Compliance

Hong Kong opens door to fintech

Hong Kong. Credit: Mike Behnken. Following in the path of London and Singapore, Norman T.L. Chan, chief executive at the Hong Kong Monetary Authority (HKMA) announced the launch of a fintech innovation hub and a supervisory sandbox at the Treasury Markets Summit 2016. Chan said that there was a widespread perception that: “The development of »

Bats MiFID II record-keeping solution ready for testing

Global exchange operator Bats has made its MiFID II record keeping solution available for testing 16 months before reporting obligations come into force. Under the upcoming EU regulation, venues will be required to maintain a record of all orders advertised. The solution will store all the data that is required under MiFID II. The data »

LSEG releases reporting functionality for incoming EU regulation

UnaVista, a reporting platform developed by the London Stock Exchange Group (LSEG) for the EMIR and MiFID reporting regimes, has made MIFIR transaction reporting available for user acceptance testing. The feature comes 17 months before reporting obligations come into force. UnaVista facilitates transaction reporting helping firms speed up the process by collecting information that is »

SEC fines Citigroup broker-dealer $7 million for trade reporting software fault

SEC fines Citigroup broker-dealer $7 million for trade reporting software fault

The US Securities and Exchange commission (SEC) has fined Citigroup’s broker-dealer subsidiary CGMI a record $7 million dollars for failing to submit accurate data in response to its electronic blue sheet (EBS) requirement. A software error resulted in Citigroup Global Markets, Inc. (CGMI) failing to submit reports for 26,810 securities trades over a 15 year »

News briefs

The R3 consortium seeks to raise $200 million from member banks for new blockchain company R3, a consortium of over 40 financial firms that includes Barclays, Credit Suisse, Goldman Sachs, JP Morgan, RBS and UBS, is trying to raise $200 million from its member banks. The consortium is requesting the funds to create a new »

New EU data protection rules carry clout

Software developers who use customer’s personal data in test environments should get to know the European Union’s General Data Protection Regulation (GDPR), which has now been approved by the European Parliament. The GDPR is designed to protect the privacy of consumer data gathered by firms operating in the EU and, while European regulators already have »

Time-stamping trades and MiFID II — clocking up the options

MiFID II time-stamping will not be easy.

When European Union legislators drafted the the second instalment of the Market in Financial Instruments Directive (MiFID II), they wanted trading firms to time-stamp trades to levels of accuracy in line with the speeds of high-frequency trading. When it comes into effect in January 2018, the directive will require all trades to be time-stamped to »

Page 3 of 3123