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Governance

January 9, 2015 - Meeting the demanding new requirements imposed upon firms by SEC Regulation SCI is a key issue for many firms, especially in the areas of independent systems testing and certification. Tellefsen and Company, L.L.C. (Tellefsen) and Exactpro Systems (Exactpro) have today announced a marketing partnership in which both firms will collaborate to provide key industry constituents with market structure consulting, financial technology infrastructure testing and software quality assurance testing services.

December 19, 2014 - The European Securities and Markets Authority (ESMA) has published today its final technical advice (TA) and launches a consultation on its draft regulatory technical and implementing standards (RTS/ ITS) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

December 4, 2014 (Bloomberg) - Clearinghouses meant to reduce swaps market risk must face greater oversight to ensure they don't threaten the financial system, according to a member of the U.S. Commodity Futures Trading Commission.

November 12, 2014 - The U.S. Commodity Futures Trading Commission (CFTC) issued five Orders filing and settling charges against Citibank N.A. (Citibank), HSBC Bank plc (HSBC), JPMorgan Chase Bank N.A. (JPMorgan), The Royal Bank of Scotland plc (RBS) and UBS AG (UBS) (collectively, the Banks) for attempted manipulation of, and for aiding and abetting other banks' attempts to manipulate, global foreign exchange (FX) benchmark rates to benefit the positions of certain traders.

December 18, 2014 - Banks and insurers are moving away from perceiving regulation as a cost centre and in 2015 will be using it as a way to shoehorn extra budget for technological innovation within their organisations, according to predictions from business technology change consultancy Certeco.

November 20, 2014 - The Royal Bank of Scotland and its subsidiary Ulster Bank have been hit with a £56 million fine by regulatory authorities over a computer malfunction in 2012 that locked customers out of accounts and knocked out payments processing systems.

November 12, 2014 - The Financial Conduct Authority (FCA) has imposed fines totalling £1,114,918,000 ($1.7 billion) on five banks for failing to control business practices in their G10 spot foreign exchange (FX) trading operations: Citibank N.A. £225,575,000 ($358 million), HSBC Bank Plc £216,363,000 ($343 million), JPMorgan Chase Bank N.A. £222,166,000 ($352 million), The Royal Bank of Scotland Plc £217,000,000 ($344 million) and UBS AG £233,814,000 ($371 million) ('the Banks').

December 9, 2014 - A senior executive at Deutsche Bundesbank has warned that banks will have to spend considerable sums on upgrading their IT systems if they are to cope with insatiable regulatory appetite for new data reporting standards.

November 19, 2014 - The US Securities and Exchange Commission has approved new rules designed to strengthen the market's technology infrastructure, which has seen a rash of IT meltdowns in recent years.

October 29, 2014 - The New York Stock Exchange announced today that effective immediately, Stacey Cunningham has been named President of NYSE Governance Services, a leading provider of corporate governance, risk, ethics and compliance services for public and privately held companies.

December 4, 2014 - A US judge has given financial institutions the go-ahead to proceed with their lawsuit against Target over losses associated with last year's data breach at the retailer.

November 12, 2014 - The Central Bank of Ireland has slapped a EUR3.5 million fine on Ulster Bank over IT governance failures that resulted in approximately 600,000 customers being deprived of banking services during a month-long period in 2012.

October 14, 2014 - The UK government is planning to put supervision of MasterCard and Visa alongside the country's main interbank payment systems into the hands of a new Payment Systems Regulator (PSR), whose chief remit is to inject more competition into the country's payments industry.

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