Contributor: Steve Sabin
Compliance is complex and expensive—but not as expensive as non-compliance. Fragmentation, continued regulatory changes, and globalization of regulation are among the top concerns for most securities firms today.... read more
Contributor: Philippe Carré
On a recent visit to Turkey it became clear to me how strongly the country has advanced recently in its drive to build bridges with Western markets, bolstering the view that Turkey is emerging as a regional leader. I was in Turkey for two trading-related conferences and meetings with SunGard’s clients there; I also wanted to see for myself how Turkey fits into the worldwide order of capital markets – and the picture is very interesting.... read more
Contributor: Oliver Muhr
Every two years the market data community (consumers, exchanges and vendors) convenes at the World Financial Information Conference (WFIC) to discuss the trends and issues impacting the industry. This year’s conference, attended by over 600 international delegates, was held in San Francisco in October.... read more
Contributor: Ralston Roberts Jr
There is a distinct irony in regulators pushing for speed bumps in US equities markets after we’ve spent the last decade to make the national market system faster. Increasingly, when it comes to the efficiency of US equities markets, it’s safe to say that we should be careful for what we wish for. You might even argue that we did the job too well. American equities markets have been through a succession of gyrations—decimalization, Nasdaq’s SuperMontage order entry and execution platform, and the RegNMS reforms that brought the trade-through, access and sub-penny rules. The push for uber-efficiency has continued with new rules governing the activities of “large traders,” FINRA’s expansion of the order recording and reporting obligations for OATS to include orders in all NMS stocks, and an effort to limit the use of IOIs in dark pools.... read more
Guest author - managing director and general counsel of The Depository Trust & Clearing Corporation
Contributor: Larry Thompson
I had the pleasure recently to speak at SunGard’s New York City Day and focused, in part, on a little known provision of Dodd-Frank, known as indemnification, which is gaining traction as a key issue in the broader debate for enhanced international regulatory harmonization. Swap data repositories (SDRs) are essential to bringing transparency to the market, and indemnification is intended to ensure the confidentiality and safety of data they hold and report—a laudable goal by any standards. But this provision may prove to be more complex – and potentially damaging – than envisioned.... read more
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