Data Management Insight Entity Data, KYC and Client Onboarding The latest content from across the platform
Should the ECB be Using Existing Data Channels and Standards for a Reference Data Utility?
Ahead of the panel discussion on the subject at next week’s Sibos conference in Hong Kong, the European Central Bank’s (ECB) proposals have provoked yet more feedback from Reference Data Review readers. Most agree that starting from scratch in building such a utility would be a difficult endeavour and that the central bank should instead…
UK FSA Fines BarCap £2.45m for Data Errors in Transaction Reporting
The Financial Services Authority (FSA) has slapped Barclays Capital Securities and Barclays Bank with a £2.45 million fine for failing to provide accurate transaction reports to the regulator over a period of a year. The FSA indicates that Barclays and its subsidiary had serious weaknesses in systems and controls in relation to transaction reporting, which…
IASB’s Fair Value and Credit Risk Discussion Paper Causes Chain Reaction of Responses
Following the publication of the International Accounting Standards Board’s (IASB) discussion paper on Credit Risk in Liability Measurement in June, the European Financial Reporting Advisory Group (EFRAG) has published a comment letter on the IASB’s proposals. In turn, this has prompted the Committee of European Securities Regulators (CESR) to publish a response to the concerns…
Political Distractions Getting in the Way of Data Progress for the ECB?
With the ongoing global regulatory overhaul and the planning for the launch of its Target2-Securities (T2S) project well underway, it’s no surprise that the European Central Bank (ECB) has decided to put its reference data utility plans on a backburner for the time being. The central bank will continue to gather feedback about the idea…
Markit and DTCC Launch MarkitServ
Markit and the Depository Trust & Clearing Corporation (DTCC) today launched MarkitServ, a new company that combines the two organisations’ electronic trade confirmation and workflow platforms to provide a single gateway for OTC derivative trade processing. Jointly owned by DTCC and Markit, MarkitServ combines the DTCC DerivServ and Markit Wire trade confirmation platforms to cover…
Korean Investment Managers Now Processing Cross Border Transactions via Omgeo CTM/KSD Service Bureau
Omgeo today announced that the service bureau between the Korean Securities Depository (KSD), the central securities depository for South Korea, and Omgeo Central Trade Manager (Omgeo CTM) is now live and Korea Investment Trust Company and Shinhan BNP Paribas Asset Management are processing trades. The strategic partnership between Omgeo and KSD allows the Korean investment…
Bankers Almanac Launches Online Document Verification for its Due Diligence Repository
Bankers Almanac, a provider of reference data for payments, due diligence and risk assessment, has announced that its Due Diligence Repository now has online document verification. The new Manage My Documents feature allows providers of the documents to review, confirm or supply replacements online into the Due Diligence Repository. It increases the speed at which…
The Sibos Vendor Agenda: Swift Under Pressure to Deliver Cost Savings, Says Peterevans’ Foley
The financial crisis and economic slowdown is sure to prove problematic for Swift, as it faces declining volumes and pressure to drive down costs from its users. Mike Foley, CEO of vendor Peterevans, ponders this and other issues that may crop up during Sibos next month. “As signalled in the Swift 2008 report, ‘the global…
GBST Releases SSI Validation Testing Engine to Reduce Operational Risk
Following its rebrand under the heading of GBST Global Broker Services earlier this month, the vendor previously known as Coexis has released a new validation service for standard settlement instructions (SSIs). Dubbed Syn~SSI, the solution is aimed at reducing settlement failure caused by unpredictable changes in counterparties’ SSIs, says the vendor. “The operational risk of…
US NIF and ECB’s Reference Data Utility Need Clarity and Strong Leadership, Says JWG-IT’s Di Giammarino
In order to have any hope of succeeding in achieving their goals of introducing greater data standardisation in the market, the US National Institute of Finance (NIF) and the European Central Bank (ECB) will need to provide a great deal more clarity around the benefits of their approaches, says PJ Di Giammarino, CEO of think…