(Editor’s note: The General Data Protection Regulation (GDPR) from the European Union was created to do two major jobs: replace the Data Protection Directive 95/46/EC, and to harmonize data privacy laws across Europe, officials report. The new legislation, when it takes effect May 25, 2018, is intended to “protect and empower” data privacy and “reshape… Read More >>
BNP Paribas USA Pleads Guilty to FX Price-Fixing
Officials of the U.S. Justice Department and BNP Paribas USA Inc. (BNPP USA) have settled a case in which the subsidiary of BNP Paribas is pleading guilty to one count of price-fixing via foreign exchange (FX) markets and has agreed to pay a criminal fine of $90 million. According to documents filed recently with the… Read More >>
Industry Cries Out for Bitcoin & Blockchain Reality Checks
Bitcoin futures contracts launched Monday, Dec. 18, via the CME Group to a mix of fanfare and skepticism about the crypto currency and the underlying infrastructure that are captivating securities operations. Reflecting the concerns of many, ING analysts posted an analysis Sunday, Dec. 17, “Why Bitcoin is Destined to Become a Niche Asset,” that advocates… Read More >>
New Collateral Management Strategies Require New Building Blocks
Post-crisis regulation and competitive market conditions have forever changed the collateral management process for securities trading firms. The push to develop new collateral optimization strategies has often uncovered major problems within a firm’s own systems and processes. Most firms have had to move quickly to revamp their internal systems and craft new collateral management operations… Read More >>
Deutsche Bank to Replace Co-CEOs
The Deutsche Bank supervisory board has appointed John Cryan, 54, a board member who formerly was president for Europe at Temasek, the Singaporean investment company (2012 to 2014), and chief financial officer of UBS (2008 to 2011), to the position of co-chief executive officer, effective July 1. The appointment, made at what the bank called… Read More >>
Sifma Panel Urges Pragmatism for OTC Overhaul
Panelists taking part in a Sifma conference last week said they have made progress in getting some US regulators to take a more pragmatic approach in reforming the over-the-counter (OTC) derivatives market. However, securities firms will still have to brace themselves for the IT management challenges, new capital allocation and margining burdens, and revamped business… Read More >>
Give Global Harmony a Chance
It’s becoming clear that as global markets have become more tightly connected, so should the rules-making processes. We need an international harmonization of regulations and standards for everything from proxy voting to OTC derivatives. Of course, this is easier said than done. Much has been made of the regulatory arbitrage that is looming if the… Read More >>
Dodd-Frank Takes Spotlight at SIFMA Show
SIFMA’s annual Financial Services Technology Leaders Forum and Expo got underway last week and much of the discussion was dominated by the impacts of the Dodd-Frank Act, which encompasses 235 rulemakings, 41 reports, 71 studies authored by 11 different federal agencies, bureaus, and the Government Accountability Office, according to Tim Ryan, president and CEO of… Read More >>
The CFTC Delay
The decision last week by the Commodity Futures Trading Commission to allow six more months before implementing key regulations spawned by the Dodd-Frank Act is a necessity. It will give the industry the time needed for a sweeping overhaul of the $600 trillion derivatives market. Yet it would be a mistake to think that regulators… Read More >>
A Few Missed Lessons from the Great Recession?
US Treasury Secretary Timothy Geithner said this week he wants new global standards governing derivatives trades. Essentially, if major global financial centers are singing from the same regulatory hymnal, regulatory arbitrage opportunities go away. But, US regulators are pushing for reforms well in advance of Europe. File this one under the “We really should have… Read More >>
