• 1175

    MILLENNIALS AND MORTGAGES: how a shifting demographic is redefining the housing market

    Millennials, those born between 1981 and 1997, introduce a set of norms and expectations befitting a new generation, now the largest in the United States.1 Traits, such as digital savviness, remaining single longer and elevated debt levels, represent not only a cultural transformation, but also a shift in the way this generation views its housing needs. In this article, Jocelyn St. James discusses how lenders looking to rebound in the real estate market will need to build systems and processes that address millennials’ specific priorities in order to remain ahead of more digitally enhanced competitors to create advantages in both [...]

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  • 1139

    BENCHMARK REGULATION: are EU markets ready?

    Volatility has foiled financial markets since the subprime crisis exposed a variety of shortcomings, prompting regulators to intervene with more stringent requirements. The crisis revealed a significant issue when major banks in the United Kingdom were accused of manipulating the London Interbank Offered Rate (Libor), a key benchmark for financial deals worth $300 trillion.1 Following the Libor scandal, regulators have voiced their concern about the potential manipulation of Euro Interbank Offered Rate (Euribor), Hong Kong Interbank Offered Rate (Hibor) and other key interest rate benchmarks. The European Securities and Markets Authority (ESMA) has responded with a new Benchmark Regulation (BMR) [...]

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  • 894

    MiFID II & MiFIR: reporting requirements and associated operational challenges

    While the key objectives of Markets in Financial Instruments Directive (MiFID) I were to bring greater standardization and improvements in collateralization and risk management, MiFID II seeks to enhance transparency and supervision to ensure methodical markets and harmonize reporting requirements across member states. In this article, Mahima Gupta and Shashin Mishra summarize the obligations MiFID II imposes upon investment firms and explore the associated impact and operational challenges, some of which can be effectively outsourced to a vendor system. Download the PDF MiFID I came into effect in 2007 to facilitate cross-border financial services within Europe, ensuring a competitive landscape [...]

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  • 900

    THERE IS NO SUCH THING AS HARMONIZATION: so let’s get good at translation

    With another major regulatory reform bearing down on the financial services industry, organizations are realizing that a one-size-fits-all data reporting solution is out of reach. However, with the right approach, firms have the opportunity to become more nimble around the growing list of regulations and establish a competitive advantage. In this article, Randall Orbon, Brian Lynn and Mahima Gupta explain why firms need to shift their mindset from the idealistic quest for a universal industry standard to one that focuses on enabling message translation in the most efficient way possible to avoid regulatory scrutiny and reduce costs. Download the PDF [...]

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  • 910

    ASSET MANAGEMENT METAMORPHOSIS: transform now or risk missing the greatest opportunity in decades

    Many asset management firms are implementing customer relationship management (CRM) systems to automate their sales and marketing processes and build more comprehensive views of their customers. Likewise, many are building interactive client portals and applications, as well as client reporting and document automation capabilities, to better service customers, create operational efficiencies and meet regulatory reporting requirements. As a next step, asset managers can devise a strategy to share the information generated by these customer-facing portals and apps with their CRM systems, and vice versa, to proactively engage the customer on an increasingly personalized level. In this article, Thomas Kracz discusses [...]

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  • 923

    STATE OF DATA GOVERNANCE: the challenge to make data management programs operational

    Data management is gaining stronger traction across the financial services industry thanks to stringent regulatory requirements, such as BCBS 239. However, with increasing regulatory demands comes the issue of sustainably operationalizing data management programs. In this article, Gavin Kaimowitz outlines the challenges firms face when rolling out these programs throughout their entire organization and the steps needed to achieve operational success that enables a path to growth and greater revenue. Download the PDF Global financial institutions are coming to the realization that the business processes and operational models they have relied on in the past won’t necessarily help them succeed [...]

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  • 984

    MISMO: data standardization in the age of housing finance reform

    The burst of the housing bubble in 2007 brought a wave of change in the US residential mortgage market. From tighter underwriting standards and stricter disclosures per regulatory guidelines in the primary market to a secondary market placed under conservatorship, organizations across the entire industry have had to adapt to this changing paradigm. Regulators, borrowers and investors are seeking more transparency in hopes of preventing a second mortgage crisis. In this article, Jocelyn St. James discusses the industry’s increased adoption of the Mortgage Industry Standards Maintenance Organization (MISMO) data standard, and how, by enabling market players to build upon a [...]

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