Bank-led consortium takes aim at position reporting
Five banks, including Barclays, BNP Paribas, Goldman Sachs and HSBC, have joined forces to mitigate interpretation and implementation errors in position reporting disclosures.
Interpreting regulatory requirements is often challenging. Even for regulations that are similar in nature—say, rules for position reporting disclosures—more than 100 jurisdictions have different ways of presenting their requirements. And often, how they’re interpreted is left to the complying institution.
This presents a risk to those institutions, says Pete Chisholm, head of regulatory management and entity solutions at Goldman Sachs. He says regulators’ function is to regulate the markets
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