By Sinead Cruise and Elizabeth Howcroft LONDON (Reuters) - Goldman Sachs and HSBC are among a group of five banks adopting a common global approach to ...
By Sinead Cruise and Elizabeth Howcroft LONDON - Goldman Sachs and HSBC are among a group of five banks adopting a common global approach to disclosing clients' stock positions, a move whichSaltWire's Atlantic regional weather forecast for September 25, 2023 | SaltWireLONDON - 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.
Banks have been investing in so-called RegTech to cut the costs of complying with such rules through automation. "This is about whether all the banks across the world understand the rules exactly the same," Chisholm said, adding there was"a risk that the market data the public relies on could be inaccurate because of the lack of commonality".
The banks will work with Droit and a law firm to write a common digital machine-readable code that consortium members can implement to ensure consistent compliance, said one source, who declined to be named.
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