Industry bodies question data proposal for muni securities | Cybersecurity becoming part of banks' risk units | High-speed trading forces central banks to adapt
SIFMA's Annual Meeting is the event of the year for financial industry executives.
September 20, 2018
SIFMA SmartBrief Operations & Technology
News on the capital markets for operations and technology professionals
Top Story
Industry bodies question data proposal for muni securities
SIFMA and other industry bodies have expressed concern about the Municipal Securities Rulemaking Board's proposed amendments to rules on data related to offerings of municipal securities that would require information to be manually submitted, saying that would entail unnecessary work for underwriters. "SIFMA is also concerned about some of the proposed fields to be required, such as the full call schedule," SIFMA's Leslie Norwood says. "This information is in the official statement and would be burdensome for the underwriter to re-key in." Read the SIFMA comment letter.
The Bond Buyer (subscription required) (9/18) 
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Operations Update
Cybersecurity becoming part of banks' risk units
Some banks are switching responsibility for cyberrisk from IT departments to their operational risk departments and have begun to approach cyberrisk the same way they model market, liquidity and operational risks.
Risk (subscription required) (9/19) 
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High-speed trading forces central banks to adapt
This report released by the Bank for International Settlements explores changes over time in the structure of fast-paced electronic markets and the implications for central banks. The increasing speed and fragmentation of electronic markets have compelled central banks to adapt.
Bank for International Settlements (9/17) 
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Don't expect hedge funds to cut fees, study says
A study of 140 hedge funds managers in Asia, Europe and North America finds more than three-quarters of participants have no plan to reduce fees. Fees are unlikely to move because "operating costs are rising as many invest in new technology and as competition rises for quantifiable investment skill," according to the study by PwC and an industry group.
Bloomberg (tiered subscription model) (9/19) 
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Technology Update
Study: Investment banks focusing on AI, not blockchain
Investments banks are prioritizing work on artificial intelligence, data and cloud computing over work on blockchain, according to a study by AFME and PwC. The research says 45% of institutions have a "high technology investment focus" on data and analytics, while almost 40% of institutions have no focus on distributed-ledger technology.
The Trade (UK) (9/13) 
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AI use meant to curb fears of VIX manipulation
Cboe Global Markets hopes to end fears that the Cboe Volatility Index is manipulated by using artificial intelligence and machine learning to police market conditions surrounding VIX settlement.
Reuters (9/20) 
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Cloud solutions getting complex for finance
The complexity of cloud computing in finance is increasing as firms moves to hybrid and multiple-vendor systems. Coordination is key to managing cloud complexity, experts say.
Bloomberg Professional Services (9/14) 
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Regulatory and Legislative Update
SEC's Jackson calls for curbing stock exchanges' market power
The Securities and Exchange Commission should address practices that have let for-profit stock exchanges gain "enormous market power," Commissioner Robert Jackson Jr. says, adding bipartisan support is growing in Washington to "take a hard look at the structure of our stock markets." SIFMA President and CEO Kenneth E. Bentsen, Jr. says SIFMA welcomes a review of the role of exchanges as self-regulatory organizations and has called for this action "for years."
Pensions & Investments (free access for SmartBrief readers) (9/19) 
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Bill to relax audits of small broker-dealers backed by House panel
The House Financial Services Committee has voted 36-16 to advance a bill that would relax requirements for audits of small broker-dealers. Mandatory use of auditors approved by the Public Company Accounting Oversight Board would be waived for brokers that have fewer than 150 registered representatives who don't provide custody services for client funds and that are in good standing with regulators.
InvestmentNews (tiered subscription model) (9/13) 
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US, Singapore regulators partner on fintech development
The Monetary Authority of Singapore and the US Commodity Futures Trading Commission have signed a financial-technology cooperation arrangement to foster cross-border development and innovation.
Regulation Asia (9/17) 
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Program Announced! Kudlow, Cook, Schwab & More to Keynote SIFMA's Annual Meeting
SIFMA's Annual Meeting gathers the most influential voices shaping today's capital markets for candid one-on-one conversations, expert panel discussions and eight in-depth breakout sessions. View the full program and register today to join us Oct. 1-2 at the Mandarin Oriental, Washington D.C. Early bird rates are extended for this week only!
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New Annual Reference Materials from SIFMA Research
SIFMA Research has released two new annual reference materials containing statistics and details on the capital markets: the U.S. Capital Markets Deck and Fact Book. The U.S. Capital Markets Deck illustrates the depth and breadth of the capital markets. With statistics on GDP and employment, overviews on bond and equity markets, plus closer looks at market segments including corporate bond issuance, IPOs and more. The SIFMA Fact Book amasses key statistics from dozens of sources on the securities industry, capital markets, market activity, investor participation, global markets, savings and investment, and more.
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