Regulation & Compliance

Singapore to Test Digital Currency in Latest Fintech Initiative

MAS

The “proof-of-concept” project, which also involves the city’s stock exchange and eight banks, is aimed at simplifying the payments process and reducing transaction costs, Managing Director Ravi Menon said in a speech Wednesday. It may include cross-border transactions with the participation of another central bank in the future, he said. “Today, banks have to go »

FCA gives green-light for sandbox testing

The UK’s Financial Conduct Authority has released the names of 24 companies whose projects have been approved for its regulatory sandbox scheme launched last May. Companies that have been given the go-ahead include: BitX, a provider of distributed ledger technology that allows the international transfer of funds, the charity Citizens Advice, with an app that »

Flash Boys Might Keep Trade Code Secret as CFTC Mulls Tweaks

The requirement, which is part of a broad package of new rules unveiled last November, is one of the measures the Commodity Futures Trading Commission may tweak, Chairman Timothy Massad said during an interview Tuesday with Bloomberg News in Washington. He said the regulator is planning to propose those modifications before the end of the »

IBM moves into regtech with acquisition of Promontory Financial Group

IBM is planning to acquire Promontory Financial Group, a regulatory compliance consulting firm headquartered in Washington DC. The technology supplier will combine Promontory’s regulatory expertise with the power of Watson, its data analytics and machine learning platform. No financial details of the deal, which is set to close in late 2016, were revealed. The compliance »

Russia Weighs Replacing IBM, Microsoft With Open-Source Software

The State Duma, Russia’s lower house of parliament, is drafting a bill to restrict government agencies from buying licensed software, giving preference to open-source software. This would complement legislation that curbed state purchases of foreign programs last year, restricting the choice to about 2,000 local software makers. “Many local software firms are offering products based »

FCA says cyber attacks on the rise

UK Financial firms have been hit by cyber criminal 75 times this year, a marked increase from the five reports filed in 2014, said the FCA’s director of specialist supervision Nausicaa Delfas at a recent conference on cyber security. This might be partly attributable to greater transparency in the financial sector: “Whilst this significant increase »

Exchange trade body publishes cyber resilience principles

The World Federation of Exchanges (WFE), an industry body that represents more than 200 exchanges and clearinghouses, has published a set of principles on cyber resilience. The WFE says these are intended to complement a paper released on June 29th by a joint Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities »

BofA fined by SEC for mini-flash crash lapses

Bank of America Corp.’s Merrill Lynch unit was fined $12.5 million to settle allegations that the broker’s weak controls led to multiple orders being sent to markets, resulting in mini-flash crashes. The bank set its internal trading limits too high, so they were ineffective and caused market disruptions on at least 15 occasions from late »

Speed traders exploit UK dark pools, but not enough to matter

(Bloomberg) — High-frequency traders are taking advantage of slower data connections used for U.K. dark pools, but it’s not costing investors enough to outweigh the usefulness of the trading venues, a report published by the Financial Conduct Authority found. About 3.5 percent of the time, the stock prices used for trading in the dark venues are »

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