Waters gathered leading industry experts for a webcast on March 27, 2013 to discuss the operational and technology challenges facing firms in light of the largest regulatory overhaul in recent memory, which is radically changing the way in which global markets operate.
Following the credit crisis of 2008 and subsequent sovereign debt crises, the financial services industry is undergoing one of the largest regulatory overhauls in recent memory, which is radically changing the way in which global markets operate. With these reforms, operational and technology challenges are presented on a daily basis, forcing firms to adapt to meet new requirements.
— The reduction of systemic risk, following the high-profile collapses of Lehman Brothers and Bear Stearns, is at the heart of global regulatory reform. But with the pressures placed on financial institutions as a direct result, is navigating this new and complex playing field introducing risk in itself?
— The US and the EU are forging ahead with their own regulatory reforms – primarily the Dodd-Frank Act and the Markets in Financial Instruments Directive, respectively. However, with a more fragmented regulatory landscape in areas such as Asia, and other political factors playing in to new regulation, such as the recent proposed financial transaction tax in some, but not all, European countries, are issues of extraterritoriality, regulatory arbitrage and overreach becoming primary causes for concern?
— OTC markets such as those in interest-rate swaps are becoming electronic in nature, and central clearing is a key component of this. To what extent is technology driving this move and how can technology providers help market participants adjust to this new dispensation?
— Capital adequacy requirements, counterparty risk management, and compliance programs are changing structures and attitudes at larger financial institutions. To what extent can technology ease the compliance burden when it comes to new regulation?
— Regulatory uncertainty is an area of concern, with firms claiming they are unable to prepare to comply with rules that aren’t complete or even written yet. How can technology vendors and industry participants’ work with regulators to ease the process, and in what ways could regulators work more closely with the industry to fine-tune policy and rules?
- Nick Green, Head of Fixed Income Markets e-Business, CREDIT AGRICOLE
- Alan Eddie, Head of Risk IT Americas, Global Head of Regulatory Risk and Operational Risk IT, RBS
- Bill Nosal, Head of Business Development and Product Strategy Broker Surveillance and Compliance, SMARTS, NASDAQ OMX
- Ed Royan, COO, AXIOM SL EMEA
- Moderator: James Rundle, Deputy Editor, WATERS TECHNOLOGY