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UK FSA Highlights Asset Managers’ Counterparty Risk Shortcomings and Valuations Independence
As a follow up to its 2009 Financial Risk Outlook (FRO), the UK Financial Services Authority (FSA) has published a review of the derivative risk management practices in place across the investment management industry, which highlights the buy side’s valuations and risk management practices and related shortcomings. The study, which is based on data from…
European Council Proposals for Derivatives Repositories Include Potential Fines for Ref Data Failures
The data standardisation issues underlying the decision to push all standardised OTC derivatives to be centrally cleared and to establish new trade repositories have been well exposed during regulatory discussions over the course of this year. In light of this, the European Council’s recent regulatory proposals on the subject include direct reference to potential fines…
Prioritise Your Projects in Light of the Regulations Coming Down the Pipe, Says Nomura International’s Bannocks
Firms need to get a good handle on the regulations coming down the pipe and how they will impact the data management function, as well as prioritising them in order of timeframes, said Chris Bannocks, managing director and global head of reference data, Operations, Nomura International. Speaking at this week’s JWG organised event on next…
JWG’s Di Giammarino Highlights the Potential Cost of the OFR for Individual Systemically Important Firms
The Office of Financial Research represents a “game of chicken” between the regulatory community and the industry, said PJ Di Giammarino, CEO of think tank JWG, at this week’s event on the regulatory data radar in 2011. “If you don’t provide feedback and get your act together by 15 July deadline, it could get pretty…
CFTC’s Gensler Elaborates on Why Identification Standards are so Important to the Regulatory Function
The five month investigation into the 6 May US flash crash has been widely publicised and everyone and their dog has been fixated on the impact of high frequency trading on the markets at large. However, the investigation has also raised regulatory awareness of the underlying data inadequacies that lie at the heart of the…
The OFR Should Leverage Existing Regulatory Reports and Focus on Systemic Risk Only, Says the Cluff Fund Report
Following on from the decision to establish two new US federal bodies to monitor and address systemic risk – the Financial Stability Oversight Council and the Office of Financial Research – as part of the Dodd-Frank Act, the Anthony T Cluff Research Fund has collected together industry opinion on how these two bodies should operate,…
IMA’s Sears Warns of the Dangers of Leaving Lawyers to Define Industry Standards
Last week’s MiFID Forum in London saw Guy Sears, director of Wholesale at the Investment Management Association (IMA), warn attendees of the dangers of leaving it up to lawyers or regulators to decide on the best data standards for use within the context of MiFID reporting. He indicated that such a move is potentially damaging…
European Commission’s Leaked MiFID Review Paper Highlights Data Standardisation Challenges Ahead
Following on from the slew of technical advice and consultation papers that have been issued by the Committee of European Securities Regulators (CESR) over the course of this year, the European Commission has finally drawn together its public consultation document on the subject of the MiFID Review, a draft of which was leaked last week….
End of January Deadline for Responses to US Proposals for OFR Reporting of Counterparty IDs
The industry has just under two months to respond to the proposals regarding how firms will report data to the Office of Financial Research, including the standards that must be used for identifying counterparties. The statement of policy was published in the Federal Register at the end of last month for public comment and firms…
Markit Document Exchange’s Davenport Departs for Pastures Unknown
Following three years at the helm of Markit Document Exchange, Penny Davenport has opted to head for pastures new. As managing director and head of Markit’s documentation library since its launch back in 2008, Davenport has helped the document platform to gain critical mass and extend its reach to other areas such as reference data…