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March 7, 2013
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News for operations and technology executives in financial services

  Top Story 
  • Many firms interested in building Consolidated Audit Trail
    Nasdaq OMX Group, the NYSE Technologies division of NYSE Euronext, BATS Global Markets, Google and IBM are among 31 firms that plan to submit bids to set up and run the Consolidated Audit Trail, a comprehensive way to monitor options and equity trading. However, four potential bidders will also help select the winning bid. "We're very happy to see that so many people are intending to bid, but there's a potential conflict of interest with the [self-regulatory organizations], who are both selecting [the winning bid] and in some cases bidding," said T.R. Lazo, a managing director with SIFMA. Attending SIFMA Operations Conference and Exhibit on April 28-May 1 in Boca Raton, Fla., will give you the latest on CAT, FATCA and more. Register today. Reuters (3/6), The Washington Post (3/6) LinkedInFacebookTwitterEmail this Story
Webinar—The Time is Now: Mobilizing for Fixed Income & Options Reporting Requirements
Wed Mar 20, 2013 @ 4PM EDT—Join Deanna Flores of KPMG and Artie Wolk of SunGardWall Street Concepts for an interactive webinar hosted by Scivantage. This complimentary, one-hour session will offer critical insight into how to best prepare for the final Fixed Income and Options cost basis reporting requirements to ensure your firm is fully mobilized for a successful 2014 tax season. Register Now!
  Operations Update 
  • Panelists: Global standards can help banks control costs
    Global financial reporting standards can play a part in reducing the huge regulatory compliance costs that banks face, said panelists at SWIFT's Operations Forum 2013. "We need to create a set of standards for a way to do regulatory reporting across the business" and across regulatory agencies and their requirements, said Lee Fulmer, managing director and chief technology officer of cash management at JP Morgan Chase. Wall Street & Technology (3/5) LinkedInFacebookTwitterEmail this Story
  Technology Update 
  • Regulatory changes place emphasis on "smart" data, experts say
    Upcoming regulatory changes may force large international institutions to dramatically increase their compliance expenditure, experts say. In that environment, the new technological challenge will be gathering the right data from diverse systems, pertaining to a variety of departments and locations instead of simply gathering as much data as possible, they say. Check out the program and register for SIFMA Tech 2013, June 18-19 in New York City. Securities Technology Monitor (3/5) LinkedInFacebookTwitterEmail this Story
  • CME swaps-data routing plan gains CFTC approval
    The Commodity Futures Trading Commission voted 4-0 to allow CME Group to have swaps information routed to its own database. Many banks and the Depository Trust and Clearing protested the CFTC's decision. DTCC, which said it might sue, says the outcome "is anti-competitive and compromises regulators and market participants' ability to understand, assess and manage systemic risk effectively." Republican CFTC Commissioner Scott O'Malia abstained from voting. Bloomberg (3/6), Reuters (3/6) LinkedInFacebookTwitterEmail this Story
  Regulatory and Legislative Update 
  • SEC considers making voluntary tech standard mandatory
    The Securities and Exchange Commission is set to vote on making the voluntary Automation Review Policy mandatory. The change would require covered entities to regularly audit and stress-test their systems. The SEC might also expand the rule to cover not only exchanges and clearinghouses but also large brokerages and dark pools. Bloomberg (3/7) LinkedInFacebookTwitterEmail this Story
  • CFTC examines academic use of confidential data
    The Commodity Futures Trading Commission has halted a program involving visiting academic researchers, who were allowed access to the agency's confidential data. "The management review, which is ongoing, has preliminarily discovered issues regarding the manner in which academic consultants and contractors were brought into the agency, their status with respect to the agency, their access to CFTC systems and information, and the adequacy of related documentation," according to the CFTC. "To date, we have not confirmed any specific incidents of improper or unauthorized data disclosure." Bloomberg (3/7) LinkedInFacebookTwitterEmail this Story
  • Comment period open on social media guidelines
    The Federal Financial Institutions Examination Council is seeking feedback on its proposed social media guidelines for financial firms. "The proposed guidance is meant to help financial institutions identify potential risk areas to appropriately address, as well as to ensure institutions are aware of their responsibilities to oversee and control these risks," according to the interagency council. The Hill/RegWatch blog (2/28) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • Speakers added -- SIFMA Ops: Marking 40 Years of Progress -- April 28-May 1 -- Boca Raton, Fla.
    Ops 2013 offers a comprehensive and substantive program, tailored specifically for financial services operations professionals in a unique, three-day forum to explore pressing industry developments and build important relationships. For 40 years, SIFMA Ops has been the go-to resource for trusted, expert, up-to-date information about the financial services operations industry. At SIFMA Ops, operations professionals identify and streamline redundant and manual processes in a quest to continually enhance firm efficiency and performance. LinkedInFacebookTwitterEmail this Story
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The saddest aspect of life right now is that science gathers knowledge faster than society gathers wisdom."
--Isaac Asimov,
Russian-born American author and biochemist

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