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Building a Powerhouse: How Ireland Became a Regtech Center of Excellence
By David Rochford, Head of Hedge Funds at MUFG Investor Services. Over the past decade, spurred by the financial crisis and ensuing regulatory regimes, Ireland has become a regtech powerhouse. The size of the regtech market is expected to grow to $12.3 billion by 2023, up from USD 4.3 billion in 2018, and Ireland is…
Stepping Stones to the EU FTT
By Anne Plested, EU Regulation Change at ION Markets, Fidessa. A Europe-wide financial transaction tax (FTT) was initially proposed by the European Commission (EC) in September 2011. The aim was to avoid an uncoordinated patchwork of national taxes and take a standard approach across Europe. In the aftermath of the financial crisis, this type of…
BIS Supports Fintech Innovation for Central Banks
The Bank for International Settlements (BIS) has confirmed plans for a new Innovation Hub to encourage international collaboration on financial technology within the central banking community. Launching initially at existing BIS facilities in Hong Kong and Basel, the hub will eventually span multiple locations with a third spoke due in Singapore within the first phase…
EBA Publishes FRTB Roadmap, Launches Consultation
Prior to the implementation of the Fundamental Review of the Trading Book (FRTB), now scheduled for January 2022, the European Banking Authority (EBA) on June 27 issued a new roadmap for market and counterparty credit risk approaches, providing a comprehensive overview of deliverables in the area of market and counterparty credit risk and outlines the…
FCA Urges Greater Cyber Resilience
The number of cyber incidents financial services firms reported to the Financial Conduct Authority (FCA) soared in 2018, and the watchdog is now calling on regulated firms to develop greater cyber resilience to prevent attacks and operational resilience to recover from them. According to data recently acquired by accountancy firm RSM under the Freedom of…
Recorded Webinar: Privacy vs. Surveillance: Managing conflicting regulations in Germany and other privacy-sensitive jurisdictions
The EU’s MiFID II and other regulations globally have placed greater emphasis than ever on market surveillance, recording of trading communications and records-retention processes in an attempt to stamp out market abuse and boost investor confidence and protections. At the same time, the public’s attitude toward data privacy has hardened, most visibly through new regulations…
Technology Overtakes Regulation as Key Driver of Change in Compliance
Compliance and the role of the compliance officer has changed significantly over the past decade as a result of escalating regulation, technology development, an increasing focus on culture and conduct risk, and the ever closer relationship between compliance and the business. Automation has also come to the fore as compliance departments working with rising volumes…
The Regulatory Landscape and Developments in Europe
By Rachel Woolley, Global AML Manager, Fenergo In the 10 years since the global financial crisis, regulatory frameworks around the world have been radically transformed. And although the aim of the overhaul was to improve the resilience of financial institutions and regain investor confidence, it has left many financial organisations grappling with an ever-increasing regulatory…
Banks will be Kicking Themselves if They Don’t Start CSDR Preparations Now
By Kerril Burke, CEO of Meritsoft (a Cognizant company). Football is by no means the only industry where the word ‘penalties’ puts fear and panic into those involved. As football players prepare for the difficulties that penalty shootouts throw up in the latter stages of the UEFA Champions League, the banking sector also finds itself…
A-Team Group Announces Winners for 2019 RegTech Insight Awards
A-Team Group on Friday announced the winners of its prestigious RegTech Insight Awards during a well-attended and energetic ceremony held at Banking Hall on London’s Cornhill. The awards, now in their third year, recognise excellence and innovation in the provision of technology solutions to meet regulatory requirements within the financial services industry, and are uniquely…