After a long wait, the first real FATCA implementation deadlines are just around the corner. To meet the new account identification requirements, by 1 January 2014, institutions should be in the process of implementing the necessary upgrades in their onboarding and overall compliance systems and processes.
Regulators are busy raising the bar for KYC systems and controls. With conflicting purposes and customer data objectives, new guidance and industry solutions are needed in 2014
Recent months have seen rising tensions over the seemingly insurmountable demands for collateral prompted by tough new financial regulation. With US Treasury estimates ranging as high as to $11.2 trillion in stressed market conditions, some observers are deeply concerned that the industry could be in danger of sliding into a black hole
Financial technology company SunGard has released a new tool designed to help banks and other financial institutions to streamline their compliance with regulation, reduce their costs and control risk.
The UK financial services sector has asked new regulator the Financial Conduct Authority to do more to support competition, improve its communication with the industry and provide clearer and more predictable regulation, according to a the results of a survey published by the FCA today.
Banks can breathe a sigh of relief following the publication of amendments to US Dodd-Frank Rule 1073 today, which should allay fears that draconian regulation was about to stifle cross-border payments.
Regulators in the UK are concerned that some European governments will force through regulations that will close off legitimate market practices such as algorithmic trading because they do not fully understand the markets, said a panellist at the TradeTech event in London. Tim Rowe, head of the trading platforms and settlement team at the UK’s […]
While HFT may pose a real threat to market stability, the European Commission’s response has been woefully inadequate and shows a lack of understanding of the core issues, says professor Dave Cliff of the University of Bristol and former member of the UK government’s Foresight Project.
Post-trade services company Traiana has opened its Swap Data Repository Service, Harmony TR Connect, for OTC derivatives – providing a tool for market participants to comply with US Dodd-Frank legislation on trade reporting.
As tough new rules requiring the collateralisation of OTC derivatives take hold in Europe and the US, Citi has retooled its OpenInvestor investment services to include segregated collateral custody accounts – a move the bank says will help mitigate counterparty risk and improve collateral efficiency.
Social media can add value for banks, but they need to be careful that the risk of damaging their brand does not outweigh the potential benefits, according to Jaroslaw Knapik, senior analyst, financial services technology at Ovum.
Bank of America Merrill Lynch has launched a service aimed at helping smaller banks to cope with Dodd-Frank rules for US cross-border trades.
In future, the possibility of a bank failure will be accepted as a normal market process, and barriers to entry for new start-ups, including a removal of capital requirement obstacles, will be removed, the Financial Services Authority and the Bank of England have confirmed.
They were never going to be happy in Switzerland about the US FATCA legislation that will be used to hunt down people avoiding US taxes, but it’s a surprise to hear that some Swiss burghers are feeling sorry for a group of US citizens who have become part of the fabric of society there.
FATCA compliance might not need a separate programme – it ought to be covered by the same approach as AML, RDR and KYC regulations, among others.
As the deadline for mandatory swaps reporting approaches for more and more asset types, US post-trade services utility the DTCC has announced that swaps dealers are now submitting OTC derivatives trade information for all five major asset classes into its US swaps data repository, DDR.
With the January 2014 deadline looming on the horizon, financial organisations are realising that fast action is needed, and needed now, in order to be able to meet the first FATCA deadline for new account on-boarding.
Financial services firms are being forced to become increasingly risk-focused due to the continuing pressure of regulation, according to a new survey by Thomson Reuters.
On February 28, most of the approximately 70 registered swap dealers will stumble across the finishing line for the remaining asset classes of the CFTC implementation of Dodd-Frank trade reporting regulations. Some may be forgiven for breathing a sigh of relief.
2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that we have answers to these fundamental questions.
Regulatory data collection tools have been refined, standardised identifiers nearly constructed and more frequent and granular reporting rolled into regulation. Now that regulators have this mass of data, what is the next step in linking it and putting it to use?
FircoSoft has signed a partnership with Indian IT services specialist iSolve to resell its watch list filtering products to financial institutions in India, where anti-money regulations are tightening. iSolve already sells compliance solutions to financial institutions in India, making the addition of FircoSoft’s filtering solutions to iSolve’s portfolio a logical step. It will be mainly targeting […]
Four out of five financial institutions are not ready for new regulations governing the trading, reporting and clearing of OTC derivatives, according to a new survey by US communications company IPC.
US financial services regulators have not properly evaluated the impact of rules they have proposed or introduced in implementing the Dodd-Frank Act, and should improve their co-ordination says a critical report from a congressional watchdog.
UK Prime Minister David Cameron gave a speech earlier this week in which he promised to hold a referendum on UK membership of the EU by 2018, if he is re-elected. The speech reflects pressures not just in the Conservative party, but fundamental differences in Europe as a whole over how to approach financial markets and the wider economy.
Proposals in Germany that would affect the country’s capital market structure could create problems of regulatory arbitrage when the European Commission’s MiFID II arrives in 2015-16, according to Mark Spanbroek, general secretary at the FIA European Principal Traders Association.
An alliance between central securities depositories in Germany, Spain, Brazil, South Africa and Australia aims to tackle the expected global shortfall in collateral arising from tough new financial regulation.
A heated argument that erupted between panellists at an event in London yesterday signals deep divides in Europe over the role that financial regulators should take as France and Germany introduce their own national rules.
Citi has established a set of alliances with Clearstream and Euroclear Bank that it says will transform the way broker-dealers manage their collateral, freeing up precious resources as onerous new regulations in the US and Europe burden banks with tougher collateral requirements.
Thomson Reuters has launched a tool to help financial institutions comply with the US Foreign Account Tax Compliance Act, widely known as FATCA, which requires banks to identify their US customers for tax purposes.
As the European Commission prepares new rules that will reform Europe’s capital markets, buy-side market participants must be careful to ensure that they are not misunderstood and even side-lined by politicians in Brussels, warns David Morgan, director for trading and client connectivity, capital markets at financial technology provider SunGard.
New regulations that will affect how banks run crossing networks for their buy-side clients should avoid constraining investor choice by forcing a ‘one-size-fits-all’ approach to trading, according to Miranda Mizen, senior consultant at TABB Group.
Barclays has appointed former FSA chief executive Hector Sants as head of compliance and government and regulatory relations.
