof that the regulatory reform process is starting off down the wrong track, with the admission by CFTC commissioner Michael Dunn that the regulator is pushing…
MiFID Transaction Reporting Group Meeting Highlights UK Specific Client and Counterparty ID Challenges
The UK is likely to face a significant challenge in the identification of clients and counterparties at an individual level on a national basis, as specified by the current proposals under the auspices of the MiFID review, according to participants at this week’s MiFID Transaction Reporting Group meeting. Rather than opting for firm level identification…
Swift’s Recently Promoted Vandenreydt Calls for Global Coordination of Legal Entity ID Standards
Following its recent submission to the US Office of Financial Research (OFR) on the subject of legal entity identification, Swift’s Fabian Vandenreydt speaks to Reference Data Review about why he feels Europe and the US are on the same page with regards to standardisation of this space. Vandenreydt, who was recently promoted to head of Securities and…
Number Crunching
For those of you put off by the thought of wading through the responses received by the Office of Financial Research (OFR) last week on the subject of legal entity identification (or even reading through our rather lengthy and comprehensive guide on the subject), here are a few headline numbers to make it more easily…
A Peek Behind the Curtain of the OFR
This week I chatted to Shaun Brady, principal at not for profit advisory firm to the US government Mitre Corporation, about some of the work going on behind the scenes on Capitol Hill regarding the selection process for a technology provider and the finding of a suitable director to head up the Office of Financial…
UPDATED: A-Team’s Comprehensive Guide to the Legal Entity ID Feedback to the OFR
The start of this week saw the passing of deadline for feedback to the Office of Financial Research on the subject of legal entity identification and it appears that a number of recurring themes crop up in the 30 different responses (updated entries included) submitted by various industry associations, including concerns about the tight timelines impacting…