A recent study conducted by Omgeo revealed a direct correlation between the percentages of Same Day Affirmation (SDA) scores with settlement efficiency. The data for the study came from SDA scores of firms using Omgeo services representing 46 countries and averaging 24 million trades/month and settlement efficiency rates as measured by Global Custodian surveys of
Clearing and Settlement
Custodian Banks See Opportunity in OTC Derivatives Regulation
With Sibos 2010 underway in Amsterdam, this year’s themes include regulation, rebuilding trust and recovery. And to that point, a noteworthy story came out of the first day of this year’s extravaganza. It seems in the midst of the ever-changing OTC derivatives landscape, there is a silver lining – for custodian banks that is. Even
Back-Office
New Cost-Basis Concerns
After reading Maureen Lowe’s blog post earlier this week on the first phase of the new Cost-Basis Reporting law that is scheduled to go into effect this January 1st and the release of the IRS’s final requirements, I thought it might be beneficial to look into what all these new cost-basis requirements are all about!
Back-Office
The Final Cost Basis Reporting Law: Better Late Than Never?
The presenters of our Cost Basis Reporting webinar back in June weren’t too far off in their predictions. Less than three months before the first phase of the new Cost Basis Reporting law is scheduled to go into effect, the IRS at long last decided to release the final requirements. Aside from adding yet another
Regulation
Quit While You’re Ahead? Or Maybe While You’re Behind?
Every morning I read the news and every day the Global Economy becomes more of a puzzle than the day before. Have you ever been putting a puzzle together just to come to the end and realize one piece is missing!? That’s what reading up on the economy is like for me. It seems I
Dodd-Frank
Will Wall Street Leave Home?
I came across a blog article recently that posed a thought provoking and potentially frightening question, “How long will Wall Street stay in America?” Being that the Wall Street business is the business we are in, as well as our clients, I thought it was something I should read. According to the author, Robert Reich,
Back-Office
The Devil in the Data, An Evolution that Won’t Be Televised
Guest Contributer:John Avery, Partner, SunGard Transparency, Efficiency and Networks (TEN) were three of the key themes for SunGard in 2010, and it’s no coincidence that this is the same year that the greatest set of reforms in generations became law in the US and will soon become law in other jurisdictions. With this new regulatory
Back-Office
SEC Proxy Access Rule Challenged
The SEC is making headlines yet again. Last week they were in the news for the careless manner in which they handled the Madoff investigations, and they are back again this week getting sued by the 2 largest business lobbying firms in the country. us chamber of commerceThe U.S. Chamber of Commerce and the Business
Financial Crime
Is the SEC to Blame?
Recently, The Litwin Foundation filed a suit against the SEC for carelessness and their inability to expose Bernie Madoff and his $65 billion Ponzi scheme. The Foundation is looking to recover at least $19 million in damages against the SEC. Currently, government agencies are protected by “sovereign immunity”, but should they be? Did the SEC
Compliance
Banks Get Nine Years to Life
The Basel Committee on Bank Supervision recently released the new Basel III requirements. That’s right. Basel II worked so well that banks had enough capital on hand to withstand the recent financial crisis without significant bailout (cough, cough), so why not continue on with that idea? Just increase requirements, give banks a bunch of time
