MiFID reforms published; compliance bill to hit EUR732m in year one and EUR586m per annum thereafter
October 20, 2011 - 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.
EU financial markets get ready for MiFID II
October 19, 2011 - 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.The updated guidance to the four-year old Markets in Financial Instruments Directive (MiFID) has been the subject of much political jousting and lobbying, with the Commission inviting more input from the buy side and taking a tougher stance on risk management and post-trade transparency.
GAO: Opportunities Exist to Increase Transparency across Federal Reserve Bank Governance
October 19, 2011 - Events surrounding the 2007 financial crisis raised questions about the governance of the 12 Federal Reserve Banks (Reserve Banks), particularly the boards of directors' roles in activities related to supervision and regulation. The Dodd-Frank Wall Street Reform and Consumer Protection Act required GAO to review the governance of the Reserve Banks.
GAO: Opportunities Exist to Improve Role in Information Technology Management
October 17, 2011 - The federal government invests billions in information technology (IT) each year to help agencies accomplish their missions. Federal law, particularly the Clinger-Cohen Act of 1996, has defined the role of Chief Information Officer (CIO) as the focal point for IT management within agencies.
U.S. SEC issues guidance on cyber security disclosures
October 14, 2011 - A rash of cyber security breaches at U.S. public companies and an outcry from federal lawmakers has prompted U.S. securities regulators to issue guidance for when companies must disclose cyber attacks to investors.
SEC Sanctions Direct Edge Electronic Exchanges and Orders Remedial Measures to Strengthen Systems and Controls
October 13, 2011 - The Securities and Exchange Commission today sanctioned two electronic stock exchanges and a broker-dealer owned by Direct Edge Holdings LLC for violations of U.S. securities laws arising out of weak internal controls that resulted in millions of dollars in trading losses and a systems outage.
Thomson Reuters Survey Finds Hedge Funds Require Flexible Technology to Meet Regulatory Overhaul
October 11, 2011 - Thomson Reuters today announced the results of a survey on the impact of managing risk and compliance in response to new regulations. The survey, carried out during a Thomson Reuters Forum held in September, polled over 90 members of the buy-side trading community on the need for hedge fund managers to establish institutional quality compliance programs to attract investors.
