Regulatory

Summary

The challenges being posed today within the Regulatory Change space are becoming increasingly significant and finding the right resources to deliver these programmes of work is becoming decidedly more difficult.

Rate cards and preferred supplier lists, which were designed for generic change type resources, are frequently being used to attempt to provide very specialist subject matter experts with in-depth knowledge of regulatory programmes and their associated issues.

 

Opportunities prevail for consultancies to maximize short-term revenues and margins. At Prospect 33, we want to lock down our interests and focus on becoming a strategically aligned partner with our main customers.

We believe we are better served in providing a larger pool of resources to fewer clients. We would like to build a strategic relationship with our customers to support their Regulatory Change programmes globally.

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CCAR

Analyzing the various modelling and methodology options for different projection categories to plan and set up a project team tasked with delivering the projections modelling infrastructure.

Lead the analysis, development and implementation of a Projections Collections Infrastructure that collects all the projections, actuals, assumptions, management overlays and supporting narratives in FR Y-14A ready format.

Scope the legal entities and trading products that constitute the IHC; execute on the business location strategy to align with the Group’s Capital Adequacy Requirement.

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EMIR Mandatory Clearing (OTC Rates)

One of the regulatory requirements from EMIR is to clear all eligible in-scope OTC trades between eligible parties. Prospect 33 supplied a specialist team to gather the mandatory clearing requirements, design a process for consuming data from MarkIT into the client data repository and facilitate a client outreach to all impacted clients.

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Foreign Account Tax Compliance Act (FATCA)

Prospect 33 supported the US Tax Operations team in order to become compliant with the FATCA regulations and analysed current processes to identify gaps where the client was not meeting their reporting and withholding requirements. We also reviewed and implemented client on-boarding processes and procedures.

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Compliance Annual Report

The CFTC requires Chief Compliance Officers of all CFTC registered future commission merchants (FCMs), swap dealers (SDs), and major swap participants (MSPs) to develop appropriate policies and procedures to fulfill the duties set forth in the regulations relating to the SDs, MSPs or FCMs activities.

Prospect 33 supported a swap dealer to facilitate their annual report detailing how the SD complies with all applicable regulations in its role as a SD.

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Regulatory Reporting

Trade and Transaction Reporting:
Prospect 33 has supplied a number of teams into tier-1 investment banks to Interpret new regulatory requirements and evaluate the impacts on each bank’s target operating model and internal processes. The teams have helped deliver new solutions for the regulatory demands to comply with the demands that are specified in Dodd-Frank, EMIR, and MIFiD legislations.

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Risk and P&L

Prospect 33’s Women’s Future Leader Program has largely diversified the Emerging Markets Middle Office, Risk and P&L team by supplying in bright, driven and highly ambitious graduates from Top Tier UK and European Universities.

These bookrunners are a part of a team making sure that billions of trades are settled, risk is minimized and clients are satisfied to manually produce P&L attribution and risk numbers for the traders, ensuring all trading activities are properly recorded and accounted for in the Bank and providing accurate data to the business.

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