Financial Services Authority (FSA)
Prime brokers move to SAS 70 audits
Learning from the default of Lehman Brothers, a growing number of prime brokers are adapting their business model to ensure margin is segregated and secure, with some looking to win third-party validation for the controls they have in place. Which firms…
The big debate
On March 19, the European Commission hosted a high-level, intensive conference on the construction of a new crisis management framework in the banking sector. But little agreement was found among regulators, legislators and bankers.
Action reactions
At OpRisk USA 2010 participants discussed how they can deal with increasing waves of regulation and add value in the new financial environment.
Recording mobile calls creates compliance minefield for banks
The UK FSA seeks to require firms to record all relevant conversations made on mobile phones
Lookback
An irreverent take on the latest developments in structured products
UK data protection changes turn tables on firms
Regulators are increasing pressure on UK firms to demonstrate data protection compliance
Commerzbank latest firm caught out by FSA for transaction reporting failures
Commerzbank has been fined £595,000 for failing to provide accurate and timely transaction reports
Tightening up
Building a robust liquidity risk management system is the top priority at many banks and insurance companies, ahead of the expected introduction of tough new liquidity risk regulations this year and the easing of government support for many financial…
FSA fines Credit Suisse and two others £4.2m for transaction reporting failures
Inadequate reporting systems and controls to prevent market abuse leads to £4.2m fines for three London firms.
Second-hand values
The demand for transparency and liquidity makes trading in and out of a structured product extremely attractive to investors. This has resulted in healthy secondary markets across Europe, so why has the UK been so slow to emulate its continental…
Simply does it
Structured products have been used as a scapegoat for some of the problems that led to the financial crisis. But Cater Allen, the UK private banking arm of Santander, says transparent products can regain investors’ confidence. Clare Dickinson reports
Locked out of longevity
Despite regulatory scrutiny of life settlement products and concerns over the complexity of assessing longevity risk, the institutional structured product market in the asset class is growing exponentially. But will these products ever be suitable for…
MAD world
Hedge fund managers might unwittingly be exposing themselves and their firms to compliance risks by failing to fully address the Market Abuse Directive. Should they act now and review internal policies and systems as a key part in abuse detection?
A capital suggestion
To prevent another financial crisis, should regulators introduce more of the same – that is, greater capital requirements – or should they take a completely different approach and address corporate culture and behaviour instead?