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
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.
London, UK – 17 June 2024 – JWG, the trusted financial services regulatory intelligence company, has been honoured with three more industry awards. Global Business & Finance Magazine has awarded JWG, Most Trusted Financial Services Regulatory Intelligence Company, UK 2024, Best Networking Platform of the Year, UK 2024 and purveyor of the Best AI-Powered Compliance RegTech,
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
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.
Regulators are disappointed with Banks’ data management and they have been careful to point out that they expect ESG data to be up to scratch. Getting ESG data right is now a board-level imperative for 2024. The implementation of Corporate Sustainability Reporting Directive (CSRD) will formally put controllers on the hook. However, unlike some regulatory
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
The UK Financial Services Regulatory Initiatives Forum released its second major Regulatory Initiatives Grid update of the year and the 7th edition of the Grid overall. Over three dozen new initiatives have been added to last year’s plan (JWG Grid 6 analysis here) taking into account the summer update which flagged the significance of Financial
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.
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.
London, UK – 17 October 2023 – JWG, the trusted financial services regulatory intelligence company, has been honoured with four more industry awards. Global Business & Finance Magazine has named JWG’s cutting edge regulatory technology (RegTech) solution as the Best RegTech Innovation of 2023. Meanwhile, Corporate LiveWire has named JWG as the Networking Platform of
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
US Regulators fired a $555m shot across Wall Street’s bow last week by holding them accountable for their employees’ pervasive use of unauthorized communication methods, like private texts and in some cases WhatsApp. This is the second batch of ‘market moving’ fines in the US within a year , yet no other country has followed
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
London, UK – 21 June 2023 – JWG, the trusted financial services regulatory intelligence company, is thrilled to announce that for the second year running AI-Publishing has recognized JWG for its global RegTech efforts. “JWG’s tireless dedication to assisting finance professionals across the world to remain compliant with the latest regulation changes, makes them the
After conducting over 50 interviews with firms, regulators and their suppliers, JWG has focused FINOS’ regulatory-driven open-source opportunities into 3 broad regulatory buckets: post trade regulatory and market transparency; digital assets compliance and ESG data validation. This JWG-facilitated 12-person physical roundtable will help define desired outcomes, business cases, priorities and pathways for successful execution of
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
Over the past three months, regulatory developments in the digital asset space have continued to create choppy waters for industry players and market participants alike. Lawsuits have been filed, new initiatives have been launched, and guidelines are being introduced as governments attempt to keep up with the ever-evolving market. Who would have thought a pop
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
London, UK – 5 May 2023 – JWG, the trusted financial services regulatory intelligence company, is thrilled to announce that our global RegTech efforts have once again been recognized, this time by Feedspot, naming us one of the Top 10 global RegTech Blogs. This latest accolade is a testament to our commitment to delivering cutting-edge solutions
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
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
UK Regulators have finally disclosed their plans for 2023 which are 29% bigger than last year with the FCA owning the lion’s share of the 143 initiatives. Practitioners should update their firm’s radars with this version but beware: further updates are expected over the course of 2023. JWG RegRadars are primed and ready. Join us
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
With new waves of regulation and enforcement coming fast, navigating cryptocurrency and digital assets rules has keeping middle and back offices hands on the tiller this quarter. JWG’s Crypto asset RegRadars are hot and this article provides three dozen links to contextualise choppiest waters in Q12023 in advance of JWG’s 22 March Trading Compliance seminar.
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
The UK Treasury’s fired a warning shot across the bow of digital assets businesses yesterday. The proposed regime will be a significant challenge for the current exchanges and digital asset firms who do not have access to institutional-grade RegTech solutions. With so much at stake, it is essential that those affected understand what impact these
The UK Treasury’s consultation on further crypto asset regulation signals a heavy compliance burden for crypto businesses and some vertically integrated firms may be required to restructure to gain authorisation. Crypto businesses operating in the UK must be registered with the Financial Conduct Authority (FCA) and compliant with the Money Laundering Regulation (MLR 2017). Around
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
Trading desks face unprecedented levels of regulatory change from the mechanics of the markets and how they monitor them, to how they interact with customers, the way they de-risk their technology suppliers and provide information to regulators. This article summarises the critical changes and lays out the context for our 22 March virtual trading seminar.
JWG has won five global awards for its RegDelta platform and website. If you’re looking for the broadest regulatory intelligence with the deepest enrichment, within the fastest timeframes, then you need to check out JWG’s RegDelta platform. It showcases the latest analysis, highlights relevant products, services, and events so you can create a bespoke library
Charges will apply for some delayed market data accessed on a terminal or feed as of January 1, 2023, senior banking sources said. The Markets in Financial Instruments Directive ( MiFID II) rules state market data should be free after 15 minutes. That rule has allowed sell- and buy-side financial services to access delayed market
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 regulatory spotlight on stablecoins has intensified this month with the Financial Stability Board (FSB) Crypto-asset paper noting[1] that many existing stablecoins still would not meet their recommendations. International risk management principles will be welcomed, but 2023 will be the year that the industry needs to define a better approach to managing compliance in a
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
With sanctions freezing assets and restricting trade, digital compliance strategies are being reworked this year. In this article we explore the impact of putting digital trade barriers in place, which will also be discussed at our 23 June virtual seminar. Register Here 2022 sanctions policy Financial services have seen a significant increase in the number
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
The UK’s finance ministry yesterday announced its plans to regulate certain stablecoins within existing payments regulation and begin to formulate its regulatory framework for crypto assets. HM Treasury has commissioned the Royal Mint to create a non-fungible token (NFT) this summer to mark the UK’s ambition to become a crypto-asset hub. “We see enormous potential
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
Distributed Ledger Technology (DLT) holds great promise for Financial Services and is being used to transform some markets. In advance of JWG’s 5 April Digital Assets virtual Seminar JWG brought Alex Dorfmann, SIX, Dan Doney, Securrency, Peter Randall, SETL and Tom Zschach, SWIFT together to discuss what digital assets mean for TradFi practitioners, the opportunities
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