Regulators Putting Too Much Stress on Money Laundering Systems: SWIFT Panelist The “very hot” issue of money laundering has captured the attention of the SEC and FINRA, among other regulators and they making having anti-money laundering (AML) systems in place such a high priority that “everything leads to money laundering” for them, says a panelist… Read More >>
Celent Report Finds CBR Project Costs Rising as Markit Buys thinkFolio
Celent Report Finds CBR Project Costs Rising Firms have found that over the past three years cost basis reporting projects have had bigger price tags because of data quality issues, systems integration challenges and unavoidable manual processes, according to study by market research firm Celent, a division of Oliver Wyman, Inc. The report was funded… Read More >>
NSCC Lobbies for an Alert System for Trading Limits as Fiserv Ports TradeFlow to Linux
NSCC Seeks SEC Approval for Limits Alert System The National Securities Clearing Corp. is seeking the SEC’s approval for a key component of a monitoring system that will alert firms to trading activity that hits or exceeds trading limits.A subsidiary of the DTCC, the NSCC wants to provide its members with a new tool… Read More >>
A Halloween Treat: Interim CICIs Become Permanent
Unfortunately, I do not have a Halloween tale about an operations nightmare that would scare the bejesus out of you. Instead, there appears to be a bit of good news on the global legal entity identifier (LEI) front, which is a welcome change from the recent horrors of government shutdowns, record fines and markets fearing… Read More >>
When Big Brothers Clash
George Orwell was mostly right in 1984 when he warned us against a Big Brother government that runs every aspect of our lives. What Orwell didn’t foresee was the emergence of other Big Brothers such as Wall Street behemoths facing off an overreaching government. He also couldn’t foresee the mess we’re in because of this… Read More >>
Could FIX Disrupt Post-Trade Processing?
Buy-side firms and vendors in the U.S. are exploring extensions of the FIX protocol to post-trade processes. But stretching FIX in this way will stir up battles over standard and proprietary protocols and whether post-trade processing should be done locally among firms or through a centralized matching system. The outcome of these battles may determine… Read More >>
Sibos 2013 Wrap
SWIFT customers will get “major structural price reductions for 2014” for FIN store-and-forward messages, say top officials at the financial messaging cooperative, which is hosting its Sibos 2013 conference in Dubai this week. Officials add that the 20% price cuts are intended to spur message traffic growth and €52 million in savings for customers.The new… Read More >>
More Sibos 2013 News
Debuting at Sibos 2013 in Dubai, the Misys Global Back Office system targets firms that need to centralize operational processing for multiple asset classes, trading systems and branches globally, say Misys officials. The platform offers a single data repository at its core, intended to help firms meet regulatory requirements and better control operational risk.The back… Read More >>
FSB Reports Progress on OTC Reform as SWIFT Debuts BIC-to-LEI Mapping
FSB Reports ‘Substantial Progress’ for OTC Reforms The Financial Stability Board reports that “substantial progress” is being made via standard-setting bodies, national and regional authorities and market participants toward meeting the goals of over-the-counter (OTC) derivatives reforms set by G20 Leaders four years ago. However, the FSB would like to see greater acceptance of centralized… Read More >>
OTC Collateral Reforms to Cost the Industry $53B as Capital Dynamics Details New Fund Management Platform
Celent Report: Price Tag for OTC Collateral Management Reform to Hit $53 Billion As derivatives clearing and collateralization reforms get underway, the financial services industry will spend more than $53 billion in infrastructure and technology investments to make their systems more operationally efficient, according to a new report from market research firm Celent.“We expect it… Read More >>
