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CSDR: Using Predictive Analytics to Prevent Fails

July 14, 2020 By Chris Kentouris Leave a Comment

Predict and prevent– that’s what back-office operations managers at buy and sell-side firms preparing for Europe’s Central Securities Depositories Regulation (CSDR) settlement discipline regime are starting to think about so they won’t have to pay hefty financial penalties or endure buy-in requirements if they fail to settle their European trades on time. Instead of bemoaning […]

Filed Under: Compliance, Data, ESMA, Regulators, Risk, Rules, Rules, Settlement, Standards Tagged With: Compliance, Data, ESMA, Regulators, Risk, Settlement, Standards

CSDR: Partial Settlement Means a Full Ops Headache

April 27, 2020 By Chris Kentouris Leave a Comment

In permitting partial settlement of securiies transactions to relieve financial penalties, the new European Central Securities Depository Regulation (CSDR) will unintentionally cause fund managers, broker-dealers and others more operational grief. The CSDR is designed to harmonize the operating rules for all national European securities depositories, including using the same methodology to calculate fines when trades […]

Filed Under: Compliance, Operations, Post-Trade, Regulations, Settlement Tagged With: Compliance, Depositories, ESMA, Regulators, Settlement, Standards

Europe’s SFTR: Coming to US Shores?

March 13, 2019 By Chris Kentouris Leave a Comment

  US securities finance operations and compliance managers had better brace themselves for a US version of Europe’s Securities Finance Transaction Regulation (SFTR), caution industry consultants and market practicioners. So far, US post-trade operations and compliance managers have been spared from dealing with a US equivalent to the onerous SFTR. However, they shouldn’t be lulled into a […]

Filed Under: Compliance, Data, Reporting, Sec Lending Tagged With: Compliance, ESMA, Fund Ops, Post Trade, Regulations

OTC ISINs: Few Users Pay Much More

January 15, 2018 By Chris Kentouris Leave a Comment

Trading venues, banks, and broker-dealers now know for certain how much more they will have to pay to create International Securities Identification Numbers (ISINs) for over-the-counter derivatives. It turns out that it’s a lot more. In a recent statement, the Derivatives Service Bureau (DSB) said that instead of a €65,000 annual fee, power users will have […]

Filed Under: Compliance, Derivatives, Infastructure, Post-Trade, Reporting, Rules, Slider, Trading Tagged With: Data, Derivatives, ESMA, Fund Ops, MiFID, Regulators, Reporting, Swaps

New Year’s Message: Pay More for OTC ISINs?

December 23, 2017 By Chris Kentouris Leave a Comment

Update 12/30/2017: This article has been updated to include more details about the DSB’s €8.8 million figure for overhead. Data, operations and vendor procurement managers whose buy- and sell-side firms need international securities identification codes (ISINs) for over-the-counter derivative contracts could end up with some bad news come January 15. Financial firms might discover they […]

Filed Under: Compliance, Infastructure, Regulations, Reporting, Slider, Trading Tagged With: Compliance, Derivatives, ESMA, FSB, Investment Ops, MiFID, Regulators, Reporting, Standards, Swaps

EU’s SRD: Reworking Proxy Services

December 20, 2017 By Chris Kentouris Leave a Comment

Custodian bank operations managers should start planning to get their hands a lot dirtier in the proxy plumbing process. The new version of the European Shareholder Rights Directive (SRD) calls for them to respond to European issuer requests for identifying investors who hold more than 0.5 percent of a company’s stock, to forward proxy information […]

Filed Under: Corporate Actions, Custody, Investments, Investors, Rules, Sec Lending, Slider, Standards Tagged With: Compliance, Corporate Actions, ESMA, Fund Ops, Investment Ops, Outsourcing, Regulators

MiFID Challenge: Which OTC Derivatives to Report?

November 16, 2017 By Chris Kentouris Leave a Comment

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 […]

Filed Under: Analytics, Compliance, Data, Derivatives, Reporting, Slider Tagged With: Compliance, Data, Derivatives, EMIR, ESMA, MiFID, Regulators, Reporting, Swaps

Global Network Management: Are My Assets Safe?

November 13, 2017 By Chris Kentouris Leave a Comment

Global network managers of custodian banks are redefining the word relationship when it comes to monitoring local agent banks that safekeep assets of underlying clients in multiple countries. It is no longer enough to make a sporadic visit or have a phone call. Global network managers have become detectives sifting through mounts of data to […]

Filed Under: Compliance, Custody, Data, Financials, Funds, Investments, Investors, Slider Tagged With: AIFMD, CFTC, Compliance, Custodians, Data, ESMA, FCA, FINRA, Regulators, SEC, UCITS

Unique Product IDs: Can the OTC-ISIN Win the Job?

October 19, 2017 By Chris Kentouris Leave a Comment

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 […]

Filed Under: Compliance, Data, Derivatives, Infastructure, Post-Trade, Reporting, Risk, Slider Tagged With: Compliance, Data, Derivatives, EMIR, ESMA, FSB, Hedge Funds, MiFID, Post Trade, Regulators, Reporting, Standards, Valuation

MiFID II: Reporting on Corporate Action Decisions

September 28, 2017 By Chris Kentouris 2 Comments

Update 11/27/2017: Under MiFID II, a financial firm must still report shares received as its entitlement from a voluntary corporate action even it never explicitly told the issuer its choice of payment. On November 12, in response to an inquiry from Scorpeo Analytics, the European Securities and Markets Authority (ESMA) said that investors may intentionally […]

Filed Under: Compliance, Corporate Actions, Data, Regulations, Reporting, Slider Tagged With: Corporate Actions, ESMA, MiFID, Reporting

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