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Why US Research Houses Need Less Talk and More Action in Response to SEC Letter
By Daniel Carpenter, Head of Regulation at Meritsoft (a Cognizant company). Over a year has passed since the introduction of MiFID II, and the situation for research brokers has changed beyond all recognition – and not just for those operating in Europe. The massive increase in the cost of research, partially driven by the substantial…
Refinitiv Integrates UBO and Vessel Data onto Risk Intelligence Platform
Refinitiv has integrated ultimate beneficial ownership data (UBO) from Dun & Bradstreet and vessel data from IHS Markit Maritime and Trade onto World-Check One, its flagship risk intelligence solution. The move demonstrates the firm’s ongoing investment into KYC solutions following the recent shake-up of its KYC strategy, which saw Refinitiv withdraw its KYC-as-a-Service offering in…
SEC Pushes for MiFID II Research Exemption for US Brokers
The US Securities and Exchange Commission (SEC) is seeking to extend an exemption put in place October 2017 (and set to expire in July 2020) that allows US banks to sell research directly to European fund managers under MiFID II without registering as investment advisors. According to the Financial Times, the regulator made the statement…
China Merchants Bank Selects Wolters Kluwer’s OneSumX
China Merchants Bank has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting software in the US. The solution combines bank data into a single source of data to ensure consistency, reconciliation and accuracy. It also includes Wolters Kluwer’s Regulatory Update Service. “The comprehensive features available in OneSumX for Regulatory Reporting provide…
Research Unbundling for US Asset Managers: ‘One Size Fits Nobody’
RegTech Insight sits down with Joel Burnette, Solutions Consultant at Red Deer, to discuss the response to the research unbundling requirements of MiFID II… and explore how the US markets are handling the new normal. RTI: What has been the most interesting thing about the North American research market’s response to MiFID II? Joel: We…
AQMetrics Launches Self-Service MiFID II Reporting Solution
Dublin-based AQMetrics, a regulatory risk and compliance specialist, this week launched its first fully self-service Software-as-a-Service (SaaS) solution for MiFID II transaction reporting. An extension of the firm’s Approved Reporting Mechanism (ARM) solution, the platform allows firms to sign-up online for transaction reporting, self-manage data from multiple sources, avail of smart-validations with real-time error handling,…
EMIR and MiFID Transaction Reporting Challenges Continue to Trouble Firms and Regulators
Data quality is proving to be an enduring albatross around the necks of financial institutions that must comply with EU reporting rules under MiFID II and EMIR. A recent disclosure by the European Securities and Markets Authority (ESMA) shows that matching rates remain poor for derivatives transactions reported under the European Markets and Infrastructure Regulation…
Refinitiv Partners Appway to Provide Digital Onboarding for Wealth Management and Broker-dealer Clients
Refinitiv has reached a strategic partnership with Appway to integrate the latter’s client onboarding solutions on the Refinitiv BETA Platform, a suite of brokerage capabilities used by many US wealth management and brokerage firms. The integration reflects a growing desire among wealth managers and brokers to automate their services, and will enable financial intermediaries and…
Pragmatic Innovation is the Key to Success
By Alessandro Tonchia, co-founder and director of Finantix. Delivering innovative Artificial Intelligence (AI)-based technologies to improve business and operational performance is crucial to the future of the wealth management industry. Wealth management advisors are paid a certain amount of basis points on the proviso that they will give a clear view on what is best…
The Case for Effective AML Controls as the FCA Highlights Financial Crime Concerns, Targets Transaction Reporting
Alongside the UK’s Financial Conduct Authority (FCA) Annual Report and Accounts 2018/19 released this week, the regulator also published its Anti-Money Laundering (AML) Annual Report. Part of a wider focus on financial crime (which includes the National Risk Assessment of Money Laundering and Terrorism Financing of November 2017 and an FCA thematic review on capital…