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Valuations and Risk Management Feature Prominently in PWG’s Best Practices

Originally appeared in MiFID Monitor Areas such as valuations, disclosure, risk management, business operations, compliance and conflicts of interest are highlighted as critical areas for the adoption of best practices, according to the two private sector committees tasked with establishing best practices for the fund management industry. The committees, which were established in September 2007…

Merrill Corporation’s Schlanger Joins XBRL US Board of Directors

Originally appeared in MiFID Monitor Michael Schlanger, vice president of product management for XBRL at technology vendor Merrill Corporation, has been appointed to serve on the XBRL US board of directors. According to the vendor, Schlanger develops financial product strategies in response to client and regulatory needs and is on the leadership team guiding the…

SEC Continues Defence of Fair Value Accounting Standards

The Securities and Exchange Commission (SEC) again defended its decision to retain fair value accounting standards on 30 December, following further calls from the banking community to suspend the contentious rules. The regulator has previously stated that it will be focused on improving rather than suspending the rules. “Fair-value accounting did not appear to play…

SEC Confirms US Companies Required to File Financial Reports Using XBRL in 2009

Originally appeared in MiFID Monitor The US Securities and Exchange Commission (SEC) has confirmed that from mid-next year large public corporations and mutual fund companies will be required to submit their financial reports in extensible business reporting language (XBRL). The move, which was initially proposed in May, is aimed at making it easier for investors…

‘Tis the Season to be Wary

It would be a vast understatement to say it has been a challenging year; for many 2008 has been wrought with redundancies, pay cuts and a significant increase in workload. ‘More for less’ seems to have been adopted out of necessity as the latest industry catchphrase. However, it has not all been doom and gloom:…

Finra’s Goldschmid Calls for Major Changes at SEC, Including Merger with CFTC

Originally appeared in MiFID Monitor Harvey Goldschmid, a member of the board of the Financial Industry Regulatory Authority (Finra) and former Securities and Exchange Commission (SEC) commissioner, has called for wide ranging changes to the regulatory body, including a merger with the Commodity Futures Trading Commission (CFTC). He discussed the matter at a recent conference…

Mark-to-Market Could be Here to Stay Says SEC, While Cox Talks up Best Practices

The Securities and Exchange Commission (SEC) is likely to refine the application of mark-to-market accounting rules rather than replace them, according to recent market reports. The regulator is currently engaged in a study of the rules, which it must send to Congress by 2 January. SEC chairman Christopher Cox spoke about some of its findings…

Valuations Vendor Consolidation is on the Cards as a Result of Introduction CDS CCP, Say RDR Readers

Most Reference Data Review readers believe the introduction of a clearing counterparty (CCP) in the credit default swap (CDS) market will result in a period of consolidation within the valuations vendor community. According to the results of our recent poll, 56% of readers believe consolidation is on the cards, whereas an optimistic 11% think there…

Tullett Prebon and GFI Heads Call for Competition in CDS CCP Market, WMBA Says CCPs Not Desirable for Every OTC Market

As the end of November draws near and the competition intensifies between the candidates in the credit default swap (CDS) clearing counterparty (CCP) race, it seems that everyone in the market has an opinion on the matter. This week it is the turn of two CEOs from the interdealer-broker camp and the Wholesale Market Brokers’…

XBRL Announces Support for SEC’s IFRS Roadmap for US Public Companies

Originally appeared in MiFID Monitor XBRL International has publicly announced its support for the US Securities and Exchange Commission’s (SEC) proposed roadmap for the introduction of International Financial Reporting Standards (IFRS) for US companies, which was published on 14 November. The roadmap sets forth several milestones with a view to the introduction of IFRS, as…