Greater information sharing and closer collaboration between the public and private sectors are needed to combat cyber-attacks, which are now the principal concern of the financial services industry, according to the DTCC. A top priority should be the creation of global industry working groups to engage with national regulators on the development of cyber-security regulations that address the real-time and evolving nature of cyber-threats.
Following a live pilot with Norway’s Sparebanken, MasterCard has confirmed a partnership with Zwipe to launch a contactless payment card featuring an integrated fingerprint sensor.
Dramatic reforms to the post-trade environment in Spain are poised to change the way trades are settled, as one of Europe’s top five markets prepares to open an equities CCP for the first time next year.
European trading venue BATS Chi-X Europe is set to expand into Turkey, starting on 3 November. The move is the first time a competitor has entered the Turkish market to take on Borsa Istanbul. It is also BATS’ first new market since it took over Chi-X in 2011 – and the company’s first venture into an emerging market.
A new exchange focusing on sub-Saharan Africa is preparing to target international investors through a partnership with Germany’s Deutsche Börse. The African Stock Exchange, based on the Indian Ocean island of Mauritius, plans to bring together blue chip dollar-denominated African stocks and other products such as government bonds.
The original concept of the ISO 20022 was to create a repository of data used in financial messaging to communicate business information of any type – and to be able to add any types of data that might arise in the future.
The ISO 20022 standard is 10 years old this year, but its roots go back to some five years before that, and the story of its development and adoption is likely to go on for many years in the future. The datum point is probably the publication in 1999 of a Green Paper from SWIFT called ‘Building Standards for Tomorrow’. The modest proposal in that document is that “the next generation of standards will be based on a structured and formal framework”.
With digital solutions gaining popularity every day, McKinsey has suggested that once a credible digital-banking proposition exists, [...]
The regulatory spotlight is shining on high frequency traders and dark pools, but the technological changes that have driven down trading costs for everyone will not be reversed. With market making increasingly the preserve of profit maximising algorithmic traders, there is a growing responsibility on institutions to control where their trades are going and how they are being executed. Those that do not are writing checks to HFTs with clients’ money
While a great deal of attention has been given to Lloyds Banking Group’s retail operations as its various elements are split up, less has been given to its activities in transaction banking, where it is “one year into a three-year journey” to transform itself and its customer offerings to create“the best global transaction bank in this region”.