The U.S. Securities and Exchange Commission (SEC) recently unveiled joint regulatory standards intended to expand interoperability of financial regulatory data among agencies via common identifiers for entities, geographic locations, dates, and certain products and currencies. In addition to the SEC, other agencies have established or are expected to act on establishing the joint standards: The… Read More >>
Deutsche Bank Bolsters Anti-Financial Crime Staff
Deutsche Bank Names Head & Deputy of Anti-Financial Crime for the Americas Deutsche Bank has appointed Richard Weber as managing director and head of anti-financial crime for the Americas and Irwin Nack as managing director and deputy head of anti-financial crime for the Americas. Weber will report to Philippe Vollot, global head of anti-financial crime… Read More >>
CFTC Clarifies Wind-Downs, Recoveries for Key DCOs
The CFTC division of clearing and risk (DCR) has issued a guidance regarding recovery and wind-down plans for registered clearinghouses that are systemically important derivatives clearing organizations (SIDCOs). The recovery and wind-down plans are “critical element[s] of risk management and contingency planning,” the commission says, pointing out that SIDCOs are required by its regulations to… Read More >>
The Fed’s Quiet Move to Avoid Widespread Panic
Amid all the endless claptrap about interest rates, the Federal Reserve Board quietly this week proposed a rule that might help global markets sidestep widespread panic if a very large institution goes bankrupt and has lots of bilateral derivatives contracts on its books. The proposed rule would delay the immediate cancellation of qualified financial contracts… Read More >>
ISC Creates a Map for T+2 Move
The nitty gritty of shorter settlement cycles is getting clearer as the U.S. T+2 International Steering Committee (T+2 ISC) has submitted its Implementation Playbook to the SEC on December 18 and released to the industry on Dec. 21 to provide the industry with a timeline to help them move to a two-day settlement cycle (T+2)… Read More >>
Medium-Sized Firms Get Stress Tests Too: Regulators
In case they have forgotten, medium-sized securities firms with total consolidated assets between $10 billion and $50 billion have been reminded by regulators about the disclosure requirements for the annual stress tests that they are required to conduct. “These medium-sized companies are required to conduct annual, company-run stress tests implementing a provision of the Dodd-Frank Wall… Read More >>
SEC Adopts Volcker Rule
The SEC has adopted a final version of the Volcker Rule in a 3-to-2 vote that is a milestone for regulatory reform on Wall Street.SEC Commissioners Daniel M. Gallagher and Michael S Piwowar voted against adoption of the restrictions upon banks and proprietary trading. SEC Chair Mary Jo White and SEC Commissioners Luis A. Aguilar… Read More >>
