Finance, technology march in lockstep | Goldman Sachs' chief data officer hire points to more tech-focused future | BofA chooses Paris as European trading hub, signs office lease
October 12, 2017
SIFMA SmartBrief Operations & Technology
News on the capital markets for operations and technology professionals
Top Story
Finance, technology march in lockstep
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.
Bloomberg Professional Services (10/11) 
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Move from Experimentation to Scale!
Discover the impact of Digital Workforce on Capital Markets Operations, customer experience, future state operating models, operations staff, and operations leadership. Learn how to move beyond experimentation and achieve scale. Download the white paper.
Operations Update
Goldman Sachs' chief data officer hire points to more tech-focused future
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.
Business Insider (10/11) 
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Get ready for the rise of the humans
KPMG explores how digital and human labor can integrate. Read the paper to discover five steps organizations can take to better understand how digital labor will affect their workforce.
Technology Update
Firms that ignore AI risk being left behind
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.
Bloomberg Professional Services (10/6) 
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Distributed ledger tech could replace CCPs, MAS official says
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.
Futures & Options World (subscription required) (10/10) 
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Mark Your Calendar for SIFMA's OPS 2018 Conference: May 7-10, Arizona
Join SIFMA for the Operations Conference and Exhibition to explore key developments in the Consolidated Audit Trail (CAT), Data Protection, Cybersecurity, Operational Risk Management, Regulatory Priorities and more!
Register today >
Regulatory and Legislative Update
Regulators grapple with cryptocurrency challenges
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.
Bloomberg (free registration) (10/11) 
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SEC proposes rules simplifying corporate disclosures
SEC proposes rules simplifying corporate disclosures
Clayton (Chip Somodevilla/Getty Images)
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.
Reuters (10/11) 
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ESMA urges firms to act promptly in applying for LEIs
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.
Reuters (10/9) 
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EBA starts updating rules for bank resolution plans
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.
Politico Pro (subscription required) (10/11) 
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5 Cures for Business Growing Pains
A growing business is a successful business, but it comes with its own set of complications. Growing pains can arise from new employees, added roles and responsibilities, and a premium on office space. Read this informative e-book for five practical tips to managing your growing office space.
SIFMA's Annual Meeting: Where the Capital Markets Meet -- 23-24 October in Washington, D.C.
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.
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FRIDAY: GFMA's LEI Update Webinar, 13 October
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.
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