如今日益增加的监管要求正在重塑后贸易时代的世界. How is technology keeping pace with regulations, and what solutions are available? 马修·约翰逊，存 ITPvnsr威尼斯城官网登入管理 & 行业关系, recently spoke on a panel with industry partners on RegTech issues at the Securities Lending Technology Symposium.
提供数据
By managing the regulatory processes within the financial industry through technology—or RegTech—firms can find solutions including regulatory monitoring, 报告和遵从性. The panel discussed how the Securities Financing Transaction Regulation (SFTR) and the Central Securities Depositories Regulation (CSDR) have required firms to enhance their data and improve the transparency of securities financing markets.
谈到数据的交付和质量, 约翰逊说, “SFTR has acted as a change catalyst leading to a more robust control environment.” The regulations have prompted a considerable increase in reference data and data warehousing across securities finance markets. The additional standardization due to the regulations will lead to data consistency and better data quality for improved trade processing, 还有投资机会. 增强商业智能有多种好处, 包括成本贸易分析和提高透明度, 同时为现有的肯定提供控制利益, 对账和风险缓解过程.
The technology development to meet the enhanced regulatory requirements has been quite significant and has resulted in enriched and higher quality data. 有了这些增强的数据, firms now need to become more efficient with reconciliation and upfront data comparison to ultimately reduce costs. 虽然这项规定是针对欧元区的, sourcing various information for trade reporting will have vast impacts for global businesses that utilize data across multiple jurisdictions.
提高效率
Using the STFR-type data on a real-time basis can provide benefits across the spectrum and allow the data to be reused for better enrichment, 协调和数据洞察. This includes adding an operational process to improve onboarding and publishing data for other legacy businesses or regulatory uses.
由于SFTR，操作流程发生了变化. 通过标准化, 生命周期贸易效应, 比如新书, 利率变化和股息变化, 现在是否正确地拾取和报告. 这有助于前台的行为, improved focus around systems as data is timestamped and updated correctly in a timely manner.
"Improved data streams can enable firms to further analyze data for reporting and analytics use and then ultimately optimize costs and improve business efficiency by proposing reallocations or substitutions."
尽量减少手工流程
虽然数据得到了改善, 手动接触点和调整仍然是导致错误的重要原因. A recent analysis of trades showed the largest area of fails was the result of terminations and adjustments to the trade, 而且不是在最初的交易中. 例如, an amendment that is missing a unique transaction identifier (UTI) is not the fault of technology but due to a manual adjustment within the technology. 高效的流程允许在整个生命周期中复制数据, 没有中断以允许错误.
Improved data streams can enable firms to further analyze data for reporting and analytics use and then ultimately optimize costs and improve business efficiency by proposing reallocations or substitutions. 约翰逊说, “从不同的角度来看, the technology can drive harmonization through multiple jurisdictions and regulations across trade reporting globally.”
利用数据最小化故障
If a trade fails, the best source is to find out the cause is through the data. 然而, custodian data is currently fragmented and not standardized and proper collaboration is needed to consolidate data into one platform.
Johnson noted how custodians are analyzing their client base and finding that increased volume creates more fails. “虽然小公司可能不会有很多失败, 需要考虑解决故障所需的时间, 而买入的可能性将带来额外的挑战, 买入机制何时以及是否生效.”
解决问题的信心是关键. 能够访问和使用数据, as well as extracting value can help prevent fails and should be beneficial for pricing and easing the settlement process. The next step is applying this data to AI and machine learning into platforms to help identify signals and trends.
在过去的五年里，监管要求付出了代价, firms' IT budgets have been used in meeting these needs across the financial markets. 即将到来的是监管负担减轻的前景, which should provide businesses with the ability to use this data to improve cost efficiencies and further optimize revenue.
约翰逊谈到了行为如何仍然是一个主要障碍, 因为汽车平台是可用的，但没有被利用. “CSDR让企业更多地思考自动化，以及它如何实现清洁, 稳健的交易后服务, 包括浓缩的ssi和商定的指示. 未来的出路在于自动化.”
整个行业, firms are being asked to do more with less and greater efficiency will translate into higher matching rates. 使用数据的能力证明了一家公司的和解效率有多高, 而那些拥有最好利率的人会以最快的速度结算.
增加数据的使用
There is an increased demand from issuers wanting to know who is holding shares, as well as an urgency to respond due to the 分享holder Rights Directive (SRD II). Data can inform that process and give confidence as firms access securities and manage processes within timeframes. 这在环境方面变得越来越重要, 社会和治理组件, as the data can provide firms with the information needed to make decisions to vote or recall securities.
The value of the Common Data Model (CDM) is it places all standards once in place. 清洁发展机制可以提供更高的透明度, allowing regulators to find new ways to view data once there is greater adoption. 然而, 因为它是“最佳实践”,而不是规定, 挑战在于让各方都利用它. 约翰逊说 the value of CDM includes the harmonization across multiple jurisdictions. “As more firms adopt, it is difficult to ignore as it increases optimization and automation levels.”
下一步技术预测
The panel concluded with thoughts on the next major steps for data technology solutions. 除了在解决方案中增加使用区块链之外, as well as leveraging existing investments in data to monetize and reduce costs, Johnson mentioned the potential of technology to provide additional security in markets, 包括缩短结算周期.
数据永远是至关重要的，而且数据的重要性还在不断扩大. Johnson强调了可用技术解决方案的数量. “Firms need to understand what they can do and embrace how external vendors can help with solutions.”