The International Organisation of Securities Commissions (IOSCO) has reported on a meeting that it hosted in Madrid, Spain last week with 60 market participants from more than 20 countries, including some 30 international financial associations and investor groups.
IOSCO board chair Greg Medcraft chaired the meeting, which covered a range of subjects, including IOSCO´s work on the extensive international financial regulatory reform agenda. He outlined the challenges faced by securities regulators globally and the role IOSCO will play in addressing them.
“The major challenges we face are structural change, the risks posed by innovation and the ongoing globalisation of our markets,” Medcraft told his audience. “By being proactive and forward looking, IOSCO through its standard setting work, engagement with industry and stakeholders and co-operation among its members can make a significant contribution to those challenges.”
David Wright, secretary-general, and Tajinder Singh, deputy secretary-general, described IOSCO’s current work programme and outlined new initiatives, including the creation of a committee on retail investors and a task force on cross border regulation approved at the recent board meeting in Montreal, Canada.
Participants welcomed IOSCO’s work on cross border regulation and emphasised its importance in addressing the issues many face in conducting business across a number of jurisdictions.
IOSCO secretariat staff also outlined the risks IOSCO’s research team had identified in recent work -including risks posed by the low interest rate environment, managing collateral, the risks posed by central counterparties and cyber-crime.
The meeting also discussed the opportunities behavioural economics offers securities regulators. In leading discussion on this topic, Medcraft emphasised the growing role behavioural economics and social media will play in IOSCO´s work, particularly in its efforts to improve informed decision making by retail investors.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.