Friday 28th August 2015
NEWS: Friday, August 28TH: The Hong Kong Monetary Authority says it has granted a restricted banking licence to Goldman Sachs Asia Pacific Company Limited (GSAPCL) under the Banking Ordinance. GSAPCL, incorporated in Hong Kong, is a wholly-owned banking subsidiary of the Goldman Sachs Group, Inc. The number of restricted licence banks in Hong Kong is now 24 - Apple launched its first Australian dollar corporate bond issue, raising $1.2bn within two hours this morning. Strong demand for the US tech giant’s fixed and floating, four and seven year Kangaroo bonds saw the firm outstrip predictions it would raise between $500m and $1bn. Apple bonds are popular because the AA+ rated company is considered an ultra-safe investment, although yields are correspondingly low — about 3% on four-year bonds and about 3.8% on seven-year bonds - The European Securities and Markets Authority (ESMA) has published the responses received to the Joint Committee Discussion Paper on Key Information Document for PRIIPS. The responses can be downloaded from the regulator's website - Romania’s MV Petrom reportedly is planning a secondary listing on the London Stock Exchange. According to Romanian press reports, the local investment fund Fondul Proprietatea may sell a significant stake in the company via public offering on the Bucharest Stock Exchange and London Stock Exchange. OMV Petrom, with a current market capitalisation of €4.85bn has announced that it will ask its shareholders’ approval for a secondary listing in London. The general shareholders meeting is scheduled for September 22nd. Austrian group OMV, holds 51% of the company’s shares; other shareholders include the Romanian state, via the Energy Ministry, with a 20.6% stake, and investment fund Fondul Proprietatea, which holds 19%. The remaining 9.4% is free-float - Morgan Stanley (NYSE/MS) today announced the launch of a new fund, the IPM Systematic Macro UCITS Fund, under its FundLogic Alternatives plc umbrella. The fund provides exposure to IPM’s Systematic Macro strategy, which is based on IPM’s proprietary investment models that provide unique insights into how fundamental drivers interact with the dynamics of asset price returns. The FundLogic Alternatives Platform currently has more than $2.6bn in assets under management (as of 31 July 2015) and this latest addition expands Morgan Stanley’s offering of global macro strategies - Equities sold off hard this morning as continued pressure on Chinese stocks rippled throughout world markets. Chinese government intervention brought the Shanghai Composite back a positive close; but the question is now, has confidence eroded so much that the market will continue to depend on the government to prop it up? The other key element to consider today is the outcome of the debate in the German parliament on the Greek bailout. Last month, a record 65 lawmakers from the conservative camp broke ranks and refused to back negotiations on the bailout. The daily Bild estimated that up to 120 CDU and CSU members out of 311 might refuse to back the now-agreed deal. However, Chancellor Merkel is looking to secure support from the Social Democrats (SPD), Merkel's junior coalition partner, and the opposition Greens which will likely swing the final decision Greece’s way. However, a rebellion by a large number of her allies would be a blow to the highly popular Chancellor.

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DTCC urges restarting federal pilot program that targeted cyber espionage

Monday, 04 June 2012
DTCC urges restarting federal pilot program that targeted cyber espionage The US DTCC has testified before a Congressional subcommittee that federal agencies and the financial sector must expand information sharing on cyber-threats to more effectively protect the capital markets from attack. DTCC also called for restarting the Government Information Sharing Framework (GISF), a successful but now-defunct pilot program that targeted cyber espionage as part of this information sharing effort. http://www.ftseglobalmarkets.com/

The US DTCC has testified before a Congressional subcommittee that federal agencies and the financial sector must expand information sharing on cyber-threats to more effectively protect the capital markets from attack. DTCC also called for restarting the Government Information Sharing Framework (GISF), a successful but now-defunct pilot program that targeted cyber espionage as part of this information sharing effort.

Mark Clancy, DTCC managing director and corporate information security officer, told the House Capital Markets and Government Sponsored Enterprises Subcommittee during a June 1 hearing entitled Cyber Threats to Capital Markets and Corporate Accounts that the termination of the GISF program in 2011 eliminated a critical source of threat data and analysis for the financial sector.

 “While financial institutions have robust information security programs in place to protect their systems from cyber threats, they are not foolproof,” Clancy said. “A critical resource the industry relies upon to help safeguard the system is information sharing between federal agencies and the financial sector. DTCC strongly supports restarting the GISF program, removing its pilot status and expanding its reach within the financial sector to ensure that all resources are working in concert to protect and defend the capital markets from cyber-attack.”



The GISF program commenced in 2010 as a collaboration between the Department of Defense (DoD), the Department of Homeland Security (DHS) and The Financial Services–Information Sharing and Analysis Center (FS-ISAC), the primary group for information sharing between the federal government and the financial sector. It allowed for the sharing of advanced threat and attack data between the federal government and 16 financial services firms that were deemed capable of protecting highly sensitive information. The program was expanded over time to include the sharing of classified technical and analytical data on threat identification and mitigation techniques.

The DoD in effect terminated the GISF program in December 2011, and information sharing through DHS, which was expected to continue, also ceased that month. Since the termination of GISF, several organizations in the financial sector have experienced threat activity from actors first identified to the industry through GISF reporting. A recent FS-ISAC assessment found that these threats will continue to increase in the years ahead.

Clancy credited the GISF program with enhancing the financial sector’s:

* Access to actionable information to search for similar threat activity in their own networks,

* Access to contextual information to better understand risk implications of various threats,

* Ability to adjust assessments of cyber espionage using quantifiable information that had previously been unavailable, and 

* Understanding of the need to develop standards to support the automation of sharing and consuming threat data.

 “Information sharing like that which occurred under the program represents the most critical line of defense in managing and mitigating cyber risk today [sic],” Clancy said. “GISF drove innovative new initiatives in the industry and helped reshape the sector’s approach to assessing cyber espionage risks while prompting pilot firms, including DTCC, to revise best practices for managing threat information. It also spurred financial institutions to make significant additional investments in threat mitigation and detection capabilities that otherwise could not have been easily justified due the lack of understanding of the risk to the sector.”

Clancy added that while GISF was successful in many aspects, it should be expanded to include a broader group of financial institutions because the pilot program’s reach and impact were too limited and did not scale to the depth and breadth of the sector.

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