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December 6, 2012
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News for operations and technology executives in financial services

  Top Story 
  • Exchanges and FINRA seek more time on consolidated audit trail
    The Financial Industry Regulatory Authority and stock and options market operators are planning to request more time from the Securities and Exchange Commission for submitting a plan for a consolidated audit trail. The exchanges and FINRA are supposed to submit the plan in April 2013, but they want to delay the deadline to December. "The delays that are being asked for are valid since it is a heavy lift with a lot of nuances and moving parts," said Edward Boyle, a former Getco executive. "If we don't allow the time for all participants to be ready, it will fall short and likely never be done properly." Learn more at SIFMA's Consolidated Audit Trail Resource Center. Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
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  Operations Update 
  • U.S. banks look to service foreign clients with new derivatives rules
    Wall Street banks are telling foreign clients that they can navigate upcoming U.S. rules governing over-the-counter derivatives by routing trades through their overseas divisions, sources said. "What banks are looking at is: Can they put their business with non-U.S. counterparties through a London entity, and will the regulators in the U.K. accept all the business coming through those entities?" said ASIFMA CEO Mark Austen. Reuters (12/2) LinkedInFacebookTwitterEmail this Story
  • LCH.Clearnet overhauls SwapClear's margin model
    Users of LCH.Clearnet's interest-rate-swaps clearing service say its collateral calls were not high enough, causing risk to be covered by contributions to its default fund; the comments have prompted LCH.Clearnet to revamp SwapClear's margin model. The U.K.'s Financial Services Authority is reviewing the revised model, but it might be months before it is approved. (subscription required) (12/5) LinkedInFacebookTwitterEmail this Story
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  Sponsored Poll 
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  Technology Update 
  • Nasdaq OMX picks SunGard for NLX support
    Trading-technology vendor SunGard will provide post-trade workflows and connectivity for Nasdaq OMX's European derivatives market, NLX. The platform, which will offer trading in interest-rate derivatives, is expected to open for business in the first quarter. The NLX will use SunGard's Stream Derivatives suite. The Trade News (U.K.) (12/5) LinkedInFacebookTwitterEmail this Story
  Regulatory and Legislative Update 
  • Fed seeks suggestions for structuring "stress tests"
    The Federal Reserve is seeking feedback from financial institutions on how to carry out its "stress tests" for assessing the firms' vulnerabilities to adverse conditions. The central bank already has disclosed the banks' capital requirements and the stress tests' hypothetical “baseline, adverse and severely adverse scenarios." The Hill (12/4) LinkedInFacebookTwitterEmail this Story
  SIFMA News 
  • IOSCO Secretary-General David Wright will speak at SIFMA/GFMA LEI Seminar -- Dec. 11 -- New York City
    SIFMA and GFMA are partnering to present the "Implementing a Global LEI Framework -- Ready. Set. Go." Join IOSCO Secretary-General David Wright, U.S. Treasury representatives, and financial services leaders as they address preparation for the December LEI deadline in the U.S. and the future of the global LEI standard. Don't miss your chance to learn more about the impact these regulations and processes will have on your firms starting this month! Register today. LinkedInFacebookTwitterEmail this Story
  • EARLY BIRD SPECIAL: SIFMA 40th Annual Operations Conference & Exhibit 2013 at 2012 prices!
    SIFMA's 40th Annual Operations Conference + Exhibit in Boca Raton, Fla., from April 28 to May 1, 2013 will bring together senior professionals from all corners of the marketplace at the premier event for financial services operations. Take advantage of early-bird pricing so you can engage expert thought leaders to examine the most critical operational, risk management and regulatory issues affecting your firm. In addition, you will gain unique insights and actionable solutions from senior industry professionals, regulators and service providers. LinkedInFacebookTwitterEmail this Story
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Why always 'not yet'? Do flowers in spring say 'not yet'?"
--Norman Douglas,
British writer

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