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White/Discussion Papers

Just Published 

Choice & Competition in Post-Trade Matching
The Case for Cost Reduction


This discussion paper commissioned by Salerio has been produced to investigate the pros and cons of bilateral matching within financial institutions (FIs) against central matching by organisations supplying third party services.

Financial Services firms are facing increased transaction costs and volatile volumes that are currently at a decade low. To date, the matching of transactions has mainly been a dual operation, with internal matches covering both front and middle offices to produce a transaction record, which is then matched externally. This is essentially a doubling up of costs, but is only part of the overall transaction cost chain. This discussion paper will examine how matching has evolved and look at the reasons why financial institutions should be looking to acquire or develop their own internal matching to potentially downgrade reliance on third party matching suppliers and the benefits this will bring.

Click here for more information or to request a copy


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More White Papers

Evaluating Mobile Phone Recording Architecture

To meet the UK FSA's 14th November mobile recording deadline, IT and telephony teams must delve deeper into the workings of mobile communications than ever before.

This white paper commissioned by
Compliant Phones provides a simple guide to the different types of recording solutions available today and their strengths and weaknesses - a vital first step in being able to identify which is best for your business. Click here to request a copy






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Planning a Secure Mobile Communications Strategy

Faced with greater regulation, ever-growing communication media and an increasingly mobile workforce, the need to adopt an effective mobile communications strategy has never been greater.

This paper commissioned by Compliant Phones will provide CIOs, IT directors and compliance officers with an up-to-date assessment of EU and US regulations, plus guidance on process, policy and technology necessary to ensure secure, controlled mobile communications. Click here to request a copy







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Quantifying The Risks In Corporate Actions

Nearly everyone in the world's capital markets knows that there are significant risks associated in corporate actions processing. Indeed all suppliers with a product in the corporate actions space will say in their marketing and sales documents, that their product reduces risks. What is lacking is what risks are being reduced, from what and by how much!

This white paper commissioned by
Vermeg, attempts to define the universe of risks in corporate actions and begin to quantify individual operational risks and arrive at an overall risk assessment. Click here to request this white paper








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Financial Services Mobile Phone Recording: Issues & Costs Uncovered

With regulatory bodies like the UK's Financial Services Authority contemplating changes to the compliance landscape by lifting exemptions in areas such as mobile phone recording - what challenges do financial services firms face and how best can they be overcome? For those firms operating on a global basis this becomes a more complex problem with disparity in regulation governing this area evident across different EU countries.

This white paper commissioned by Business Systems, provides market insight into the implications of mobile phone recording and the associated costs and issues involved. Including commentary from the FSA and a review of the Committee of European Securities Regulators (CESR) consultation paper and subsequent responses on this topic, this paper provides a balanced view of the rationale and benefits associated with mobile phone recording versus the cost and available technology deployment options. Click here to request this white paper





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Custody Relationships: A Carthaginian Approach 

Custodians can never be accused of not investing in their business. Over the years countless budgets have been spent in building better systems. But it has been specific systems which have sucked in most of the investment for development, tending to be centred on cost and risk reductions or with drivers coming from regulatory requirements. Although these are undoubtedly very important; indeed fundamental, as a service industry the primary emphasis should always be on client services and customer relations.

Commissioned by Vermeg this white paper examines the historical development of Custodians which led to the creation of today's custody business and also discusses the future business and technology needs in custody relationship management and servicing. Click here to request this white paper
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Regulation: (including MiFID)
To Protect & Detect - White Paper: An evaluation of Compliance System Requirements for the Securities Market

Many financial services firms have been failing to comply with post MiFID Regulations and the Market Abuse Directive (MAD) because of aging legacy systems reports this new white paper commissioned by Business Systems (UK) Ltd. The operational and technological problems faced by compliance officers combined with the intolerable burden of compliance and accurate reporting caused by disparate systems and databases are highlighted as significant contributing factors.

The heart of the white paper examines potential technology solutions to the problems highlighted by the FSA's ‘MiFID Thematic Review' published in 2009. The white paper concludes that significantly more investment in new systems technology is required by financial services firms, to benchmark the firm's performance, against client contracts and service level agreements. It goes on to suggest that a rules based approach to systems design will provide a historical data line, that in time, will enable more proactive compliance, preventing breaches rather than detecting them.

The Content Covers:

The Financial Services Market - & the regulatory burden
Compliance problems for Financial Services Firms
Requirements for Compliance Systems
FSA report "MiFID supervisory priorities - results of wholesale thematic review"
Market Abuse, Rogue Traders & Insider Dealing
ASP & Outsourcing
Future systems for compliance

Intended Audience: Financial Services firms, Compliance officers, teams and departments, Heads & Managers of Technology, Telecomm's & Trading and Consultants & Procurement Specialists in the area's outlined above.
Click here to request a free copy


 
MiFID a market examination - White Paper

The aim of this white paper is to describe the many MiFID Client Classification impacts on regulated European financial services firms it has been necessary to make some assumptions.
 
There is no finite way to comply with MiFID as much depends on the business descriptions, scope and range of many different types and size of Company that make up the domestic markets in the European Union. The white paper therefore deals in high level facts but raises questions that each type of regulated firm within a business sector should be able to answer. If not, this indicates a problem within the firm that requires urgent attention.

The whitepaper tries to promote ideas and possible solutions towards MiFID implementation and potential issues that may arise in a post MiFID market. It also touchs on related issues and MiFID articles concerning firm’s policies, suitability and appropriateness tests and try to tie these important components together to form a strategic business benefit as well to achieve compliance.

The summary and conclusions will attempt to steer the reader towards the technical solutions that are on offer and the strategic importance to the regulated firm of building long term planning into the compliance business model to address future regulatory changes.

The market regulators appear to be taking a pragmatic view of non MiFID compliance post November however, this tolerance will only be short lasting and regulated firms need to plan their business changes under MiFID and the necessary technology to demonstrate compliance.
 
This white paper is therefore opportune in explaining some of the imperatives around client classifications.

 
Financial Services - Mobiles - What are the risks? – Is there a solution?

The dealing room environment within financial institutions remains the focal point where the prevention of insider dealing and other fraudulent activities concentrates the minds of regulators and compliance officers. However, since the explosion of the use of mobile telephones as a tool for business there has been a widening black hole in communications security, due to the inability to record and control incoming and outgoing calls.  

This Whitepaper examines the industry problem and attempts to identify solutions to an increasing problem.

 
PAYMENTS
SEPA moving against the tide - White Paper

SEPA is fast moving towards its January 2008 implementation, or is it? At this very late stage there are some very serious obstacles still to overcome and despite plenty of media rhetoric SEPA appears to be heading for only partial success and is likely to fall well short of its original objectives.
 
 

This report examines the weaknesses in the SEPA project and highlights possible solutions that should be considered in the future for the implementation of future directives. Click here to request a free copy


 

The Financial Crisis: How will it affect payment systems?

This report was produced from the closing debate of the two day FINtel Business Summit relating to how the financial crisis will impact payment systems and SEPA in particular. With panellists from ABN AMRO, NORDEA, DEXIA, and SIA-SSB.

 
   

Disclaimer: Whilst every reasonable effort is made to ensure that the information provided on this site is accurate, B.I.S.S. Research provides no guarantees for the currency or accuracy of the information. Where opinions are expressed it is the personal view of the authors and editors. B.I.S.S. Research can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect and do not accept any liability for loss arising from decisions based on them.

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