Where the Data Buzz Is
![michael-shashoua-waters michael-shashoua-waters](/sites/default/files/styles/landscape_750_463/public/import/IMG/317/167317/michael-shashoua-waters.JPG.webp?h=acfe3244&itok=ceJMABf4)
Despite its oft-remarked-upon decline, this year's Sifma Tech Expo still yielded high-level consideration of regulatory and operations issues that are important for data management. Though some of that certainly came from events outside the conference itself, such as Inside Reference Data's breakfast briefing on Fatca and Solvency II regulation, which was held on June 19 and sponsored by SIX Financial Information.
BNY Mellon executive Amy Harkins, speaking at the briefing, crystallized the idea of countries outside the US responding to its Fatca regime by enacting their own versions of the taxation rules, possibly in coordinated fashion. Although the prospect of this coming to pass is not a certainty, firms should still be prepared to respond to intergovernmental agreements, which will form the infrastructure of global Fatca initiatives, she warns.
Also having an impact globally is Europe's Solvency II directive concerning capital adequacy and risk for insurers, which is already fueling innovation in compliance solutions, as Nicholas Hamilton finds in "Solvency II Solutions." European Insurance and Occupational Pensions Authority reporting requirements and efforts by an Investment Management Association working group have set the stage, but the hard work of innovation is being done by firms such as State Street and Northern Trust, as this story details.
Another data management effort on the rise is the Data Management Maturity (DMM) model, whose backers made its presence felt at the Sifma Tech Expo. Our top story this month, "UBS, Bank of America Discover Value in DMM Model," reports how this model for defining data content, moving data and handling metadata is catching on, and is already delivering benefits at these big firms.
Parallel to DMM, the use of metadata has also been moving up the data management agenda. Tying a couple of these threads together, Citisoft's Steve Young, in his Industry Warehouse column, "Fatca Meets Metadata," suggests metadata repositories can be useful for tracking relevant tax compliance data that can be spread among multiple systems. The development of such a repository would also make it possible to analyze the effect of the changes in data requirements caused by Fatca, he argues.
The takeaway from this mix of topics, influenced by the agenda covered in and around the Sifma Tech Expo, is that changing rules, standards and models are driving data management professionals to adopt new methods and systems in their operations. The Sifma Tech Expo may not look like it once did, but in this case it still managed to take the pulse of industry concerns.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Finra clears hurdle with CAT launch, but several others remain
Two major components of the consolidated audit trail are now in place. But wrangling over the CAT’s future continues.
Bloomberg, industry bodies push back on Cboe’s proposed OEMS rule change
Some industry bodies disagree with the options exchange’s proposal to carve its Silexx OEMS out of the SEC’s definition of an exchange facility and place it into a separate business line.
GenAI: US Fed reveals its five use cases
Internal sandbox used to assess viability and risks; coding and content generation on the agenda.
Zeros and ones: Industry contemplates T+0 as the next step
With the North American transition to T+1 settlement complete, same-day settlement could be the next goalpost set, though skeptics are many.
The IMD Wrap: Déjà vu as exchange data industry weighs its options
Max highlights some of WatersTechnology’s recent reporting on data costs and capacity issues facing the options industry, and asks, haven’t we seen this before somewhere?
FRTB data quality issues persist amid shifting implementation dates
Banks are finding market and reference data challenges posed by the FRTB’s standardized model tricky, compounded by uncertainty over when the regulation will take effect.
Cboe pushes rule change to make way for proprietary Opra alternatives
As US options data has grown in volume and cost, Cboe says changing the public feed's governing document would make way for more competition from private alternatives, including its Cboe One Options Feed, launched in 2023.
Regulators urged to promote cyber security investment
Public interest in stopping cyber attacks that could trigger bank runs, says Bundesbank researcher