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Regulators and banks worldwide agree that universal implementation of Legal Entity Identifiers, or LEIs, is essential to prevent contagion during the next financial crisis. So why is it taking so long to roll it out?
May 4 -
Regulators unveiled plans Monday to broaden the use of "Legal Entity Identifiers" and launch a pilot program designed to get more information on bilateral repurchase agreements.
October 6 -
Sen. Elizabeth Warren, D-Mass., is raising concerns about a new financial services communications tool that critics warn could be used to get around compliance requirements.
August 10 -
New York State's interim bank superintendent is asking pointed questions of a new instant messaging service. The outcome of the inquiry could broadly affect the way vendors work with regulators.
July 22 -
The acting head of New York's financial regulator has asked for details on the instant-messaging service that several large banks are developing, out of the concern that many of the same banks are under investigation for rate-rigging.
July 22 -
Following revelations of traders' chats about Libor-rigging and third parties' screen scraping, a group of banks and securities firms has acquired Perzo, a secure messaging platform, to make it their own.
October 3
Three investment banking giants are reportedly planning to jointly build a data management company.
JPMorgan Chase, Goldman Sachs and Morgan Stanley are each investing more than $1 million to launch SPReD, which will allow member companies to "create a stream of consistent data that banks use to help determine pricing and transaction costs," according to
SPReD, short for Securities Product Reference Data, is expected to launch within six to 12 months, the Journal report stated. By joining hands, the participants believe they can drive down data management costs while boosting data quality. The individual firms did not immediately respond to requests for additional comment.
SmartStream Technologies, a software and managed services provider, is central to the SPReD startup effort, according to published reports. The company currently serves 70 of the world's top 100 banks, focusing on such areas as post-trade processing, data management, and trade acceleration services.
