Data Management Insight Entity Data, KYC and Client Onboarding The latest content from across the platform
Avox’s Price Talks up Wiki-data Progress, Market Opportunities in the Ref Data Space
The development of Avox’s online look-up tool for entity data, which it dubbed Wiki-data, is one of the major developments for the vendor over the last year, according to CEO Ken Price. He first elaborated on the idea in detail at last year’s FIMA in London and indicates that the tool has come on leaps…
SocGen Falls Foul of the UK FSA for Transaction Reporting Failures, Data Related Errors Cost it £1.58m
The London branch of French bank Société Générale has been fined £1.575 million by the UK Financial Services Authority (FSA) for data related failures and failed submission of 80% of its transaction reports over a period of more than two years. This marks the sixth case of a fine being handed out for such failures…
RBS is in the Final Stages of Consolidating Legal Entity Database Across Wholesale Business, Says Davies
Royal Bank of Scotland (RBS) Group may have faced a substantial fine this month from the UK Financial Services Authority (FSA) with regards to failures related to its anti-money laundering (AML) checking process, but a lot of work has been going on in the background at the firm in order to get its customer database…
Ball is in Swift’s Court to Convince of the Benefits of the BIC as an LEI, Says SEB’s Strandberg
Christine Strandberg, global product manager at SEB Global Transaction Services, reckons Swift has a job to do to convince the market of the benefits of its Bank Identifier Code (BIC) as a legal entity identifier. However, she is confident that due to the experience of the industry network operator in the standards development process, Swift…
Industry Groups Petition Against CESR’s Proposed Client Categorisation Regime Changes Under MiFID
Industry groups and associations including the Alternative Investment Management Association (Aima), the Association for Financial Markets in Europe (AFME) and the Futures and Options Association (FOA) have all indicated that they do not wish the Committee of European Securities Regulators (CESR) to push ahead with its proposed changes to the MiFID client categorisation regime as…
Opinion: Bridging the Counterparty Risk Gap
By Xavier Bellouard, co-founder at Quartet FS With the European stress testing exercise this summer casting a further spotlight on the industry, financial institutions across Europe are continuing to grapple with risk management. In particular, counterparty risk exposure is under the spotlight after coming to the fore during the demise of Lehman’s. While the majority…
AFME, ISDA and Italy’s Assosim Support Transaction Reporting Via Repositories, Greater Data Standardisation
The Association for Financial Markets in Europe (AFME), the International Swaps and Derivatives Association (ISDA) and Italy’s Associazione Italiana Intermediari Mobiliari (Assosim) have pledged their support for trade repositories to be recognised as valid third party reporting mechanisms under Article 25(5) of MiFID, thus instating them as official transaction reporting (and related reference data) repositories…
UK’s CRC Deadline is Imminent and 76% Have Yet to Register, is Data Management Holding Them Back?
There are 48 days to go and only 1229 of the large public and private sector organisations required to register their businesses under the Carbon Reduction Commitment Energy Efficiency Scheme (CRC) have thus far done so. As noted by Citi’s Meredith Gibson last month, the data management requirements of the UK Environment Agency’s new mandatory…
BIC’s Potential as a Detailed Entity Identifier May Be Limited, Says Bodart
The development of Swift’s Bank Identifier Code (BIC) as a legal entity identifier has proved a controversial topic over the last year or so and a number of industry participants are concerned that it is not fit for purpose. Paul Bodart, executive vice president and head of EMEA global operations at BNY Mellon Asset Servicing, for…
SCV Reforms Still Failing to Gain Widespread Industry Attention, Says JWG’s Di Giammarino
The 31 July deadline for submission of firms’ pre-implementation reports for compliance with the incoming Financial Services Compensation Scheme (FSCS) Single Customer View (SCV) reforms may have passed but the majority of the “great and the good” in the financial services world are still not ready to talk about the customer data changes required as part…