Industry utilities are fast becoming the new reality in the post financial crisis banking arena, with Know Your Client (KYC) and Collateral Management initiatives already in progress. The main driver behind this utility model is improved operational efficiency and the associated cost savings, yet many large financial institutions have yet to break through the misconception that ‘inside the firewall’ is always safe and ‘cloud’ is always bad.
The EU regulation on securities financing transactions requires new disclosures for collateral that can be reused to provide additional awareness of the risks that this can cause to collateral providers with complex collateral ‘chains’ (see Article 15).
In early March the European Banking Authority (EBA) published a consultation paper outlining draft regulatory standards for the minimum set of data that institutions should hold on their contracts within the European Union.
Our pilot programme is now available – if you would like to see what the new world of contract data management looks like please contact us to request a demonstration and register interest in a pilot.