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March 15, 2012
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News for operations and technology executives in financial services

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  Operations Update 
  • BoE's Haldane says LEI system would improve market security
    Andrew Haldane, executive director for financial stability at the Bank of England, said a global system for identifying market participants on every transaction would improve market security. Haldane's comments support efforts by Group of 20 leaders, who are scheduled to meet in June in Mexico to proceed with a legal-entity identifier system. Financial industry participants also are working to implement a system. "The industry will benefit from improved risk management, including a more holistic view of counterparty exposure, as well as operational benefits," said SIFMA Managing Director David Strongin. Reuters (3/14), The Financial (3/15) LinkedInFacebookTwitterEmail this Story
  • DTCC to operate clearinghouse for mortgage bonds
    The Securities and Exchange Commission has given Depository Trust & Clearing permission to operate a clearinghouse for mortgage-backed bonds. The DTCC offers similar services for government-related securities, including Treasurys. Michael Bodson, chief operating officer of DTCC, will be a featured speaker at the SIFMA Operations Conference and Exhibit register today. Bloomberg (3/12) LinkedInFacebookTwitterEmail this Story
  • Firms face 4 major forces affecting management of IT
    Financial services firms are confronted with global market uncertainty as well as regulatory changes, but they also face an ever changing landscape in terms of technology. The traditional models for managing technology and related economics have morphed since the global financial crisis began several years ago. Firms must deal with four major forces, including an increased demand for technology and more pressure to ramp up IT spending. Wall Street & Technology (3/9) LinkedInFacebookTwitterEmail this Story
  • Collateral management becomes higher priority
    The buy side has a number of services available to facilitate the posting of collateral on over-the-counter derivatives trades. However, Nomura is warning that sovereign-debt downgrades present challenges to central counterparties' risk-management capabilities. "The skill set required to manage those risks isn't typically found in the treasury functions of a CCP," said Michelle Neal of Nomura. The Trade News (U.K.) (3/12) LinkedInFacebookTwitterEmail this Story
  • Other News
  Technology Update 
  • Buy side faces major obstacles to centrally clearing swaps
    Brokers are updating their compliance and technology systems to meet regulations mandated by the Dodd-Frank Act, but institutional investors are largely unprepared for the new rules, according to a study. Rule Financial's report indicates that buy-side firms expect the rules to increase their trading costs, but they have done little to prepare because of confusion about the rules and the time frame for implementing them. AdvancedTrading.com (3/12), Financial Times (tiered subscription model) (3/12), Wall Street & Technology (3/12) LinkedInFacebookTwitterEmail this Story
  • Newedge moves ahead with smart order-routing platform
    Newedge is continuing to roll out its in-house, low-latency smart order-router platform. The firm launched phase 1 of the effort in the third quarter of last year and has now introduced phase 2. "This platform scans a large, diverse amount of data and then determines the optimal destination for every order," said Jack Boyle of Newedge. "The SOR considers price, depth of quote, historical liquidity, fill rates, latency and price discovery, among other factors, and routes the order to the venue of least cost, providing clients with the best price." Wall Street & Technology (3/14) LinkedInFacebookTwitterEmail this Story
  Regulatory and Legislative Update 
  • Derivatives-reporting requirements cause confusion
    Officials from the Group of 20 nations agreed in 2009 to require all standardized over-the-counter derivatives transactions to be processed through a central counterparty. Also, the trades should go through an electronic trading platform or exchange when possible, and all derivatives transactions must then be reported to a trade repository. However, industry participants are not sure who is responsible for reporting the trades, Joe Rennison writes. Risk.net (subscription required) (3/9) LinkedInFacebookTwitterEmail this Story
  • Other News
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  SmartQuote 
I still find each day too short for all the thoughts I want to think, all the walks I want to take, all the books I want to read, and all the friends I want to see."
--John Burroughs,
American naturalist and essayist


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