Compliance

FRTB: Five Ops Steps to Recalculating Market Risk

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Bank trading desk, risk, and data managers are quickly realizing that the term fundamental in the new Fundamental Review of the Trading Book legislation should be taken literally and they don’t have much time left to prepare. The European Union has set January 2022 as the timetable for banks in its jurisdiction to meet more […]

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California’s Data Privacy Law: Sticky GDPR Differences

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What is personal data? Who is your customer? What is the sale of data? For chief data privacy and technology officers who think that the new California Consumer Protection Act (CCPA) is just a mini-version of Europe’s General Data Protection Regulation (GDPR) answering these three simple questions could make them change their minds. Getting them […]

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SEC’s Proxy Voting Guidance: What About Corporate Actions?

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The US Securities and Exchange Commission’s recent guidance on proxy voting may have unintentionally raised the issue of whether fund managers are meeting their fiduciary obligations when they vote in one-off voluntary corporate action events. Compliance managers at several US fund management firms tell FinOps Report that following the publication of the SEC’s publication of […]

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SEC: Old Transfer Agent Rules Apply to New Blockchain

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The US Securities and Exchange Commission’s decision to register blockchain-enabled transfer agents has resurrected the issue of how it can apply securities laws to a nascent unproven technology. San Francisco-based Securitize has laid claim to being the first “agent” registered by the SEC to have developed an open-source blockchain based protocol for shareholder recordkeeping with […]

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Rule 606: SEC Redefines Discretionary Trades

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The US Securities and Exchange Commission’s decision to broadly define what makes a trade execution discretionary will force introducing and executing brokers to walk a thin tightrope when complying with its new Rule 606. They will have to make some tough choices on how much information the executing broker can release on a trade order […]

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IRS Tells Cryptoinvestors: Find Your Data, a Calculator, and Good Laywer

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If you are a cryptocurrency investor, you can forget about enjoying your summer vacation, thanks to the US Internal Revenue Service. By the end of August, you could be one of the 10,000 investors to have received a letter from the US tax agency that you owe taxes on your cryptocurrency investments. You will need […]

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State Street’s US$88M Fine Highlights Deceptive “Pass-Along” Custody Fees

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How can a global custodian bank convince clients for almost two decades that a twenty-five cent cost for a SWIFT message transmission is really worth a $5 “pass-along” fee? Easily, when fund managers aren’t paying attention and no one at the custodian bank is minding the shop. That’s no longer the case now that the […]

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Ten things we learnt when automating credit risk

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IHS Markit: Taking the Distress Out of Distressed Loan Settlement

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T+66. That’s on average how long it takes to settle a trade in a distressed loan. Now technology and data giant IHS Markit is hoping to reduce the timeframe by leveraging its existing platform for par loans. The settlement cycle for distressed loans is even longer than what it takes a package to travel to […]

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The revised Wire Transfer Regulation – what it is and why you should take notice of it

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