The financial services community is no stranger to adapting to regulatory change. 这是我们这个行业的现实. 就在过去几年里, 我们经受住了SFTR等重要新任务的考验, CSDR和未清算保证金规则, not to mention overcoming the operational burdens associated with Brexit and the ongoing 伦敦银行间拆放款利率 transition. 最重要的是, the pandemic sparked record volumes and volatility across asset classes, major technology enhancements to support remote work were introduced, and the industry managed through an unprecedented acceleration of digital innovation. It’s been a challenging few years for financial services firms.
相关:存的清关指南 & 结算
I was speaking with a client recently, and what he said really got me thinking. Reflecting on the burdens of regulatory and 市场结构变化, 他引用爱因斯坦的话说道, 困难中蕴藏着机会.” Not only did I admire his optimism, but the message is particularly relevant right now. 在变化的环境中, firms can either allow events to dictate their actions or they can use the moment as an opportunity to grow and experiment with new ways of doing things.
Companies that embrace that mindset will be better positioned to navigate this period of uncertainty and emerge stronger, 更有弹性, 并与他们的客户长期相关.
现在是抓住机会的时候了
With an overhaul of derivatives trade reporting regulation globally, 继续推出CSDR, 在美国转移到T+1.S.，你们公司的运营模式将真正受到考验. And therein lies the opportunity to reevaluate and reengineer your 帖子-trade infrastructure to better prepare your firm for whatever may come next – regulatory revisions, 市场结构变化, 或者意外的市场事件.
While it might be tempting in the short-term to get by with fragmented upgrades that address specific needs, this kind of siloed approach would be a mistake as incremental fixes are risky, 昂贵而且不能为你的长期发展做最好的准备. Here are a few top-of-mind thoughts on what to pay close attention to as you begin to tackle challenges related to some of these upcoming changes.
保护你的控制框架
As firms prepare their systems for revised derivatives trade reporting rules, you’ll want to ensure your reporting control framework is leak-proof. The reason for this is simple: compromised control frameworks can lead to reporting errors and very possibly fines. Firms may also suffer reputational damage or difficulty retaining and attracting top talent, 举几个例子.
因此, it’s imperative that you scrutinize “under the hood” of your trade reporting processes and conduct a diagnostic assessment to determine if your firm’s control framework ensures completeness, 精度, 报告的及时性.
让贸易报告专家坐在驾驶座上
存的库 & 衍生品服务 clients continue to tell us there’s a sizable need for help with pre and 帖子 trade reporting functions. Discussions revealed a high level of dependence on manual processes, 例外的制度知识, and a lack of understanding of how the nuances of regulatory change impact their operations. 为了解决这个问题, 你应该找一个能减轻这些依赖的伙伴, 提供未来的可扩展性, and provides you with capabilities to help manage the ongoing regulatory changes across global jurisdictions.
With complex operating model and technical architectural expertise, 我们可以帮助您驾驭监管环境, 实现业务和技术需求, 测试, end-to-end assessment of your control frameworks and governance structure, 数据处理等.
在贸易失败之前采取行动——防止惩罚!
The CSDR’s 结算 Discipline Regime (SDR) takes effect on February 1, 2022, but it’s not too late for firms to improve their settlement processes before the consequences of inaction start to bite. The only way firms can get ahead of the trade-fail penalty curve is to upgrade their operations with automation. Ask yourself: are the number of fails I am seeing what I expected? 我还能做些什么来进一步降低失败率呢? Have I automated matching and confirmation and locked in settlement instructions? 我是否可以轻松地强化底层数据? 如果你对这些问题中的任何一个回答“不”, you need to reevaluate your 帖子-trade processes and procedures to look for weak points, and then formulate an action plan to reduce those vulnerabilities and optimize your settlement arrangements.
在通往T+1的道路上不要像蜗牛一样慢吞吞地前进
行业努力加速美国经济增长.S. 到T+1的结算周期正在顺利进行, 目标实施日期为2024年上半年. 结果是, firms will need to better understand the internal impacts and associated costs with the move as well as perform extensive analysis and planning to be ready for industry 测试 by the first half of 2023.
作为这项工作的一部分, firms will have to understand procedural and behavioral changes required for allocations, 肯定和否定过程, 票据交换所处理时间表和证券借贷, as well as identify the causes of settlement errors and fails to determine how automation can help. As you know, many critical trade functions generally begin after the end of the trading day. This means firms will need to ensure there is ample time for these processes to occur before starting the next business day, including exploring migrating to more real-time processing where possible.
别耽搁了——请专家来
面对如此繁忙的日程安排，公司可以参与 存咨询服务 以便接触到有深厚经验的售后专家, cross-functional experience and knowledge to inform your decision-making and planning to improve your operations.
With complex operating model and technical architectural expertise, 我们可以帮助您驾驭监管环境, 实现业务和技术需求, 测试, end-to-end assessment of your control frameworks and governance structure, 数据处理等.
Rather than feeling overwhelmed by the enormity of the changes on the horizon, firms can take advantage of Einstein’s advice and begin transforming their 帖子-trade legacy systems and processes. 最后, 你的公司会更强大, 更有弹性, 并以更可扩展的方式运作, efficient infrastructure that lowers your overall costs and risks.