Tuesday 29th July 2014
slib33
The Union Bank of the Philippines (UBP) released a 49% drop in net earnings in the first half of 2014, as it came in to just PHP3.2bn, almost half of its net earnings in the same period last year. In the April to June period alone, net income fell 36% from PHP2.18bn in the second quarter of 2013 to PHP1.6bn in the second quarter of 2014. However, it is important to note that net interest income grew by 29% year-on-year, as it came in at PHP5.2bn in the half of 2014 – Rangold chief executive Mark Bristow will present the firm’s Q2 results at noon on Thursday this week at The Forum, London Stock Exchange Around 10.00 am today some traders on Moscow Exchange’s Derivatives Market reportedly experienced difficulties entering orders via the FIX protocol, with some valid messages rejected with an error code. The FIX protocol has been functioning as usual since 11:37 am says the exchange. Moreover, the exchange stresses other protocols to access the Derivatives Market’s trading system have been functioning as usual - Société Générale Securities Services in Luxembourg has been mandated by wealth manager Bedrock, with $6bn in assets under management, to provide custody, fund administration and registrar services for its range of UCITS funds - Moody's Investors Service has assigned a first-time provisional (P)B3 corporate family rating (CFR) to Empik Media & Fashion SA Group. At the same time, Moody's has assigned a provisional (P)B2 rating to the firm’s proposed senior secured notes due 2019 to be issued at EM&F Financing AB, a wholly owned and guaranteed subsidiary of EMF, reflecting its overall ranking within the debt capital structure. The outlook on the ratings is stable. This is the first time Moody's has assigned ratings to EMF - Lithuania will adopt the euro on January 1st next year. Lithuania will become the 19th member state to adopt the euro. "Lithuania's consistent efforts have paid off: today the eurozone has opened the door for us," said Algirdas Butkevičius, prime minister of Lithuania, on the announcement. The entry of Lithuania into the euro family is of great importance for the whole euro area. "It's a demonstration of the continuing attractiveness of the single currency project and its relevance for the future of our community," added Sandro Gozi, State Secretary for European Affairs of Italy and President of the Council of the EU. The conversion rate has been set at 3.45280 Lithuanian litas to the euro – Global macro hedge fund manager Atreaus Capital is now live with SunGard’s Hedge360 Risk Reporting Service. Delivered as a managed service, the Hedge360 Risk Reporting Service provides highly customized daily risk reports, offering transparency to investors and integrated internal risk management to hedge funds. Trading a broad range of products with an emphasis on FX and commodities, in the form of both OTC derivatives and futures - AnaCap Financial Partners LLP, the specialist European financial services private equity firm, together with HIG and Deutsche Bank, have completed the acquisition of a €495m portfolio of non-performing and sub-performing loans from Volksbank Romania. Under terms of the agreement, funds advised by AnaCap will jointly acquire the entire portfolio with HIG and Deutsche Bank. The portfolio of 3,566 loans in total is backed by a mix of primarily residential, commercial real estate and development land. APS Romania will be appointed as Master Servicer. The transaction is the largest of its kind in Romania to date, and came about as a result of the ongoing pressure on financial institutions across Europe to restructure and divest assets in order to clean up balance sheets and comply with new capital requirements. After a prolonged correction following the financial crisis, the property market in Romania is now showing strong signs of improvement. GDP and unemployment have recovered on the back of labour market reforms in 2011 and an IMF financing package. House prices, which declined 38% since their peak in mid-2008, are now on the rise, with the areas surrounding central Bucharest and other main cities increasing 4% for 2013.

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.

Related News

Related Articles

Related Blogs

Related Videos

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP