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Financial Markets Operations Response to COVID-19: Best Practices for Working from Home
The COVID-19 pandemic is disrupting all walks of life, and carries with it implications for society beyond even the obvious and immediate health impact. Business is being hit across the board, with many corporations sending staff home in an effort to keep them both safe and working. It’s clear that firms can’t rely on a…
Not So Harmonious After All: Accommodating AnaCredit’s Maturing Requirements
By Frederic Bernard, Manager EMEA Capital & Credit, AxiomSL. In response to the credit crisis, the European Central Bank (ECB) launched the Analytical Credit Dataset (AnaCredit) project in 2011 to create a harmonized database and framework of rules regarding the credit exposure of credit institutions and other loan-providing financial firms. Yet since the inception of…
Compliance.ai Launches Insurance RegTech Solution in Response to COVID-19
Compliance.ai has announced comprehensive coverage for insurance-related regulatory content on its platform, which automates the complex steps within the regulatory compliance process for banks, financial services and insurance companies. The move comes in response to a rapid influx of new claims and actions in the US as a result of COVID-19, especially in the US,…
ICE Futures Waives Voice Recording, Time-stamping Requirements
ICE Futures US has granted temporary relief to intermediaries from the obligation to comply with certain requirements, including from the requirement to make and keep records of oral communications, as long as a written record is provided instead. The exchange has also granted relief from any requirement to record the date and time by time-stamp…
ESMA Relaxes SFTR Reporting – But Will National Regulators Respond?
Following calls from the industry and in response to the COVID-19 crisis, the EU regulator has effectively agreed to delay SFTR implementation until 13 July, 2020 – a three month reprieve from the original 11 April start date, but earlier than the October push-back trade associations had originally requested. However, with no formal powers to…
FCA on Coronavirus: Take No Prisoners?
Regulators around the world have taken a largely supportive approach to COVID-19, albeit with varying approaches. While some are in total lockdown, others are taking a more measured approach – but according to the word on the street, firms have been surprised by the ‘take-no-prisoners’ stance adopted by the UK’s Financial Conduct Authority (FCA). With…
CFTC Issues COVID-19 Relief
The US Commodity Futures Trading Commission (CFTC) has relaxed rules around voice and telephone recording for swap execution facilities up until the end of June, along with relief to designated contract markets regarding audit trail and related requirements over the same period. The spread of coronavirus has caused compliance with certain CFTC requirements to be…
CSDR – The Clock is Ticking…
The Central Securities Depository Regulation (CSDR), first published way back in 2014, is finally on its way in – and although final implementation may be delayed from September 2020 to February 2021, that doesn’t take away from its status as one of the biggest data management challenges for financial institutions this year. The new regulation…
REGIS-TR Joins with GLMX on SFTR Delegated Reporting services
The European trade repository REGIS-TR will collaborate with GLMX, provider of pre- and post-trade technology solutions for repurchase agreements and secured lending, to provide an interoperable, full-service reporting solution for SFTR requirements. Together, they will offer a hosted solution that leverages existing industry data workflows to lower cost and operational burden of SFTR. GLMX has…
Industry Calls for SFTR, EMIR Refit Delay
Following a letter from trade bodies including the International Securities Lending Association (ISLA) and the International Capital Market Association (ICMA) this week, EU regulator ESMA is expected to issue clarification on whether it might consider a six-month delay to the upcoming Securities Financing Transactions Regulation (SFTR) currently due to go live in April. The joint…