Compliance & Risk Management
Six major banks have agreed to collaborate with SWIFT to develop an industry utility for know-your-customer compliance. As part of the agreement, the banks will also populate the registry with their own KYC data.
Sixty-five percent of banking and capital markets firms plan to increase investment in compliance by 10 to 20 percent or more over the next two years, according to a new Accenture report. But for many firms progress is rocky as compliance teams report falling short of their own expectations.
A recent SAP survey found that 41 percent of financial services organization felt that predictive analytics is more about minimizing risk than exploiting opportunities. The way that statistic is phrased, it may sound like it the financial industry views predictive analytics as a passive tool rather than an active one. But when you consider the risks that the financial industry faces--market risk, credit risk, compliance risk, risk of fraud--minimizing risk in financial services is hardly a passive job.
It is often assumed by the general public that as hedge fund investors make their investments they are looking for certain kinds of returns. Increasingly, that isn't all they are looking for.
President Obama's budget, expected to be released today, will ask for $280 million to run the Commodities Futures Trading Commission. Apparently this is a glass half-full or glass half-empty...
The Options Clearing Corp. is increasing headcount to focus on compliance and risk in the face of regulatory scrutiny. The world's largest clearing organization, which was designated as "systemically important" by the Financial Stability Oversight Council, was criticized by the Securities and Exchange Commission in a letter last September for weaknesses in governance, financial surveillance and risk management.
Seventeen more firms agreed to stop participating in analyst surveys in the wake of an investigation into improper access to potential market moving information that the New York attorney general's office refers to as "insider trading 2.0."
Deutsche Borse is in talks to open a clearing house in Singapore. The German exchange operator hopes to eventually use the facility as a base for offering clearing services throughout Asia.
In the post-financial crisis regulatory landscape, defined largely by the Dodd-Frank Act, one component of regulatory compliance that may have once been the simple part is no longer simple: tracking the regulations.
Nasdaq is planning a "kill switch" that will cut off trades when they exceed established position limits. The exchange has already filed a proposal for the switch with the Securities and Exchange Commission and is hoping to launch the switch by March 1.