The Trump Team is signaling that it is taking on aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and a key one, the “systemically important financial institution (SIFI)” designation stemming from Dodd-Frank is under review, according to a recent presidential memorandum to the secretary of the Treasury Department. The Trump team overseeing… Read More >>
Federal Reserve Fines Deutsche Bank $156 Million
The central bank for the U.S., the Federal Reserve System, has hit troubled Deutsche Bank with $156.6 million in civil money penalties and requirements that the bank improve its senior management oversight and controls relating to foreign exchange (FX) trading. “Deutsche Bank lacked adequate governance, risk management, compliance, and audit policies and procedures to ensure… Read More >>
Banks Still Not Ready for FRTB Challenge
Although larger banks are making progress in laying the foundation for the Fundamental Review of the Trading Book (FRTB) requirements, there is still a lot of work to be done, according to a new study by London-based business management consultancy, InteDelta, sponsored by reference data vendor Asset Control. This may not come as a surprise… Read More >>
Deutsche Bank’s NYC Lab to Explore AI & Cybersecurity
Deutsche Bank officials have opened an innovation lab in New York City that they say is their fourth globally, and will be focused on several IT areas including artificial intelligence (AI), cloud technology and cybersecurity. The lab is located in Lower Manhattan’s Fulton Center and will enable the bank to “access a leading innovation ecosystem… Read More >>
Eagle, Donnelley Alliance Targets New SEC Reporting
Eagle Investment Systems and Donnelley Financial Solutions have formed a strategic alliance to create an integrated offering that will help firms comply with new monthly and annual SEC reporting rules that require the gathering of “census-type” and portfolio data about mutual funds and exchange-traded funds (ETFs). Specifically, the alliance will graft Donnelley’s financial reporting and… Read More >>
Vendors Prepare Solutions to Help with FRTB Capital Requirements
Capital requirements for many financial services firms will be changing because of the forthcoming fundamental review of trading book (FRTB) process, courtesy of the Basel Committee on Banking Supervision (BCBS). The capital regulations via the FRTB will serve as the next big step in compliance after the recently delayed push for the Markets in Financial… Read More >>
FRTB Projects Could Spur Ops and IT Overhauls
(Editor’s note: The Basel Committee has set forth what has become known as “the fundamental review of trading book [FRTB] capital requirements.” The new regulation is changing the capital framework for banks and is an attempt to strengthen capital standards for market risks, according to the backers of FTRB. Subsequently, financial services firms have been… Read More >>
Cinnober Spins Off Clearing Unit to Target the Sell Side
Swedish post-trade technology provider Cinnober is spinning off its real-time, clearing business into a dedicated separate subsidiary to provide client clearing for large international banks. It is currently looking to build a management team and hire a CEO to take it to the next stage. Cinnober provides technology for trading and clearing venues across the… Read More >>
Pension Advisory Firm Moving to Web-based Risk Platform
Broadstone, a London-based pensions, actuarial and investment services advisory firm to small and medium-sized sponsors and trustees, is the latest organization to sign up to the web-based RiskFirst PFaroe platform to get a more holistic view of risk management. PFaroe enables defined benefit (DB) pension plans direct access to a broad range of analytics that… Read More >>
SEC Rewrites Reporting Rules for Mutual Funds, ETFs
The SEC has proposed new and amended rules intended to modernize data reporting for open-end funds, which allow investors to redeem their shares daily and includes mutual funds and exchange-traded funds (ETFs). The SEC proposals also cover liquidity risk management and swing pricing, and are “part of the Commission’s initiative to enhance its monitoring and… Read More >>
