Latest Reporting/compliance News: Finextra Research

UBS admits to breakdown in risk control systems

In the wake of its recent $2.3 billion loss through unauthorised trading, Swiss bank UBS has admitted that internal controls were "not effective".

25 October 2011

News/Reporting/compliance

EC plans criminal sanctions for market abuse

The European Commission has vowed to get tough on insider dealing and market manipulation, proposing EU-wide rules on minimum criminal sanctions.

20 October 2011

News/Reporting/compliance

MiFID reforms published; compliance bill to hit EUR732m in year one and EUR586m per annum thereafter

Financial markets in Europe are set to undergo a fundamental overhaul, as the European Commission rolls out new rules and regulations covering every aspect of the trade lifecycle, from pre-and post-trade transparency, through to execution and clearing and settlement.

20 October 2011

News/Reporting/compliance

EU financial markets get ready for MiFID II

The European Commission is this week meeting to finalise the details of a new set of rules governing competition and transparency in the capital markets, with implications for high frequency traders, execution venues, clearing firms, and the over-the-counter markets.

19 October 2011

News/Reporting/compliance

Quote MTF severs ties with Swift Trade

Pan-European equity trading venue Quote MTF has severed all ties with Peter Beck, controversial CEO of the former day trading firm Swift Trade, which has run foul of global regulators for alleged market abuse.

17 October 2011

News/Reporting/compliance

SEC proposes swaps registration rules

The Securities and Exchange Commission (SEC) has voted to push for a rule making security-based swap entities electronically file their registration with regulators.

13 October 2011

Finextra TV/Reporting/compliance

The promise of Swift's 3SKey

Mathias Bonnard, product and solution marketing (PSM) at Axway, discusses the potential uses of 3SKey in the bank-to-corporate relationship.

30 September 2011

News/Reporting/compliance

Firms urged to begin IT prep for handling LEIs

Delegates at the annual user conference of financial messaging body Swift were given more information about the development of the legal entity identifier (LEI) messaging standard designed to produce an electronic tag for the counterparties in all securities transactions

22 September 2011

News/Reporting/compliance

EU watchdog warns of financial instability as Sibos bankers complain about regulatory burden

Financial stability within the EU is at risk unless decisive and swift action is implemented by all authorities, according to a warning issued by the European Systemic Risk Board (ESRB), the EU's super-watchdog.

21 September 2011

Finextra TV/Reporting/compliance

Fatca's global impact

Tony Wicks, Director of AML Solutions, NICE Actimize talks about the global impact of the Foreign Account Tax Compliance Act (or Fatca) coming out of the US.

21 September 2011

News/Reporting/compliance

UK to sue European Central bank over clearing rules

The British government is to sue the European Central Bank over draft regulations that would force major clearing houses to relocate their operations away from the City of London.

15 September 2011

News/Reporting/compliance

SEC files court action to force handover of Longtop documents

The Securities and Exchange Commission (SEC) has asked a federal court to force the Chinese arm of accounting outfit Deloitte & Touche to hand over documents related to possible fraud by Longtop Financial Technologies.

09 September 2011

News/Reporting/compliance

Real-time risk gaps exposing institutions to intraday dangers

Financial institutions are struggling to calculate market and credit risk in real time, posing an intraday risk to their business operations, according to research carried out by analytics vendor Quartet FS.

06 September 2011

News/Reporting/compliance

FIA 'shocked and outraged' after Senator leaks oil trading data

The Futures Industry Association (FIA) says its members have been "shocked and outraged" by the leaking of confidential oil trading data by a US senator.

31 August 2011

News/Reporting/compliance

Ocean Bank fined $11m over AML failings

Florida-based Ocean Bank has been fined nearly $11 million for "wilfully" failing to establish an anti-money laundering (AML) programme.

25 August 2011

News/Reporting/compliance

Finra issues more social media guidance

US regulatory body Finra has set out its latest guidance to securities firms and brokers on the use of social media sites such as Facebook, Twitter and LinkedIn.

24 August 2011

News/Reporting/compliance

LSE buys FSA's Transaction Reporting Service

The London Stock Exchange has agreed a £15 million cash deal to buy the Financial Services Authority's Transaction Reporting Service (TRS).

02 August 2011

News/Reporting/compliance

SEC sets up large trader reporting system

The Securities and Exchange Commission is pressing ahead with the creation of a system to collect transaction data from large traders such as banks and hedge funds that will help it to investigate wild stock market swings like last year's May 6 flash crash.

27 July 2011

News/Reporting/compliance

Dodd-Frank will push 60% of OTC volumes to central clearing

The Dodd-Frank Act will lead to around 60% of current US over-the-counter (OTC) derivatives market by volume being cleared centrally, according to Citi.

13 July 2011

News/Reporting/compliance

XBRL US taps Facebook for $20k app competition

Industry group XBRL US has launched a Facebook competition, offering $20,000 to the person or group that comes up with the best open source analytical application for investors that uses the format.

12 July 2011