Monthly Archives: October 2015

Post CRM: Where Do We Go From Here? (IIAC Blog)

Post CRM: Where Do We Go From Here? (IIAC Blog)

The second and final phase of the Client Relationship Model (CRM) will take effect on July 15, 2016, a scant nine months away. This date marks the culmination of a four-year effort to build a comprehensive regulatory framework for the client-advisor relationship.

The IIAC has started to think about where do we go from here as we experience a building boom. Some regulators believe the rule framework does not go far enough to meet the clients’ broad needs, and that more regulation is the answer.

My guest column, which appears in the November edition … Continue reading

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Ian Russell On BNN – The Election and Canada’s Economy (IIAC Blog)

Ian Russell On BNN – The Election and Canada’s Economy (IIAC Blog)

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What’s Going on in Global Reform? (IIAC Blog)

What’s Going on in Global Reform? (IIAC Blog)

In late September I attended the IOSCO Stakeholders’ Meeting. The international organization is at an important crossroad—it continues to reinforce its role as the key global reference point for securities regulation, while grappling with new and emerging opportunities and risks, including those posed by digitization. It announced last week that Paul Andrews (a 17-year veteran of FINRA) will become the new Secretary General of the IOSCO.

IOSCO recognizes culture as a key ingredient to improved market conduct, and will continue to encourage the global industry to adopt core principles consistent with good culture. The impetus of … Continue reading

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The Cross-Border Conundrum (IIAC Blog)

The Cross-Border Conundrum (IIAC Blog)

This morning I had the pleasure to deliver the keynote address at the Derivatives World Congress organized by American Leaders. 

The financial crisis exposed significant weaknesses in the over-the-counter (OTC) derivatives market. In the immediate aftermath of the crisis, the G20 Leaders agreed to improve the integrity of trading, clearing and reporting of OTC derivative transactions. Individual regulators responded—some more quickly than others—to introduce new rules for dealers and clearinghouses. The problem is these reforms were introduced without much coordination among the regulators.

Derivatives traders are unable to execute with foreign counterparties, and clear through offshore … Continue reading

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Thoughts on Bond-Market Liquidity (IIAC Blog)

Thoughts on Bond-Market Liquidity (IIAC Blog)

On September 30, I spoke at the Bloomberg LIVE Canadian Fixed Income Conference in New York City. Ari Altstedter, Reporter with Bloomberg News, did a terrific job moderating a panel on bond market liquidity on which I participated.

On the same day, I also sat down with Michael McKee and Kathleen Hays on Bloomberg Radio to talk about the deterioration in bond market trading conditions in Canada; the differences between the Canadian and U.S. markets; the contributing factors to decreased liquidity; what regulators can do to ameliorate the liquidity crunch; and the implications for fixed income … Continue reading

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