Stop Press: SEC Adopts New Rule Preventing Unfiltered Market Access

It’s been a long time coming, and A-Team readers have been expecting it: The SEC finally issued its new ruling on naked access, setting in place requirements for brokers to supply pre-trade risk controls, effectively prohibiting unfiltered non-member access to exchanges or ATSs using broker memberships or IDs.
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03 Nov 2010
 
Opinion: Asia Markets Seek to Balance Regulation Against Growth Imperative

By Neil McGovern, Director of Financial Services Marketing, Sybase

Neil McGovern From January 2009 to January 2010, China’s stock markets bounded up by approximately 80%, India’s by around 60% and Hong Kong’s, Taiwan’s, Singapore’s and even South Korea’s markets all were up by 40% or better—while the US and euro zone markets were stuck at around 15%.

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16 Jul 2010
 
UK FSA Provides More Details About Gabriel Switch on for Liquidity Reporting

FSA This month’s UK Financial Services Authority (FSA) forum on preparation for liquidity reporting for independent software vendors (ISV) and firms under the new liquidity risk regime focused on the details of the XML submission process and upcoming schedules for Gabriel testing. Last month, the FSA confirmed that rather than accepting spreadsheets for all data as first planned, firms will need to prepare XML submissions for the required data (see our coverage here).

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29 Jun 2010
 
ESF’s Angheben Warns Firms to Keep a Close Eye on Post-Trade Transparency Regime Progress

Marco Angheben AFME ESF Firms need to keep a close eye on what is shaping up to be MiFID II, under the auspices of the Committee of European Securities Regulators’ (CESR) consultation on post-trade transparency (see our recent coverage here), warned Marco Angheben, director of the Association for Financial Markets in Europe (AFME) and the European Securitisation Forum (ESF) at last week’s Thomson Reuters Global Pricing Forum in London. The increase in scope of the MiFID transparency requirements will place additional data pressures on financial institutions operating in Europe, he noted.

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14 Jun 2010
 
Dewar to Step Down as UK FSA’s Head of Risk

Sally Dewar FSA 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 here), was tipped to be Hector Sants’ successor as chief executive of the regulator, following his announcement that he would be stepping down earlier this year (see here).

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11 Jun 2010
 
UK FSA Slaps JPMorgan with £33.32m Fine for Client Money Rules Infractions

As if it was a warning shot to those dragging their heels in meeting the UK Financial Services Authority’s (FSA) recent call for firms to provide more data about their management of client assets (see our coverage here), the regulator has this week fined JPMorgan Securities Limited £33.32 million for breaches of its client money rules. It is the largest fine ever levied by the FSA and it indicates that the regulator is taking the management of client assets seriously in light of the collapse of financial institutions such as Lehman Brothers and the resulting liquidity issues.

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04 Jun 2010
 
UK FSA’s Risk Head Dewar Sends Out Second Warning on Client Assets; Three Strikes and You’re Out…

As part of its tougher stance towards the market and in a follow up to a related “Dear CEO” letter sent out in January (see our coverage here), the UK Financial Services Authority’s (FSA) managing director of risk Sally Dewar has sent out another letter warning firms to respond to its request for information on their management of client assets. The letter is aimed at those insurance brokers and investment firms that have thus far failed to reply to its previous appeal for these firms to improve the way they protect client assets, including record keeping considerations, and declare their intentions in writing.

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25 May 2010
 

 
 

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