RegTech IntelligenceOn the 5th of December the Bank of England and FCA held a Transforming Data Collection town hall which revealed the Bank is turning to industry standards to address 455 million errors per day. That’s a lot of thankless standards work which could change the game. We know this from hard experience. JWG has been
The financial sector is facing increasing regulatory demands, and firms need new approaches to maintain compliance while driving operational efficiency. Industry experts shared their perspectives at FINOS’ October 2024 OSSF event in NYC and demonstrated how traditional methods of regulatory reporting, often disjointed and expensive, are being revolutionized by the use of open source technologies
In a landmark third SteerCo meeting, industry leaders from FINOS’ Open RegTech Council, supported by industry think-tank, JWG delved into the groundbreaking results from the open-source regulatory reporting (ORR) initiative last month. Digital Regulatory Reporting (DRR) and the Common Domain Model (CDM) are poised to revolutionize regulatory compliance and leaders are getting ahead of the
JWG has worked with FINOS Members to define 5 potential 2024 working group projects for a RegTech council and delivered 2 overview documents on 7 September 2023 for 5 projects including Post trade digital regulatory reporting and ESG schema for CSRD, SFDR. In November 23 JWG successfully delivered an ESG data industrialisation hackathon with 65
RegTech-dependent obligations are being baked into policy which presents firms an opportunity to comply with these new rules in better, faster and cheaper ways. Cloud, data and AI technology are moving fast and offer opportunities for RegTech innovation.
The EU’s Digital Operational Resilience Act (DORA) dragon is getting ready for flight in 150 days. Leave your castle walls in disrepair over the summer holidays at your peril. This regulation has taken a far deeper, broader and more prescriptive approach to derisking the ‘end to end’ Information Communication and Technology (ICT) risk than ever
With only 6 months left to deliver compliance with Europe’s Digital Operational Resilience Act (DORA), financial entities and their suppliers face a myriad of new ICT risk management, testing and reporting obligations. Governance, policies, incident logs and contracts need to be recalibrated to new standards which vary based on business models. 22,000 entities are getting
The landscape of financial regulations is evolving rapidly, with new technologies paving the way for unprecedented opportunities. We invite you to join us on June 28th, 2024, at 13:00 GMT for a webinar titled, “How RegTech Helps FinTech Eat BankingTech.” Watch here Webinar Highlights: Expert Insights: Hear from PJ Di Gammarino, a pioneering RegTech founder,
In a pivotal move, regulators have unequivocally thrown down the data gauntlet to banks, underscoring a pressing challenge: few banks are currently positioned to meet these rigorous standards. After taking on board 300 industry comments, EU regulators issued a new, comprehensive and granular Guide on effective risk data aggregation and risk reporting. Though the 20 page
Firms required to report under the European Market Infrastructure Regime’s (EMIR) Refit, face a looming deadline of April 29 to implement several vital changes. Those operating in the European Union and the UK will run a two-speed reporting regime until the UK’s EMIR revamp goes live on Sept. 30. “Many firms will have an obligation
JWG has worked with FINOS Members to define 5 potential 2024 working group projects for a RegTech council and delivered 2 overview documents on 7 September 2023 for 5 projects including Post trade digital regulatory reporting and ESG schema for CSRD, SFDR. In November 23 JWG successfully delivered an ESG data industrialisation hackathon with 65
JWG has worked with FINOS Members to define 5 potential 2024 working group projects for a RegTech council and delivered 2 overview documents on 7 September 2023 for 5 projects including Post trade digital regulatory reporting and ESG schema for CSRD, SFDR. In November 23 JWG successfully delivered an ESG data industrialisation hackathon with 65
JWG has worked with FINOS Members to define 5 potential 2024 working group projects for a RegTech council and delivered 2 overview documents on 7 September 2023 for 5 projects including Post trade digital regulatory reporting and ESG schema for CSRD, SFDR. In November 23 JWG successfully delivered an ESG data industrialisation hackathon with 65
Global systemically important banks (G-SIBs) have increasingly turned to the open-source Common Domain Model (CDM) to retool their reporting systems and advance digital regulatory reporting (DRR) while boosting interoperability. Goldman Sachs, JP Morgan, Barclays and BNP Paribas have all piloted various projects related to trade and transaction reporting and are examining further use cases, such
RegTech-dependent obligations are being baked into policy which presents firms an opportunity to comply with these new rules in better, faster and cheaper ways. Cloud, data and AI technology are moving fast and offer opportunities for RegTech innovation.
With the CFTC UPI heading into production for Interest Rate, Credit, Foreign Exchange, and Equity asset classes on 29 January, it’s a good opportunity to step back and look at opportunities to simplify derivatives regulatory reporting this year. We asked Chad Giussani for his perspectives in advance of our conference which he unplugged in 2020!
RegTech-dependent obligations are being baked into policy which presents firms an opportunity to comply with these new rules in better, faster and cheaper ways. Cloud, data and AI technology are moving fast and offer opportunities for RegTech innovation.
We are pleased to announce the first wave of confirmed firms, regulators and trade associations are participating in JWG’s 8th annual RegTech conference, ‘Getting real about RegTech 2024. Don’t miss this opportunity to join this premier global event which articulates the key challenges which RegTech can help overcome in 2024. Register here RegTech year 8 Regulators
In this session, PJ Di Giammarino will facilitate the RegTech Council’s team and tooling approach for the 1 day hackathon on 8 November.
In this session, PJ Di Giammarino will facilitate the RegTech Council’s creation of a use case(s) preparation pack for the 1 day hackathon on 8 November.
In this session, PJ Di Giammarino will facilitate the RegTech Council’s agreement of the use case(s) for the 1 day hackathon on 8 November.
Meeting objectives To brief the industry on the RegTech Council’s ESG efforts and solicit input on the objectives for a 1 day hackathon on the 8th of November.
Meeting objectives To brief the industry on the RegTech Council’s ESG efforts and solicit input on the objectives for a 1 day hackathon on the 8th of November.
In this session, PJ Di Giammarino will facilitate the RegTech Council’s ESG efforts to solve the use cases agreed for the 1 day hackathon.
In this session, PJ Di Giammarino will lead a discussion to brief the industry on the RegTech Council’s ESG efforts and solicit input on the objectives for a 1 day hackathon on the 8th of November.
Billions will be spent as ‘how’ operations are conducted is pulled into scope for all FS actors. In this conference, leading TradFi and DeFi SMEs will articulate the key challenges of connecting fast moving 2024 regulatory demands to better, faster, cheaper and safer RegTech that can align shareholder, customer, firm and regulatory interests.
JWG’s eighth annual conference will be the premier, global event for setting the 2024 RegTech agenda on 7 February in London. Join us to help shape the debate today. Register for 7 February 2024 About the JWG RegTech agenda Long recognised as the first, biggest and most professional public/private sector agenda debate, JWG is continuing
New, exacting BCBS 239 data quality expectations are coming into force just as EMIR Refit and JFSA derivative reporting is put into production 200 days from now. Businesses will be under pressure to deliver lineage for their data or risk fines and reputational damage. JWG’s DRR RegDelta is a RegTech solution that helps companies maintain
The Financial Conduct Authority (FCA) has asked firms to provide granular information to identify investment and execution decision makers more accurately in Markets in Financial Instruments Regulation (MiFIR) transaction reports. The MiFIR reporting regime went live in 2018. The FCA uses MiFIR transaction reports, in part, to conduct market surveillance for market abuse and insider
The introduction of regulatory frameworks such as SFDR, CSRD, MiFID II, and EU Taxonomy Regulation isn’t just a simple compliance task. ESG rules require new systems and data to support best practices for handling this data are still in their formative stages. In great news for RegTech users, international regulators endorsed long-awaited global industry standards
The European Securities and Markets Authority (ESMA) set out its five-year data strategy aimed at reducing financial services firms’ compliance burden and establishing itself as an enhanced data hub. “We want to contribute to reducing the compliance burden for companies and facilitate data reporting by means of increased standardisation and the use of modern IT
The next five years are shaping up to be the most strategic period of regulatory engagement on industry data since the financial crisis. ESMA’s new 5 year data strategy illuminates a well thought through path to achieving real transparency though technology-enabled data hubs that cover the full scope of current and new capital markets activity.
In this session, PJ Di Giammarino will discuss what it takes to get open standards fit for regulatory purpose. He will cover lessons learnt from JWG’s highly successful Derivatives DRR working group, reveal what’s next on the radar, and what actions FINOS members can take now to make sure they don’t miss out on the
Senior managers have 163 days left to get ready for new rules in Ireland which will become effective on the 31st December 2023. In the wake of the pandemic, FinTech and digital assets have become real, the next big round of post-crisis derivatives reforms is in here, trading rules are being rewritten and the regulatory framework
The UK Financial Conduct Authority (FCA) will this month publish its Markets in Financial Instruments Directive (MiFID II) trade reporting policy statement for equity trade data. The policy statement will also cover a new designated reporter regime for post-trade transparency, an FCA official told the JWG Trading Compliance RegTech Seminar. Separately, the FCA confirmed in
As the deadlines for compliance with new, complex derivatives rules approach, many firms are at risk of facing hefty fines from regulators if they are found wanting. JWG is calling on all firms to join their next global virtual seminar on 29 June to discuss strategies for deploying proven DRR RegTech to manage their regulatory
Regulators and regulated have come together to improve the current transparency value equation by introducing granular guidance in the form of code. JWG research efforts are pushing forward to explore RegTech reporting opportunities with a global, virtual SupTech and RegTech seminar on 29 June. We are inviting global SMEs to help shape the agenda and
JWG’s 22 March 2023 Trading Compliance Seminar brought together an all-star cast of over 20 experts who discussed plans for the latest MiFID Review, Market Data changes, CTP, MAR, ESG data demands, MiCA and UK digital asset efforts. These experts did an outstanding job in putting regulatory demands into context and provide delegates with valuable
Winning the ESG data Marathon in 2023 With the ever-increasing focus on ESG transparency from regulators and clients, firms are racing to meet the requirements needed to make their mark in the global marketplace. This race requires tens of thousands of market participants to produce data according to different standards. However, with a proper plan
Regulators are busy engineering sell-side and buy-side rule changes which will change the markets, customer and risk management obligations starting this year. JWG has analysed the global landscape and assembled 20+ all-stars at our *virtual* Trading Seminar to discuss our exclusive RegTech research on upcoming compliance challenges. 7 days left to get your Complimentary VIP
The UK’s second discussion paper of 2023 on the benefit of modern technology presents a great chance for the industry to engage on the future of TradFI and DeFi RegTech standards. Successful reference models can help shape the path for asset management. However, this is an enormous cultural and technical shift which will require broad
JWG’s sell-side and asset managers’ trading compliance radars are hot, and we’ve assembled and all-star cast to discuss the key trading perimeter, market data, consumer duty and risk surveillance issues on 22 March. Don’t miss this opportunity to dial-in to the debate. Complimentary VIP Pass Available – Apply Now! Register here for 22 March 2023
Public and private sectors are finding a path through the jungle of compliance to safe code. New public/private coalitions, new mandates and new ways of working are required. In many ways it feels like 12 years since we started talking about the need for RegTech, it is now more a subset of the Banking Tech
2023 RegTech Beacon – Guiding your way through regulatory storms We are delighted to publish the 29th issue of JWG’s RegTech Beacon which now serves as our yearbook and recaps 2022 accomplishments as well as providing an outlook of what lies ahead. Our RegTech outlook is one of collaboration between the front office and its supporting
Project planning, resourcing, EMIR Refit, CFTC and global operating model
Digital Regulatory Reporting Architecture Working Group meeting 18 for firms to discuss the path forward with ISDA and establish next steps.
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery and target operating model development
Digital regulatory reporting (DRR) music has upped tempo in 2022: Internationally, the Financial Stability Board (FSB)has become the new home for reporting requirements and is poised to launch its 2023 workplan In the US, the derivatives sector is enjoying the benefits for CFTC rewrite reporting which start next month before deploying DRR code across the
The aim of this group is to look at the broader frame of supervisory technology (SupTech) with a view to creating a paper covering challenges and 2022 priorities
A top-tier European bank has successfully implemented digital regulatory reporting (DRR) technology to comply with the U.S. Commodity Futures Trading Commission’s (CFTC) amended swap data reporting rules, a key milestone in a years-long industry effort to streamline often complex obligations. BNP Paribas yesterday announced it used DRR in a real-world, production-level environment, with a successful
An all-star cast of 40+ speakers will gather virtually on 9th & 10th November 2022 to set the 2023 RegTech agenda at JWG’s 7th annual premier RegTech conference. Markets have been rocked by turbulence unseen in over a decade and the regulatory agenda has shifted quickly. JWG research has defined 10 panels and worked with the industry to
The European Commission has pushed ahead with digital regulatory reporting — which it views as a central workstream in its overall agenda to make financial services fit for the digital age — while UK regulators have sidelined similar initiatives. The Commission is taking a deliberate approach to testing technology and frameworks for delivering machine-readable and executable
Financial services risk reporting problem statements
Project planning, resourcing, EMIR Refit, CFTC and global operating model
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery and target operating model development
We are pleased to announce the first wave of confirmed firms, regulators, trade associations in JWG’s 7th annual RegTech conference, ‘Digitally-native compliance’. 2022 regulatory agendas have been rocked by political and market turbulence unseen in recent decades. Don’t miss this opportunity to join this international group of all stars who will articulate the key challenges which RegTech
DRR Design Oversight Committee 14 to discuss DRR programme status vs. plans and determine next steps.
Crypto market capitalization has receded by nearly 75% as $2 trillion were wiped off the market[1] leaving many crypto investors to reflect on the words Warren Buffet: “You only learn who has been swimming naked when the tide goes out”. Rulemaking continued to push the digital-asset agenda forward over the summer with over 3,000 pages published
Digital Regulatory Reporting Architecture Working Group meeting 17 for firms to review results of ‘house view’ discussions on path forward and best practices as well as service model and next steps.
Digital Regulatory Reporting Architecture Working Group meeting 16 for firms to review results of ‘house view’ discussions on path forward and best practices.
Project planning, resourcing, EMIR Refit, CFTC and global operating model
DRR Design Oversight Committee 13to discuss DRR programme status vs. plans and determine next steps.
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery and target operating model development
Digital Regulatory Reporting Architecture Working Group meeting 15 for firms to review proposed solution architectures and resourcing options.
Digital Regulatory Reporting Architecture Working Group meeting 14 for firms to review legal structure and roles and responsibilities.
Digital Regulatory Reporting Architecture Working Group meeting 13 for firms to review detailed DRR operating model needs
In our sixth Digital Reporting Taskforce meeting last week a global group of regulators, firms and suppliers discussed: An IIF Digital Economic Cooperation framework Problem statements for Identification and standards Messaging needs for senior management. The minutes can be found along with the meeting materials here. The next meeting, DRTF7 in October we will focus
The aim of this group is to look at the broader frame of supervisory technology (SupTech) with a view to creating a paper covering challenges and 2022 priorities
Financial services risk reporting problem statements
Digital Regulatory Reporting Architecture Working Group meeting 12 for firms to review target operating model strawman discussed in in DRR architecture WG meeting on 26 May 2022
DRR Design Oversight Committee 12 to discuss DRR programme status vs. plans and determine next steps.
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery and target operating model development
Digital Regulatory Reporting Architecture Working Group meeting 11 for firms to review target operating model options and key issues discussed in oversight committee 11 on 12 May 2022
Digital Regulatory Reporting Architecture Working Group meeting 10 for firms to review target operating model options and key issues identified in WG9
I listened into a very interesting webinar presented by the UK’s Financial Conduct Authority (FCA) earlier this year about their usage of and experimentation with what all regulators seem to be calling ‘suptech’ these days. Now there was variance on the webinar among FCA speakers around the pronunciation of said moniker—’soup-tech’ was one variant, ‘supp-tech’
Digital Regulatory Reporting Architecture Working Group meeting 9 for firms to review target operating model options and key issues identified in WG8
The CEO’s reporting challenge is considerable. Regulators are asking firms to raise the standard of regulatory returns to the same care and diligence given to financial reports and Basel IV is on its way for 2023. New approaches to interpreting reporting obligations and validating the calculations required with additional data sources can help. JWG, an
As the digital asset sector matures and policy makers design new rules to oversee this market, compliance has become a strategic battleground for market participants. Regulations that prescribe controls over ‘who trades what’ are being drafted and will include many check boxes for the transaction lifecycle. The great news is that TradFI has developed RegTech
Yesterday, President Biden fired the starting gun for the US regulators’ race to control Digital Assets. Crypto enthusiasts have been looking for regulators to take firm positions on whether digital assets race on Formula 1, NASCAR, or Motocross tracks. Regardless, it will be RegTech that is waving the chequered flags very soon. Join an all-star
Crypto bros might struggle to see it this way, but digital asset regulation has moved at great pace in a short time. Will it be fit for purpose? With interoperable standards on the way, RegTech has the power to unify digital and TradFi rails. Join an all-star cast on 5 April for our virtual conference
Digital Regulatory Reporting Architecture Working Group meeting 8 to review follow-up actions from oversight committee meeting (DOC10)
DRR Design Oversight Committee 11 to discuss DRR programme status vs. plans and determine next steps.
Derivatives programme status focused on EMIR Refit and CFTC reporting delivery
With newly minted FS reporting strategies, the EU and UK are focused on enabling the fasteners of digital finance. This article summarizes the 2022 transformation drivers for public and private sectors, and how you can get involved in DRR. 2022 transparency drivers As we discussed in our 2022 Outlook, digital assets are coming into the
In our fifth meeting, a global group of regulators, firms and suppliers discussed two key regulatory reporting problem statements and identified options to solve them, the considerations, potential paths and barriers. The minutes can be found along with the meeting materials here. The next meeting, DRTF6 on 14 June will review additional problem statements. JWG
The aim of this group is to look at the broader frame of supervisory technology (SupTech) with a view to creating a paper covering challenges and 2022 priorities