Goldman Sachs and HSBC are among a group of five banks adopting a common global approach to disclosing clients' stock positions, a move which participants say could help cut costs and bolster transparency.
and one other bank, is working on a tool to minimise the risks of under-reporting, particularly when investors make so-called short bets or build stakes using derivatives, two sources told Reuters.
Now the group of five banks, working with RegTech specialist Droit, is looking to streamline efforts and further lower costs.Global Head of Position Regulatory Reporting, Pete Chisholm, told Reuters that the initiative, called Endoxa, is the first bank-led consortium to tackle global rules on disclosures reporting,
Spokespeople for Barclays and HSBC said the banks are participating in the consortium, but declined further comment. "Retail investors expect that every bank making these disclosures is doing so on the same basis. This is a way of ensuring everyone plays by the same rules," he said.Investors have in some recent cases amassed large stakes in publicly-traded companies that, while within the rules, have taken other market participants by surprise.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ex-Goldman Sachs trader eyes top job in Greece's leftist partyA former minister and a political novice slug it out on Sunday for the leadership of Greece's leftist Syriza party, the country's main opposition which is hoping for a comeback after a heavy defeat in this year's national election.
Read more »
Ex-Goldman Sachs trader stuns Greek politics, wins leadership of Syriza35-year-old Stefanos Kasselakis won over 56 percent of the vote to lead the main opposition party with a vow to eliminate perks for bankers and politicians.
Read more »
Goldman expects 'healthy' growth at these 3 Indian banking stocks – giving one nearly 50% upsideThe investment bank's bullish stance is also mirrored by its outlook on India's economy.
Read more »
– Banks: Republicans Putting Ukraine over U.S. Won't 'Pass the Test in 2024'Rep. Jim Banks (R-IN) told Breitbart News that Republicans who prioritize Ukraine aid over domestic issues won't 'pass the test in 2024.'
Read more »
Italy continues to water down windfall tax on banksAccording to weekend reports, the windfall tax on Italian banks, which has already been watered down since its implementation in August, will be effec
Read more »
Central banks across Europe pause for breath after mammoth rate hike run, but face ‘triple dilemma'Several European central banks look set for a pause, but resurgent inflationary pressures and slowing growth may complicate the job ahead.
Read more »