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From the Trenches
The benefit of operating on the ground is, of course, that you get to figure what’s really going on. None of this learning vicariously through various media, like this one. The real deal. And so it wasn’t long after touching down in New York – well Newark, actually, after an 18-hour haul courtesy of Continental…
SEC Seeking Market Feedback on XBRL Compliance Challenges
As part of its wider push to extend XBRL into other areas such as the tagging of source documents for mortgage backed securities (MBS) and corporate actions, the Securities and Exchange Commission (SEC) is currently taking stock of the challenges faced by the industry during XBRL implementation thus far. To this end, the US regulator…
DTCC Adds Three Non-Participant Board Members to its Ranks, Two New Directors
As part of the Depository Trust & Clearing Corporation’s (DTCC) bid for the approval of its Trade Information Warehouse as a data repository for OTC credit derivatives, which was finally granted earlier this year, the vendor has been making a bid to prove its stability and independence as candidate for a single market utility in…
SEC’s HFT Proposals Could Boost Tech Vendors’ Fortunes
High-frequency trading is high on the agenda of the Securities and Exchange Commission (SEC) and two recently proposed rule changes could lead to a boon for technology providers. However, industry insiders caution that the SEC must be careful not to leak any intellectual property data it may gather from its increased surveillance of high frequency…
Wall Street Reform Act Includes Key Risk and Data Requirements in Light of Lehman Failure
The US House Committee on Financial Services’ Wall Street Reform and Consumer Protection Act, which is currently making its way through the US legislative process, is seeking to rectify a number of inadequacies in light of the failure of Lehman, including key provisions around data and risk management. For example, the issue of living wills…
SEC Publishes Upgraded XBRL Taxonomy for Mutual Funds Risk/Return Reporting
As part of its work to support the reporting of risk/return summary information in XBRL by mutual funds in the US, the Securities and Exchange Commission (SEC) has finally completed a series of required updates to its technology infrastructure this week. Mutual funds can now create and fully test their XBRL documents in preparation for…
Cosmos Releases Security and Reference Master
Cosmos Technologies, the product development arm of Indus Valley Partners, today announced general availability of Cosmos Security Master, a fully customizable, comprehensive security data management solution designed to centrally store and efficiently manage critical security information in a complex multi-fund, multi-strategy, multi-counterparty, multi-asset environment. Cosmos Security Master is the only commercial solution built from the…
Fed’s Tarullo Once Again Champions Resolution Plans, BCBS Publishes New Recommendations on Subject: Data Challenges in Spotlight
Regular readers of Reference Data Review should be no strangers to the data and practical implementation challenges of resolution, or living wills, regulations that are the talk of the town at the moment. After all, US Federal Reserve governor Daniel Tarullo is just one of the high profile regulators that has been grandstanding about them…
DTCC Policy for Releasing CDS Data to Global Regulators
The DTCC Trade Information Warehouse for credit derivatives is a user-governed, not-for-profit cooperative that provides a registry of the details of virtually all outstanding credit default swaps traded globally. The Warehouse currently holds data on roughly 2.3 million contracts from trading counterparties located in 52 countries, covering credit obligations of entities located in more than…
Lehman Investigation Indicates Immense Scale of the Data Challenge Due to 350bn Pages of Data and “Arcane Systems”
The recently published examiner report into the Lehman bankruptcy indicates the scale of the data challenge faced when winding down a financial institution of its size: the examiner was faced with three perabytes (otherwise known as 350 billion pages) of electronically stored data to process. Unsurprisingly, given the fact that information needed to be presented…