To report or not to report over-the-counter derivatives under MiFID II. That is the question that compliance and regulatory reporting managers will face when it comes to deciding which trades to include in their transaction reports the day after trades are executed. The wrong answer could cost them hefty fines but finding the right answer will […]
Unique Product IDs: Can the OTC-ISIN Win the Job?
Can International Securities Identification Numbers (ISINs) become the foundation for unique product identifiers (UPIs)? The new Derivatives Service Bureau (DSB) which will allocate ISINs for over-the-counter derivatives, appears to think so. It also thinks that it might be the organization issuing the UPIs, although it is willing to work with others. If such a scenario […]
ISINs for OTC Derivatives: Is Licensing an Issue?
Update 9/25/2017: Financial firms using ANNA’s new Derivatives Service Bureau to receive ISIN codes for OTC derivatives can expect to receive rebates for overpaying far more quickly, DSB officials now say. Likewise, financial firms will also have to fork over more money if they have underpaid. Instead of waiting until the end of 2018 to recalculate […]
MiFID II: Elaborate Exercise in Repapering
The second incarnation of the European Markets in Financial Instruments Directive (MiFID II) adds a whole new meaning to the song lyric “Getting to know you” as financial firms and their clients tackle the new rules of onboarding. For financial firms the increased amount of required client data and documentation will prompt changes to their […]
(Update) Bloomberg’s FIGIs: Global Accreditation for ID Codes Next?
Editor’s Update: The ballot concerning the FIGI becoming an ISO standard has been cancelled. On July 14, FinOps Report received confirmation from Steve Stevens, executive director of X9. “Bloomberg had requested that X9 ask the TC68 committee to withdraw the ballot from voting,” he said. “The request was agreed to by the X9 and TC68 withdrew the ballot. Since the […]
Bloomberg Takes on DTCC in LEI Issuance (Updated)
Editor’s Note (6/2/2017): A spokesman for DTCC has informed FinOps Report that effective June 1, 2017, the GMEI Utility has reduced its fees to US$100 to register an LEI and US$80 to renew an LEI. For those who have questions on how the GMEI Utility can cut its fees so dramatically while meeting the GLEIF’s cost-recovery model, here is what […]
RegTech 2017: Taking FinTech the Extra Mile
Those who think that RegTech is only about technology geared to meeting regulatory requirements should think again. The term, say operations consultants and IT specialists, also represents a new state of mind, oriented toward maximizing the use of current applications, eliminating unnecessary ones, and reducing data discrepancies. “Whereas financial technology, or FinTech for short, focuses strictly […]
ANNA Ramps Up Timetable for ISIN Allocation
Financial firms are quickly being armed with the necessary technical tools for how they can receive identification codes for over-the-counter derivatives in time to meet new regulatory requirements. They don’t have much time to spare. The Association of National Numbering Agencies (ANNA) wants prompt feedback on its proposals for the nitty-gritty data content, operational and […]
Fund Operations Managers Weather UK’s Brexit Storm
While the UK and European Union leaders will have two years to come up with a gameplan for how the UK will separate from the European Union, middle and back-office operations professionals at fund management shops are taking it one day at a time during extreme market volatility. The UK’s legal limbo has caused higher trading […]
The Derivatives ID Dilemma: Industry Accord Suggests an ISIN Solution
Is the International Securities Identification Number (ISIN) not fit for purpose for identifying certain types of derivatives, as claimed by some partisans for other identifiers or just “concerned citizens” of the derivatives realm? Or is the only possible solution for regulatory reporting requirements a Unique Product Identifier (UPI) based on the descriptive taxonomy developed by […]