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US Regulatory Agencies Publish Op Risk Guidance Highlighting Importance of Data Inputs, Governance and Validation
The Office of the Comptroller of the Currency (OCC), along with the board of governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS), have published their interagency guidance for operational risk as part of the US adoption of the advanced measurement approach (AMA) for risk-based…
SEC Publishes 517 Pages of Proposed Rules for Ratings Sector, More Data Transparency is on the Cards
At the end of last month, the Securities and Exchange Commission (SEC) published a 517 page document that details a whole host of new requirements for ratings agencies and those that use ratings in their day to day operations (ergo most of the market). The paper adds to the regulator’s recent investigation into he feasibility…
AIFM Level 1 Directive Still Not Fit for Purpose in Spite of Delay, say Kinetic Partners
Level 1 of the AIFM Directive, which was due to be published in Q1 2011, was finally published by the EU on 27th May. It was hoped that the delay was an indication of the level of improvements that were needed and that the final published text would have addressed all the deficiencies present in…
Opinion: Proven Main Street Solution Proposed for Global Financial Identification
By Allan Grody and Bob Carpenter There is a business model in existence today that has been around for nearly four decades and that has solved the unique identification problem in the global commercial trade supply chain. Now in partnership with our respective firms, we are proposing to share this system with regulators and the…
CFTC Plans 8 June Roundtable to Discuss Instrument Identification Standards
In keeping with its push to keep data standardisation high on the industry agenda and the establishment of a new regulator subcommittee on the subject earlier this month, the Commodity Futures Trading Commission (CFTC) has indicated that it will be conducting a public roundtable on 8 June to discuss the technical aspects of the introduction…
Panellists Highlight the “Shotgun Wedding” of Data Management and Risk Management at DMRAV in NYC
The data management and risk functions of financial institutions have become subject to a “shotgun wedding of sorts”, as firms aim to tackle their underlying data quality issues in the post-crisis environment, according to panellists at last week’s A-Team Group Data Management for Risk, Analytics and Valuations (DMRAV) conference in NYC (see details of the…
Sifma Led Coalition Details 14 Key Prerequisites for OFR LEI Solution Providers, 3 June Deadline for Submissions
Following its publication of a wish list for the legal entity identifier (LEI) earlier this month, the 13 strong, Sifma led coalition of industry associations focused on providing feedback to the US Office of Financial Research (OFR) has detailed its 14 key prerequisites for the solution providers that will be tasked with bringing the new…
Vanderbilt Professor Craig Lewis Named SEC Chief Economist and Director of RiskFin Division
The Securities and Exchange Commission today announced that Craig M. Lewis has been named SEC Chief Economist and Director of the Division of Risk, Strategy, and Financial Innovation (RiskFin). Dr. Lewis, the Madison S. Wigginton Professor of Finance at Vanderbilt University’s Owen Graduate School of Management, is currently a visiting scholar at the SEC and…
How Buying Fixnetix Is Truly a Risky Business
Hot on the heels of Colt’s protracted courtship of MarketPrizm comes yet another corporate action in our beloved low-latency infrastructure segment. This one caught us by surprise, but not because it was unexpected. It’s been expected for so long that we’d forgotten about it, to be honest. That Fixnetix was ‘for sale’ has been a…
Firms Face More Data Disclosure Around Level 3 Asset Valuations, Following FASB and IASB Agreement on Fair Value
Regulators may be at odds with each other this week regarding the definition of what constitutes a firm that is systemically risky, but significant progress has been made on the standards front by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in agreeing a global definition for “fair value”. The…