Commentary: Consolidated audit trail to bring challenges | Survey: Asset managers spending more on cybersecurity | Nasdaq's Friedman: Exchange consolidations will give way to partnerships
March 15, 2018
SIFMA SmartBrief Operations & Technology
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Commentary: Consolidated audit trail to bring challenges
The consolidated audit trail will significantly change how information and data reporting is managed but will bring challenges because of complexity, write David Campbell and Keith Jamaitis of Broadridge Financial Solutions. "Proper reporting will require effective data management and consolidation to be able to not only report, but deal with exceptions and future investigative requests from the regulators," they write.
Traders online (3/12) 
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Competitive Strategies for Converting Loan Seekers
Using real conversion data from Prosper, SoFi and LendingClub, this report shows financial institutions how to turn site visitors into loan applicants. Figure out where in the funnel you're losing loan applicants to your competitors, and how to improve your own conversion rates. Get the full report
Operations Update
Survey: Asset managers spending more on cybersecurity
An Osney Media-BackBay Communications survey indicates that two-thirds of asset managers view cybercrime as a greater threat than a year ago, and 50% say their firms plan to increase cybersecurity spending. "[W]ith the vast majority of firms turning to technology to enhance the services ... they need to make sure they have appropriate cyberdefenses in place," says Osney Media's Jonathan Wiser.
Investment Week (3/13) 
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Nasdaq's Friedman: Exchange consolidations will give way to partnerships
Nasdaq President and CEO Adena Friedman told an industry conference that regulatory concerns mean cross-border exchange consolidation is unlikely. Friedman noted exchanges are instead more likely to develop partnerships.
Financial Times (tiered subscription model) (3/14) 
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Masters notes lack of diversity in tech sector
Digital Asset Holdings CEO Blythe Masters said at an industry conference that while the banking industry lacks diversity, the tech sector is worse. "It's somewhat disappointing, after spending the better part of three decades in the financial services sector, to move to a new sector in technology and find things are even worse there," she said.
Bloomberg (free registration) (3/13),  Financial Times (tiered subscription model) (3/13) 
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Technology Update
Experts debate usefulness of machine learning
Machine learning can't match human intuition when it comes to creating investment strategies and might be dangerous in the wrong hands, some experts say. Others say an information disadvantage is likely without use of machine learning, given the huge amount of data available.
Risk (subscription required) (3/12) 
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Fintechs, tech giants pressure institutions
Major banks face increasing competition from financial-technology firms that offer faster, more flexible products, as well as from tech giants that are making inroads into the financial-services sector. The development is highly uncertain, market watchers say.
Bloomberg Gadfly (free registration) (3/12),  WatersTechnology (free content) (3/12) 
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Thomson Reuters taps online bitcoin chatter
Thomson Reuters is updating MarketPsych Indices to include tracking of social media chatter to gauge investor sentiment that might drive the bitcoin market. Online activity is "driving the investment and risk-management process more than ever with the continuing rise of passive and quant-driven trading," says Austin Burkett of Thomson Reuters.
Reuters (3/12) 
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Regulatory and Legislative Update
CFTC unprepared to monitor cybersecurity, Giancarlo says
The Commodity Futures Trading Commission isn't ready to oversee derivatives markets' cybersecurity because of a staff shortage, says Chairman J. Christopher Giancarlo. The agency has only one examiner available to scrutinize the industry's cyberdefense, he says.
MLex (subscription required) (3/9) 
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OPS 2018: Innovation and its Impact on Operations and Regulation, May 7-10 in AZ
SIFMA's Operations Conference & Exhibition brings together operations, technology and regulatory leaders from across the securities industry to collaborate, share information, address challenges, and examine innovation and its impact on operations. Featured speakers include: DTCC's President & CEO, Michael Bodson; CFTC Commissioner, Brian D. Quintenz; Former Assistant Attorney General of U.S. Department of Justice's National Security Division, John P. Carlin; Former Blue Angels Lead Solo Pilot, John Foley, on sustaining higher levels of excellence; and more.
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Just posted: New statistics from SIFMA Research
SIFMA Research has just updated popular statistic sets including [Equity Issuance and Trading Volumes, Corporate Bond Issuance, Bond Market Trading Volume and Treasury Trading Volume]. Explore these statistics and more in our deep trove of reliable data on the capital markets and financial industry.
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