ON THE MONITOR
Five Priorities for the Middle and Back Offices, from the Financial Crisis
March 22, 2010
Regulators want it, investors want it, and financial firms are now beginning to understand they need it.
“It” constitutes a far-better understanding of just what trades in which types of securities Wall Street firms are executing and processing, with whom else and when.
If fund managers, broker-dealers, banks and regulators learned anything from the financial crisis it was that they didn’t have access to timely or accurate information. Data coming in from multiple and contradictory sources made it difficult to understand just what their exposures to risks – like the disappearance of a trading partner – were.
Now, to get it right – aka satisfy securities watchdogs and possibly avoid another financial meltdown—they have to make hefty operational changes, fairly fast.
“It will be a significant year for middle- and back-office professionals as they adopt more efficient practices to ensure a holistic view of risk,” says Lloyd Altman, senior executive in the capital markets practice of global consultancy Accenture in New York.
THE WEEK AHEAD:
MONDAY, MARCH 22
EVENT: ISITC 15th Annual Industry Forum & Vendor Show
Through March 25, International Securities Association for Institutional Trade Communication, Renaissance Boston Waterfront Hotel
WEBCAST: Markup of Financial Stability Act of 2010
5 p.m., Senate Banking Committee
TUESDAY, MARCH 23
WEBCAST: Housing Finance-What Should the New System Be Able to Do?
10 a.m., House Financial Services Committee
WEBCAST: Interactive Data Compliance Seminar
1 p.m., Securities and Exchange Commission
THURSDAY, MARCH 25
EVENT: Technology Tools of the Trade: Demos & Training Conference
8:30 a.m., New York Societyof Securities Analysts, 1540 Broadway, 10th Floor, enter on 45th Street
WEBCAST: Unwinding Emergency Federal Reserve Liquidity Programs
10 a.m., House Financial Services Committee
THE WEEK THAT WAS:
Fragmentation Post-MiFID Breeds Market Abuse
Federal Judge Swats Website for Posting Research Reports
FINRA Enforcement Chief Departing
NYSE Euronext, Bloomberg to Launch Open Source Security Identifiers
SEC Pursuing Creation of IT Forensic Lab
Goldman Sachs Launches Algorithmic Access Service
Finra enforcement chief resigns; Wachovia settles money-laundering case
Oversight Agency Bars Provident Brokerage Firm
Brokerages Appeal Ruling To Throw Out Finra Merger Case
