Judging by the number of references that have been made to living wills legislation during reference data related events and conferences recently, the market is already well aware of the data challenge awaiting it. However, for those that may have been asleep for the last few months, Thomas Huertas, director of the banking sector for the UK Financial Services Authority (FSA) and vice chairman of the Committee of European Banking Supervisors (CEBS), has been doing his level best to raise awareness of these challenges and how the industry can tackle them.
Following the relocation of its head office from Luxembourg to London last year (see 
As noted by A-Team Insight last month (see 
Next month, industry practitioners will have four opportunities to provide feedback to the Committee of European Banking Supervisors (CEBS) on its risk related proposals, including those around concentration risk and stress testing. The regulatory body has organised four separate hearings at its London premises to garner feedback on a number of its recent consultation papers, all of which involve technology and systems considerations.
There may be troubles ahead for the UK Financial Services Authority (FSA) with the impending departure of current CEO Hector Sants in the summer, but, in the meantime, the regulator has pledged to support the data vendor community in adapting to the new regulatory order. To this end, the regulator is strengthening its efforts around its independent software vendor (ISV) discussion group, which aims to provide vendors with a forum in which to air their issues.
Last month, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) got together to hammer out a final definition for the term ‘fair value’. They agreed that it means an “exit price” in most markets, but in illiquid markets or those that are less active this involves the consideration of a number of variables that they have “tentatively” agreed upon. This, of course, has a significant impact on the levels of data that need to be provided alongside each price, but the lack of definitive standards is likely to prove a headache for valuations departments for some time to come.
A-Team Insight Exchange is a new event series for 2010, which will combine A-Team’s expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners.
The UK Financial Services Authority (FSA) has this week been forced to back down somewhat in its aggressive approach to introducing further changes to its liquidity risk regime in light of the current economic climate. As promised last year, the regulator has assessed the state of the market and decided not to push ahead with the quantitative aspects of its regime, namely the controls around liquid asset buffers.
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