Diversity is key to the future of the banking industry. Diversity includes an attitude of open-mindedness, and a willingness to value the contributions of employees regardless of their background and lifestyle. There should be training to encourage openness towards different ideas and diversity in thought. This also means a specific focus on gender, race, disability, age and social mobility etc. 

In order to look ahead, we must first take a look back and examine how OTC markets have evolved; some of which was voluntarily undertaken, most of which was regulatory reform driven.  

According to a recent survey of banks’ legal and regulatory operations executives, an overwhelming number of respondents noted a concerning lack of clarity around margin mandate regulations and compliance requirements.

This is the first part of a video series looking at how data in the OTC market needs reconciliation to achieve high quality for internal and regulatory purposes. This video features Julie Carruthers who is Head of Operations for the ICAP global broking division, taking about how the role of IT is changing, why Excel is no longer suitable for carrying out reconciliations.

The last few years have seen many anti-abuse cases brought against traders, spanning LIBOR, insider dealing and others. We have also seen some anti-abuse cases in commodities and energy, for example the case where the CFTC and FERC investigated a North America based oil company in 2015 for gas price index manipulation. However, many cases have not resulted in fines. Examples of this include the alleged NBP price manipulation of 2012 and the “Chocfinger” case in 2010, neither of which resulted in convictions.