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Published by: Business Insights
Published: Mar. 1, 2007 - 99 Pages
Table of Contents
- Executive Summary
- ‘Compliance fatigue’
- MiFID
- Reg NMS
- Other regulations
- Best practices in regulatory compliance
- IT vendor opportunities
- Chapter 1 Introduction
- What is this report about?
- Who is this report for?
- Definitions
- Algorithmic trading
- Anti-Money Laundering (AML)
- Basel II
- Capital Requirements Directive (CRD)
- Data taxonomy
- eXtensible Business Reporting Language (XBRL)
- International Accounting Standards (IAS)
- International Financial Reporting Standards (IFRS)
- Markets in Financial Instruments Directive (MiFID)
- Patriot Act
- Regulation NMS (Reg NMS)
- Sarbanes-Oxley
- Chapter 2 ‘Compliance fatigue’
- Summary
- The compliance burden
- Overview of new regulations
- MiFID and Reg NMS
- Future outlook
- Using compliance as a competitive edge
- Chapter 3 MiFID
- Summary
- MiFID in detail
- Benefits of MiFID
- Weaknesses of MiFID
- The regulatory compliance challenge
- Opportunities for IT vendors
- Operational and business implications
- Technology implications
- Electronic order handling and trade execution systems
- Automation
- Data providers and the use of market data
- Data storage
- Permanent availability of data
- Stronger security
- Consolidation
- Technology vendors
- Chapter 4 Reg NMS
- Summary
- Reg NMS in detail
- The regulatory compliance challenge
- Market implications
- Exchange price wars
- Technology implications
- Explosion in market data
- Regulation acting as a catalyst for algorithm growth
- Opportunities for IT vendors
- Chapter 5 Other regulations
- Summary
- Other regulations
- Sarbanes-Oxley
- Basel II
- Patriot Act
- Regulatory compliance IT spending trends
- Chapter 6 Best practices in regulatory Compliance
- Summary
- Typical enterprise approach to compliance
- Strategies, policies and procedures for success
- Expanding roles for compliance and risk personnel
- Adopting a process-driven approach
- Corporate governance
- Scenario-based approach to defining compliance business requirements
- Regulatory compliance should be an enterprise endeavor
- Holistic regulatory compliance initiatives
- Chapter 7 IT vendor opportunities
- Summary
- Introduction
- Finding additional value in compliance
- Investors are driving holistic compliance trend
- Centralized services
- Companies should set up a deliverable that satisfies multiple compliance needs
- Technologies that can assist regulatory compliance
- In-house assessments
- Regulations are not specific about which technologies can achieve regulatory
- compliance
- XBRL-compliant reporting systems, data and documents
- Do not underestimate the complexity and effort required
- Consolidate disparate reporting applications
- Analytics and reporting tools
- Data standardization can help FSIs comply with more than one regulation
- Adoption of data management protocols
- Data management policies and procedures need to be pushed from
- upper management
- ILM strategies
- Co-ordination of relevant ILM tools and solutions is required
- Offering an ILM solution
- ILM involves products, policies and strategies
- Email management
- Email management and information lifecycle management go hand in hand
- Policies for email and ILM
- Securing data and information is critical
- Managing emails effectively can improve productivity
- Vendor recommendations
- The data management industry is set to grow
- Strong opportunities for regulatory compliance solutions
- Vendors should partner with peers
- FSIs need to be educated on best practices
- Vendors should protect themselves
- Vendors should aim to be regarded and perceived as ‘trusted partners’
- List of Figures
- Figure 2.1: Emerging regulations in financial services industry
- Figure 2.2: Regulations that drove key mandatory spending in 2005
- Figure 3.3: MiFID-compliant processes can deliver companies a set of wider business benefits
- Figure 4.4: Which do you see as barriers to Reg NMS / MiFID compliance?
- Figure 5.5: Regulations that drove key mandatory spending in 2005
- Figure 5.6: Basel II overview
- Figure 5.7: Regulatory compliance IT spend (Europe) 2005 - 2009
- Figure 5.8: Regulatory compliance IT spend (North America) 2005 - 2009
- Figure 6.9: Regulatory reporting and compliance process
- Figure 7.10: Integrating disparate technologies into compliance framework
- Figure 7.11: Regulations that are driving the adoption of data management policies and procedures
- Figure 7.12: Simplified ILM system design
- List of Tables
- Table 2.1: Regulatory compliance IT spend (Europe) 2005-2009
- Table 2.2: Regulatory compliance IT spend (North America) 2005 - 2009
- Table 2.3: Summaries of key laws and regulations
- Table 2.4: Summary of new regulations
- Table 4.5: Reg NMS vs MiFID IT Spend, 2005-2009
- Table 5.6: European Basel II IT Spend 2005-2009, by type of risk
- Table 5.7: North American Basel II IT Spend 2005-2009, by type of risk
- Table 7.8: Deutsche Bank and dbClient
AbstractAs the number of laws and regulations increase, the cost and complexity for compliance has grown and will carry on for the foreseeable future as a second wave of regulatory activity takes place. Consequently, banks across the globe are increasing their search for effective enterprise risk management initiatives and solutions, in order to transform these regulatory burdens into competitive advantages.
The Future of Regulatory Compliance is a new management report that provides in-depth analysis of the pending regulations - including Markets in Financial Instruments Directive (MiFID) and Regulation National Market System (Reg NMS) - and the impact they will have on financial services institutions (FSIs) in Europe and the US. It reveals technology issues FSIs need to overcome and demonstrates how IT providers can help them through developing best practices and technology solutions to meet the requirements of new laws and regulations. This report also investigates ‘compliance fatigue’ and examines the continuing importance of past regulations - such as SOX - in IT budgetary considerations.
Gain invaluable knowledge, plan ahead and create a competitive advantage, using the detailed analysis and recommendations in this new report.
Some key findings in this report...
• SOX and the Patriot Act are leading the adoption of data management policies and procedures, but MiFID and Reg NMS will drive the need for data management initiatives throughout 2007, as the sense of urgency and importance increases.
• Some of the larger banks have already begun shifting more towards holistic compliance, which provides ways for FSIs to use their existing technology for more than one compliance initiative.
• One of the results of this second wave of legislation is that vast amounts of data will have to be stored and, therefore, firms will have to significantly update their data warehouses.
• This second wave of regulations is motivating the industry to develop enterprise-wide risk management solutions in order to handle the complexities of such legislature, which will lead to greater centralization of risk management and compliance management within organizations.
• Spending on first wave regulations (such as AML, SOX and Basel II) will remain constant or fall in relation to a second wave of regulations (such as MiFID and Reg NMS).
This new report will provide you with...
• Definitions of the major laws and regulations affecting FSIs.
• In-depth explanations of the second wave of regulations (MiFID and Reg NMS) and their market impact.
• Forecasts for IT spending on regulatory compliance from 2005 up to 2009.
• Predictions of whether the second wave of regulations will dominate IT spending more than the first wave of regulations (including SOX, Basel II etc.).
• Analysis of the strengths, weaknesses and IT opportunities of the new regulations.
• Insight into FSIs’ responses to the new regulations.
• Intelligence on market trends, such as the growth in algorithmic trading driven by regulations.
Some key questions answered in this report...
• What is MiFID and how will it affect financial services institutions?
• Where are the IT opportunities in the second wave of new regulations?
• What policies and best practices should FSIs adopt?
• How will regulatory compliance affect IT spending?
• Has the first wave of regulations passed or is it still having an impact on IT spending?
• What are the barriers to compliance with this second wave of regulations?
• Which technologies can help ease regulatory compliance?
• What is Reg NMS and how will it affect FSIs?
Some hot issues covered in this report...
• MiFID - how it will significantly alter financial services regulation within EU member states, how firms operate their businesses and the way they interact with their customers.
• Reg NMS - how it will modernize the regulations governing the US equity markets to better address current market conditions.
• Market consolidation - how firms will compete for a position ahead of the MiFID and Reg NMS implementation dates.
• How compliance can be used as a competitive edge - banks will benefit from increased productivity, lower operational cost, better risk management and an adaptable compliance system.
• Information lifecycle management - and how compliance will be a key driver for ILM initiatives.
Top 5 reasons to order this report today...
• Understand the complex market conditions financial services institutions operate in.
• Discover FSIs’ pain points and emerging markets.
• Clearly identify your value proposition and gain a headstart over your competitors.
• Tailor product offering strategies as no vendor can provide an integrated solution to meet an organization’s compliance requirements.
• Recognize potential alliances or acquisitions, as market consolidation is inevitable.
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