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FX-ibor Market Manipulation Scrutiny is Wake-Up Call for Capital Markets Firms to Apply More Effective Surveillance Forensics


As the regulatory focus on FX intensifies publicly across Europe, it has led to the firings of a number of senior traders but as TABB Group says, firing senior staff is no substitute for rigorous surveillance.



“Through greater effective and contextualized analysis, firms can safeguard against unnecessary risks and market abuse and opportunistically unlock the true value in their hidden data.”

According to new research issued today by TABB, “Capitals Markets Surveillance 2014: From Defence to Opportunity,” while rigorous surveillance is essential and no firm can afford to ignore the potential consequences, the ability to optimise a firm’s knowledge base provides an opportunity to transform regulatory necessity into a significant business advantage.

The new report covers the impact of further regulation on surveillance requirements in Europe and the challenges and opportunities ahead, It focuses on trade analysis, pre-trade risk and risk aggregation because as London-based senior analyst Rebecca Healey, the report’s author, explains, pre-trade risk checks, risk management and trade analysis mean little if these occur in silos. “FX markets in particular require greater scrutiny in synchronization.” The report also investigates how more effective, contextualized analysis will enable firms not only to safeguard against unnecessary risk and market abuse, but transform bytes of data into a valuable fire hose of intelligence to act on.

Never has it been more critical to spot errors, Healey warns. Now that the regulatory bite is matching its bark – spotting abuses, manipulation, rogue trading and everything in between vital for any firm’s survival in today’s era of personal accountability – creating behavioural monitoring tools allow senior management to take risk and compliance requirements beyond regulation. “Through greater effective and contextualized analysis, firms can safeguard against unnecessary risks and market abuse and opportunistically unlock the true value in their hidden data.”

With trading now multi-region, multi-asset, multi-product and multi-strategy, there is an intensifying need to create a fluid data flow across silos and business lines to enable effective risk management decisions, dealing with different regulators in different regions. “Concentrating on tactical, piecemeal technology solutions at the expense of implementing a full-blown, holistic strategy,” says Healey, “will be a recipe for failure. FX-ibor regulatory scrutiny represents a call to action.”

The 18-page report with 6 exhibits can be downloaded below:
http://www.tabbgroup.com/PublicationDetail.aspx?PublicationID=1458&MenuID=33&ParentMenuID=30&PageID=31

About TABB Group
Based in New York and London, TABB is the research and consulting firm focused exclusively on capital markets, based on the interview-based, “first-person knowledge” research methodology developed by Larry Tabb. In 2010, TABB launched TabbFORUM, the online capital markets community for peer-to-peer contributed opinion and analysis covering current issues, tracked daily by 20,000-plus professionals; in October, 2013, QuantFORUM went live, an online channel for the global quantitative investing community.

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Lundi 17 Mars 2014
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