Where are the Technologists’ Voices in Global Financial Reform?
In an attempt to fix the plumbing of the global financial markets under Dodd Frank with a unique identification code for swaps and counterparties, technology has been an afterthought, writes Allan Grody, President of Financial InterGroup Holdings LLC.
December 04, 2013
Financial reform is being driven by new regulations. Granting them foresight, regulators have started on this global enterprise by taking the right first step … fixing the plumbing of the financial system on a global scale. This activity, primarily a data and technology initiative, starts with a globally unique identification code for financial market participants and the products they trade, own and process. The system is to be initiated first for use in electronically identifying, trading and clearing swaps. It is intended for regulators to be able to observe the risk exposures associated with these transactions.
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