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Legal Entity ID Working Paper Highlights Change in Regulatory Priorities and Potentially High Costs of Implementation
A recent working paper on the practicalities of establishing a legal entity identifier database highlights the tough challenges ahead and rather than promoting an extensive reference data collection exercise, it suggests that a ‘less is more’ approach is the only sensible way to proceed. The paper is a continuation of the research that was initially…
SEC Plans 7 July Roundtable on IFRS Preparedness and Regulatory Impacts
The Securities and Exchange Commission (SEC) has indicated that it will be holding a public roundtable next week to discuss the industry’s current state of preparedness for a move to International Financial Reporting Standards (IFRS). The 7 July event will include three panel discussions on the subject of potential accounting system changes, as the US…
Delaying The Inevitable
Bowing to market pressure, it seems that the SEC has given the financial trading community a little extra time to implement certain aspects of the so-called Market Access Rule covering pre-trade risk. Instead of a July 14 deadline, trading firms, brokerages and exchanges now have a November 30 date to work to for implementing aggregate…
Virginie’s Blog – OFR Plans to Staff up by September, But are Other Plans Afoot?
The Commodity Futures Trading Commission (CFTC) may have appointed all the industry reps it needs to its data standards subcommittee (see my earlier blog on which here), but the Treasury’s Office of Financial Research (OFR) continues to lag in the appointment process – not least of which is the selection of a director. The agency’s…
Allan Boardman, of London, Appointed Director of ISACA
Allan Boardman, CISA, CISM, CGEIT, CRISC, CA (SA), CISSP, information risk manager at JP Morgan (UK), was appointed director of ISACA—a global association serving 95,000 IT governance, assurance and security professionals in 160 countries—at its World Congress: INSIGHTS 2011 conference in Washington DC, USA, today. Founded in 1969, ISACA develops international standards for information systems…
Virginie’s Blog – Keeping an Eye on Google
I noted the announcement of Google’s participation in the Commodity Futures Trading Commission’s new data standards subcommittee this month with interest. Given its potential in the financial services market in the area of data management (in the cloud) and the experience it brings to the table, it’s a surprise that steps hadn’t been taken sooner…
CFTC Announces the 22 Members of Kirilenko’s Data Standardisation Subcommittee, Google Bags a Slot
Following the announcement last month that it would be establishing a data standardisation focused subcommittee, the Commodity Futures Trading Commission (CFTC) has announced the selection of the 22 members of the team (out of the 52 that applied), which includes (interestingly) Google engineering research director Marc Donner. The other members, who will be led in…
Kinetic Partners’ U.S. Office Expands Regulatory and Compliance Practice to Meet Increased Hedge Fund Demand for SEC Registration
Kinetic Partners, a global professional services firm to the asset management, investment banking and brokerage community, today said it has expanded the regulatory and compliance team at its New York office to meet increasing demand from hedge funds undergoing SEC registration required under the Dodd-Frank Act. Donald Babbitt and Kevin Duffy Jr. have joined the…
IOSCO Highlights Dark Pool Post-trade Data Gaps, Lack of Global Venue Identification Standards
The International Organisation of Securities Commissions (IOSCO) has published its principles for the global dark pool community, which highlights the high degree of disparity across the post-trade data environment for these venues. In particular, it notes the lack of a common venue identification standard and trade reporting processes. IOSCO, which has also been working on…
EDM Council Plans Fee-based Data Quality Rulebook, Ramps up Semantics Proof of Concept Work
The EDM Council has this month indicated that it is considering a new fee-based service that would provide members with data quality rules that firms could embed in their quality review processes. The idea has gone to the association’s board for approval and if it receives the green light, will be discussed with the membership…