As previously noted by A-Team Insight (see 
The UK Financial Services Authority’s (FSA) head of risk, Sally Dewar, has announced this week that she will be stepping down from her role at the regulator at the beginning of next year. Dewar, who has been instrumental in the FSA’s recent hard line approach to the market (see some of her recent work on the Single Customer View reforms 
Despite the moves within the regulatory community towards mandating reverse stress testing procedures, the majority of firms have yet to take action and put in place new procedures and systems to cope with the changes, according to a recent survey conducted by the Professional Risk Managers’ International Association (PRMIA). Reverse stress testing is just one of the areas that risk managers have to tackle in the face of the deluge of new regulatory requirements and it is telling that 56.7% of the 360 respondents to the SunGard sponsored survey had not yet begun on the road to meeting these requirements.
Data management solution vendor Confluence is busy readying itself to be able to provide its US-based customers with a solution that will allow them to meet the requirements of the US Securities and Exchange Commission’s (SEC) incoming Money Market Fund Reform Rule. Kirk Botula, executive vice president and chief operating officer, and Scott Powell, product manager at Confluence, explain to A-Team Insight that the Pittsburgh headquartered vendor hopes to have the finished XML tagging module ready by the third quarter of this year.
The Basel Committee, which is responsible for setting international bank capital standards, is certainly having a year of it. Not only has it produced a slew of new capital and liquidity requirements, it is also on course to turn Capital Requirements Directives (CRDs) 2, 3 and 4 into the next iteration of the Basel Directive: Basel III. A recent paper by the Organisation for Economic Cooperation and Development (OECD) elaborates on its concerns about the proposals within the new directive such as those around the risk weighting of certain assets, but it certainly not alone in its concerns: the industry has more than enough to worry about.
The London Stock Exchange (LSE) has offered a transaction reporting service, dubbed the Exchange Reporting Service (ERS), since 2002, but has recently moved the service onto its web-hosted platform UnaVista. According to Mark Husler, head of information services business development at the LSE, the exchange operator decided to move the service onto the platform in order to be able to offer customers value added services including reference data validation for their transaction reports.
In light of the current review of MiFID going on at the European level (see recent coverage 
Following on from its recent testing procedures for the submission of liquidity risk reporting data to its online regulatory reporting system (see details 
The UK Financial Services Authority’s (FSA) recent fining of German bank Commerzbank (see our coverage 
The UK Financial Services Authority (FSA) has fined Commerzbank £595,000 for transaction reporting failures stemming from underlying data errors, including the use of multiple internal codes for the same counterparties. The German bank’s fine may be a fraction of the £2.45 million imposed on Barclays last year (see 
As noted by A-Team Insight at the start of this year (see our coverage 
Following the release of its basic blueprint for reform of the financial services market at the end of last year (see 
This week, the UK Financial Services Authority (FSA) has issued yet more details about the data required for the next stages of its liquidity risk reporting regime. In addition to the work going on around helping firms to get ready to report to its Gabriel system (see 
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The market fragmentation that has been a major by-product of the introduction of MiFID has resulted in a number of serious data related issues in the OTC space in particular, said Tom Davin, managing director of the Washington-based Financial Information Services Division (FISD) of the Software & Information Industry Association (SIIA), at the recent MiFID JWG reunion meeting. Regulators are therefore tackling the post-trade space by attempting to introduce a new focus on data quality and timeliness, but the current set of proposed data standards for instrument identification may not be sufficient, suggested Davin.
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