The DTCC has scored the support of major operations IT and service providers as they have agreed to link their Securities Financing Transactions Regulation (SFTR) reporting solutions to the DTCC’s Global Trade Repository (GTR) in a bid for a streamlined workflow, officials say. The DTCC has new partnerships with Broadridge Financial Solutions, FIS Global, Murex,… Read More >>
Crypto-Assets Have Big Ops & IT Risks: FSB
The Financial Stability Board (FSB), a regulatory and policy go-between for national financial authorities and standard-setting bodies, has published a risk assessment of “crypto-assets and their markets,” and, among other factors, has identified key IT, operational and cyber-security pitfalls. In a new report on the subject, “Crypto-asset markets: Potential channels for future financial stability implications,”… Read More >>
Blockchain’s Great Promise Faces Great Hurdles
The distributed ledger, or blockchain, as today’s hot financial services technology is also known, may lead to an Internet of Value. But first, important issues have to be resolved. So says Lael Brainard, one of the Federal Reserve’s seven governors. In a recent speech entitled “The Use of Distributed Ledger Technologies in Payment, Clearing, and… Read More >>
Lack of Global Standards Impedes Trade Repositories: ESMA Report
The lack of global standards in the trade repository space (TR) could hinder the repository process, a finding of the European Securities and Markets Authority (ESMA) in its recently published 55-page 2016 annual report, which outlines its supervisory priorities for credit ratings agency (CRA) governance as well as the quality and data access for TRs…. Read More >>
FSB’s Capital Requirements Target ‘Too Big to Fail’
The Financial Stability Board (FSB), the six-year-old international body created in response to the Great Recession, has issued requirements intended to keep “systemically important” banks solvent particularly during crisis in an effort to prevent firms that are “too big to fail” and have to be bailed out via government funds. The financial requirements for banks… Read More >>
GLEIF Takes Charge of the LEI Effort
Editor’s note: The Global Legal Entity Identifier Foundation (GLEIF), the body overseeing the Global Legal Entity Identifier (LEI) System, has taken center stage in the effort to promote the usage of the LEI standard. In fact, GLEIF has just launched the Global LEI Index, “a golden copy of all past and current LEI records including… Read More >>
It’s a Long Road to Nirvana
The buy side is a long way from an operational efficiency Nirvana when it comes to over-the-counter derivatives and operational data management. A recent survey finds that 82% of 135 North American executives polled are relying on error-prone workarounds for cleared and executed OTC trading. Another survey says firms are still battling data silos and… 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 >>
The LEI Standard and Global Acceptance
The push for a Legal Entity Identifier (LEI) standard has just taken two giant steps forward. It has the approval of the Financial Stability Board (FSB) and ISO has just published the blueprint in the form of the ISO 17442 standard. While these are remarkable achievements, there is a potential pitfall ahead in getting the… Read More >>
LEI at a Crossroads
In an eleventh hour move, a key panel of the Financial Stability Board (FSB) is pushing for the removal of the registration authority from the proposed standard for legal entity identifiers (LEIs). This leaves the SWIFT financial messaging cooperative, a backer of the LEI effort, without a clear role. Undaunted, SWIFT says it’s a strong… Read More >>
