The close ties between technology and finance can be traced back to the first part of the 20th century and the use of the telegraph. Since that time, automated teller machines, electronic stock markets, online banking and now blockchain have all had a deep impact on finance.
Jeff Wecker, a former senior manager at hedge fund Bridgewater Associates, is taking on the new role of chief data officer at Goldman Sachs. The creation of the position is seen as a key move in Goldman's drive to boost its tech presence on Wall Street.
Artificial intelligence software could prove so disruptive that companies that ignore it will put themselves at risk of failure, Bloomberg analysts write. The financial-services industry's data-intensive nature means it may be among the first to feel the disruptive effects of the new technology, they add.
Monetary Authority of Singapore Managing Director Ravi Menon says replacing counterparties with distributed ledger technology in post-trade processes could ease fears of CCPs failing. "Single points of failure make attractive attack targets," he told a conference.
Regulators around the world are facing the challenge of controlling cryptocurrencies, which have seen incredible growth in recent years. Russian President Vladimir Putin raised concerns about cryptocurrencies possibly being used for tax evasion or money laundering, joining the growing list of officials calling for regulation.
Jay Clayton, chairman of the Securities and Exchange Commission, endorsed a proposal to simplify regulatory disclosures made by publicly traded companies when they communicate with investors. The proposal is "intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information," according to the SEC.
The European Securities and Markets Authority urged financial institutions not to delay in obtaining legal-entity identifiers, which will be required for all trades when the region's revised Markets in Financial Instruments Directive takes effect in January. Trading without an LEI would be considered a breach of the rules and could lead to fines.
The European Banking Authority has launched a consultation on its plan to reduce the amount of data banks must provide as part of their resolution plans and clarify what issues the plans must address. The proposal would do away with some reporting requirements entirely when the information is available through other channels.
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SIFMA welcomes Treasury Secretary Steven Mnuchin; Abigail Johnson of Fidelity Investments; David Solomon of Goldman Sachs; and Warren Stephens of Stephens Inc. for one-on-one conversations at The Capital Markets Conference. Returning to Washington, D.C. on October 23-24, the conference features candid conversations and in-depth breakout sessions on the state of America's capital markets, including today's business, economic and financial regulatory outlook. Join us for expert insights and unparalleled networking with the foremost policymakers, regulators and financial market experts. Early bird rates now available. SIFMA's Annual Meeting: Where the capital markets meet.
Join us on 13 October, from 7:45 a.m. to 9:00 a.m. EST, to hear from industry leaders and gain insight into the LEI requirement of MiFID II directly from the primary regulator, ESMA, overseeing this rule's implementation. The Webinar will also provide updates from the Global Legal Entity Identifier Foundation (GLEIF) - including LEI Level II data and Business Identifier Code (BIC) to LEI mapping, as well as regulatory guidance and industry readiness. Q&A will be held throughout the Webinar. Attendance is complimentary.