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Out of the shadows, into the rulebooks?
Archive
07 Dec
2012

Out of the shadows, into the rulebooks?

Shadow banking could soon force infrastructure upgrades and additional business costs– will the industry find ways to ease the pain? As repos, securities and, potentially, CCPs become part of the transparency agenda via new shadow banking regulation, this could result in infrastructure upgrades and increased business costs looking set to be on their way in Read More

07 Dec
2012

EU leading data hub charge where US left off

New, prescriptive EU clearing obligation rules will require new counterparty classification and monitoring systems. Is this a standard data hub opportunity? With EMIR having entered into force on 16 August 2012, and the release of final draft technical standards by ESMA in September, firms will soon be facing rules on clearing obligations and eligible counterparty Read More

07 Dec
2012

2013: A very new year

  • 7th December 2012
  • RegTechFS

Five years after the crisis started, real change is finally in store. Who is on the naughty and nice lists? In 2012, the industry saw a flurry of financial sector reforms. With over 140,000 pages of regulation produced over the past twenty four months, an ambitious but often discordant global regulatory framework has developed, leaving Read More

07 Dec
2012

FATCA: Good news (in disguise) for your cost-income ratio?

Can a controversial tax reporting initiative actually be good for your bottom line? We explore how. The US Foreign Account Tax Compliance Act (FATCA) has been heavily criticised, and accused of being a “kind of US backward imperialism” with “an atomic bomb used to kill a fly”. At its heart, FATCA exists to track down Read More

16 Nov
2012

RRPs: Operational deluge coming soon for FMIs

With the world’s most systemic banks having made it through the first round of invasive living wills in 2012, regulators now have their sights on the Financial Market Infrastructure (FMI). Central Counterparties (CCPs), payments systems and exchanges will have a lot to do in 2013 and could do well to heed some lessons from their Read More

12 Nov
2012

OTC: Will your firm make the grade?

The G20 says OTC regulation was to be finalised by end 2012. But, with at least 34,000 more pages of regulation expected by 2016 from the US alone, firms need to upgrade their BAU. Following the G20’s meeting in April 2009, the pathforward for regulation on OTC derivatives seemed clear. In the shadow of the Read More

01 Oct
2012

Interim identifiers face EU brick wall

  • 1st October 2012
  • RegTechFS

After Level 1 of EMIR got the industry thinking they would be allowed to use the LEI or another ‘interim’ identifier, they hit somewhat of a brick wall. ESMA’s long awaited final draft technical standards for EMIR have dealt a serious blow to ‘interim solutions’ already being used, stating that any interim solutions need to be in Read More

13 Sep
2012

Getting the right roadmap?

  • 13th September 2012
  • RegTechFS

The industry is at a turning point for laying the foundations for global reporting success through the new legal entity identifier (LEI).  The G20 has asked for the identifier to be launched by March 2013 – a mere 100 business days from now. The LEI will set fundamental precedents for future reporting standards, before even Read More

10 Sep
2012

Record keeping: The EU raises the global bar

  • 10th September 2012
  • RegTechFS

Most of what the MEPs voted into law in July required ESMA to define exactly what they meant in their record keeping demands legislated through EMIR. Unfortunately, a few clauses slipped through the net in the drafting process… One of these was regarding record keeping which, according to experts, means that, as of 16 August, Read More