Regulation & Standards special report

Click here to download the PDF
Executive Action
In Inside Reference Data's September 2011 Regulation & Standards report, the means for implementing the legal entity identifier (LEI) dominated the virtual roundtable discussion. This year, the overriding theme financial industry data executives spoke about in the roundtable is that firms are more aggressively taking steps to address regulatory compliance concerning data management.
As Rick Aiere of Credit Suisse says: "The better prepared firms...are in execution mode, focusing on delivery to ensure the compliance action meets the timelines and the information is proactively managed." He goes on to say resources are being allocated and units are being formed to work on compliance. Suresh Iyer of Nomura sees compliance work being "prioritized," adding that this means data management is a function that is getting more attention as a result.
Asked how the costs of regulatory compliance compare to the return on investment in compliance systems, the roundtable participants say spending on compliance systems is worth it, demonstrating a sentiment that is becoming more widespread in the industry. "In the long run," says Aiere, "it guards against risks due to reputational damage." And Iyer says the spending is "long overdue."
While roundtable participants were still raising LEI as the biggest compliance challenge, they also see the Foreign Account Tax Compliance Act as a concern now. Solvency II and Basel III are also reaping attention, they say. This is consistent with what Inside Reference Data has seen in its coverage so far this year, as well, and is also evident in the sampling of recent stories on pages 6-7, which show Solvency II rules being clarified and set, advances on messaging format standardization, and a call to the industry to familiarize itself with ontologies.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
No, no, no, and no: Overnight trading fails in SIP votes
The CTA and UTP operating committees voted yesterday on proposals from US exchanges to expand their trading hours and could not reach unanimous consensus.
Big xyt exploring bid to provide EU equities CT
So far, only one group, a consortium of the major European exchanges, has formally kept its hat in the ring to provide Europe’s consolidated tape for equities.
Jump Trading CIO: 24/7 trading ‘inevitable’
Execs from Jump, JP Morgan, Goldman Sachs, and the DTCC say round-the-clock trading—whether five or seven days a week—is the future, but tech and data hurdles still exist.
Pisces season: Platform providers feed UK plan for private stock market
Several companies in the US and the UK are considering participating in a UK program to build a private stock market composed of separate trading platforms.
How to navigate regional nuances that complicate T+1 in Europe
European and UK firms face unique challenges in moving to T+1 settlement, writes Broadridge’s Carl Bennett, and they will need to follow a series of steps to ensure successful adoption by 2027.
Nasdaq leads push to reform options regulatory fee
A proposed rule change would pare costs for traders, raise them for banks, and defund smaller venues.
The CAT declawed as Citadel’s case reaches end game
The SEC reduced the CAT’s capacity to collect information on investors, in a move that will have knock-on effects for its ongoing funding model case with Citadel.
Waters Wavelength Ep. 305: Cato Institute's Jennifer Schulp
Jennifer joins to discuss what regulatory priorities might look under Paul Atkin's SEC.