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CFTC Roundtable on Swaps Data Repositories Recommends Entity Identifiers Should be Kept Simple
As noted by Reference Data Review earlier this year, the US Commodity Futures Trading Commission (CFTC) is examining the data standardisation challenges underlying the provisions contained within the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the introduction of new swaps data repositories. To this end, last month saw the CFTC conduct a public roundtable…
Welcome to the Hotel California
A particular analogy used by a panellist at last week’s SunGard City Day in London (what once used to be the GL.Net Forum) stuck with me all weekend. In reference to the current regulatory regime, the speaker from Royal Bank of Canada compared the situation his firm was facing in light of the regulatory driven…
Bar Codes for Banking: GS1 US and Financial InterGroup Creating Practices for Identifying Financial Documents
Nearly 40 years after the retail industry adopted the UPC bar code to improve transaction processes and information flow, the bar code’s administrator and a financial industry development firm are working to bring similar gains to financial documents, their associated electronic financial transactions, and their users. GS1 US, the not-for-profit standards organisation that supports the…
CFTC’s Gensler Highlights Some of the Incoming Data Requirements for Swaps Repositories
The Commodity Futures Trading Commission (CFTC) is working towards defining rules for the data that must be submitted to the new swaps data repositories, which are due to be established as part of the Dodd-Frank Act. Speaking at the International Swaps and Derivatives Association (ISDA) regional conference last week, CFTC chairman Garry Gensler explained that…
CFTC Plans Roundtable on Data Details of OCR Reporting for Next Week, Including Entity ID Proposals
The Commodity Futures Trading Commission (CFTC) has indicated that it will lead a public roundtable on 16 September to discuss its proposed new ownership and control report (OCR), including the practicalities of customer identification. The move is in response to the concerns raised by industry participants, including Futures Industry Association (FIA) president John Damgard who…
CESR on the Case for Post-Trade Data Quality, Pushes Ahead with Complexity Classification Changes
In its latest feedback paper as part of the ongoing MiFID review, the Committee of European Securities Regulators (CESR) has confirmed post-trade data quality remains high on its agenda and despite negative feedback from some corners of the market, it will be pushing ahead with classification changes to the definition of certain complex products under…
UK FSA’s Living Wills Deadline Creeps Closer, Data Challenges Incoming
Six of the UK’s largest banks will be required to submit their preliminary draft recovery and resolution plans to the UK Financial Services Authority (FSA) next month as part of the regulator’s living wills pilot programme. In order to be able to submit these drafts by the end of October, HSBC, Barclays, Royal Bank of…
SEC Adopts Temporary Rule Requiring Municipal Advisors to Register With Agency
The Securities and Exchange Commission today announced that it has adopted a temporary rule requiring municipal advisors to register with the SEC by 1 October, a deadline established by the newly-enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. Municipal advisors provide advice to state and local governments and other borrowers involved in the issuance…
Cost of CFTC OCR Customer Data Collection Proposals is Too High, Says FIA’s Damgard
The cost of the Commodity Futures Trading Commission’s (CFTC) proposals to introduce new customer data reports, dubbed the account ownership and control report (OCR), is likely to represent a “significant burden” for market participants in the futures industry, according to Futures Industry Association president John Damgard. In a letter sent to CFTC secretary David Stawick…
US SEC Charges Broker-Dealer Pinnacle Capital Markets with AML Related Customer Data Management Failings
In a move that mirrors some of the actions being taken across the pond with regards to customer data infractions, the Securities and Exchange Commission (SEC) has charged US-based broker-dealer Pinnacle Capital Markets with failing to comply with a key piece of anti-money laundering (AML) legislation and forced it to pay out a US$25,000 fine….