The 2008 Global Financial Crisis brought about massive regulatory initiatives across financial services aimed at bringing increased transparency and security to global markets. Significant new and revised mandates have come into effect over the last decade, 没有放缓的迹象. 结果是, in-scope firms have had to continually adapt their processes, 系统, 以及维护合规性的基础设施.
As we move further from the catalytic events behind these reforms, the obligations become more 和更多的 institutionalised, 反过来, the impact of failure is becoming more tangible – whether it be reputational and financial loss through enforcement, 或者在隐私等领域的二次侵犯, 数据管理和操作弹性.
相关视频:美国撤军的影响.S. 亚洲的T+1
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With the industry operating under existing regulatory obligations, incoming regulatory change across various pre- and 帖子-trade processes will further stress legacy operational 系统 and infrastructures, 更不用说预算和vns6060威尼斯城官网了.
各公司都在问自己:
- Is now the time to embark on an in-depth review of existing operational infrastructure to better manage forthcoming regulatory mandates?
- What is the most cost-effective and scalable approach that will address specific business, operational and compliance needs while introducing best practice?
- How can we ensure the chosen solution or approach is future-proofed for future regulatory demands and market developments?
- How can we access the right level of expertise and capability needed to deliver the required change?
It is clear firms need an option that not only responds to immediate compliance needs following best practices, but also brings the greatest value to the organisation in the long term.
确保T+1就绪
Topping the list of incoming changes driving the industry to question their readiness, is 要求 美国现金股票, 公司债, unit investment trusts to be settled on a T+1 settlement cycle, 2024年5月28日生效——这是一项要求, 或者预计会是, 在全球范围内复制.
对亚洲企业来说，转向T+1意味着什么? 取决于时区, Asia-based firms with trading interests in the US will likely have less than one business day to process, 分配, 确认, affirm their transactions if they are to meet the 9:00 pm Eastern Standard time on trade date, 业界推荐的最佳实践.
与以往缩短结算时间的举措不同, moving to a T+1 settlement cycle will require significant structural changes including the remodeling of processes, 系统, 以及目前的运营模式. 考虑到 tight timeline before the May 2024 implementation date, as well as the relative scarcity of true subject matter experts in the region, APAC firms are increasingly looking to source expertise to jumpstart their front-to-back trade lifecycle review process.
Considerations include an understanding of 要求s to address inefficient processes, 主要的组织风险, 痛点. 具体地说, firms will have to look into managing time zone differences, processing foreign exchange and multi-currency conversion, 处理贸易例外, 和更多的. Firms will have to ensure that existing 系统 are enhanced and optimised to seamlessly function in an accelerated T+1 environment, 最重要的是, 以一种符合全球最佳实践的方式.
衍生品交易报告规则重写
除了移动到T+1, firms are also focused on evolving derivatives trade reporting requirements, as local regulatory regimes look to harmonise reporting rules to enable even greater levels of transparency into derivatives markets.
Related Video: APAC considerations for OTC derivatives reporting rule rewrites
Over the next few years, regulators across multiple jurisdictions including 澳大利亚, 日本, 新加坡 will progressively roll out a spate of revised derivatives trade reporting rules to bring greater alignment to the quality and accuracy of reported data. 我们已经看到这种情况发生在 北美, 欧洲 与亚太地区的发展方向一致吗.
Central to these rewrites is the adoption of harmonised data standards and definitions that will necessitate not just changes to system flows and technology, 还有运营模式, 协调逻辑和控制框架. Modifications could be required from onboarding to trade booking and trade 确认ation, 归结为数据协调. Attaining the expertise needed is a significant challenge.
规划前进的道路
当公司考虑前进的道路时, they are left with an important business decision: implement quick-fix solutions and patches to achieve compliance, 或者考虑一个更全面的, ground-up approach that enables success today and for the future.
考虑到 IT人才短缺 reported by 国际 Data Corporation (IDC) in March 2023, increasing evidence of a shortage of regulatory change expertise across the industry, firms may consider engaging external experts to help them develop a holistic and integrated approach to diagnosis, 设计, 并执行业务, 操作和遵从性要求, a scalable compliance-IT-operational construct for successfully managing through change.
As we look forward and consider the vast regulatory demands facing each firm around the globe, the 帖子-trade regulatory space is about much more than just addressing today’s problems. Firms must also position themselves for future success, 通过推动最佳实践, 支持可伸缩性和有效的风险管理, 能否经得住时间的考验的实现, achieving a lower cost base – with guidance from external experts where applicable.
本文最初发表于 亚洲监管 2023年10月27日.