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And no, it is not employees of companies in the most well regulated, long established capital markets centers of America, Britain or Europe. Quite the opposite, apparently
Image and reputation are everything, especially in the world of online trading, where there is no showroom, face to face interaction or physical product.
Financial markets regulators, by default, appear to have their very own image and reputation, with the NFA in the United States, the FCA in the United Kingdom, MAS in Singapore and ASIC in Australia being held out as bastions of astuteness and custodians of the rulebook for some of the most well respected financial institutions in the world.
Therefore, it would be natural to expect that reporting errors, something that has been far more emphasized in the electronic trading industry since the bungled implementation and now potential retraction of MiFID II by the European authorities which focused heavily on trade reporting practices and how electronic methods of communicating trade outcomes to regulators should become a major feature, leading to ‘regtech’ – regulatory technology – becoming an important sub-sector of the financial services industry.
There are hidden threats within the third party risk management scope, and these have been the subject of …
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