Science & Technology
Science and Technology
Science and Technology
Thu, December 18, 2008
Sapients Global Trading and Risk Management Practice Explains the Fed Letters Impact on OTC Derivatives Processing
BOSTON--([ BUSINESS WIRE ])--[ Sapient's ] (NASDAQ: SAPE) global [ Trading and Risk Management Practice ] recently launched a series of discussion forums aimed at explaining the implications of the latest letter on derivatives processing requirements issued by the Operations Management Group (OMG) to the Federal Reserve. In Boston earlier this month, Sapient presented "The Future of OTC Derivatives Processing," a discussion forum for financial services professionals that will be repeated in seven more cities around the world, including New York, Stamford (CT), London, Toronto, Hong Kong and Singapore.
These discussion forums cover timelines, issues and best practices for addressing mandates set in the recent commitment letter from the OMG to the Federal Reserve Bank of New York, dated October 31, 2008.
Market events in 2008 have placed compliance in the spotlight as regulators look to add stringent levels of transparency to trading processes. While major broker dealers began proactively implementing a series of increasingly aggressive steps to improve the OTC processing environment, the OMG made further commitments in its most recent letter to the Federal Reserve Bank of New York that can only be achieved with the cooperation of all firms—buy-side and sell-side—that trade OTC derivatives.
This regulatory imperative means that all market participants must understand the obligations contained in the letter and build actions into their 2009 business plans aimed at meeting the industry-wide objectives. These discussion forums provide attendees the necessary market insight to understand the special challenges for all users of derivatives.
"Unprecedented market events have impacted the OTC derivatives industry on a significant scale," said Chip Register, senior vice president and managing director of Sapient's global Trading and Risk Management (TRM) Practice. "Buy-side professionals need to be aware of the commitments in the latest OMG Fed Letter and create operational efficiencies to accommodate them."
As part of the discussion forums, Sapient outlines how the entire industry—not just the major dealers—must move rapidly to adjust to the new operating paradigm. The forums also illustrate the evolving derivatives landscape, including new regulations, anticipated market changes and recommendations on how to best adapt to them—ending with an interactive Q&A session.
At the recent Boston event on December 4th at the Hotel Langham, attendees learned more about the newest Fed Letter and its impact on OTC derivatives and the buy side (coincidentally, the Boston Federal Reserve Bank was once housed on the site where the hotel now stands). Attendees represented a number of Boston's major financial services firms.
Event Schedule and Registration Information
For more information on upcoming discussion forums in New York, Stamford (CT), London, Toronto, Hong Kong, Singapore and other locations, please contact Gail Scibelli at 305.581.0095 or via email at [ gscibelli@sapient.com ].
Sapient's [ Trading and Risk Management (TRM) Practice ] brings more than 15 years of applying business, technology and process experience to fully service trading and risk enterprises. Leveraging deep industry knowledge, global capabilities and a relentless drive toward innovation, Sapient partners with its TRM clients to improve their businesses, transform their operations, expand their client base and maximize profitability. The company's TRM clients include global investment banks, tier one hedge funds and buy-side firms, major oil and energy merchant companies and government entities.
About Sapient
Sapient, a global services firm, operates two groups—Sapient Interactive and Sapient Consulting—that help clients compete, evolve and grow in an increasingly complex marketplace. Sapient Interactive provides brand and marketing strategy, award-winning creative work, web design and development and emerging media expertise. Sapient Consulting provides business and IT strategy, process and systems design, package implementation and custom development, as well as outsourcing services such as testing, maintenance and support.
Sapient's passion for client success—evidenced by its ability to foster collaboration, drive innovation and solve challenging problems—is the subject of case studies on leadership and organizational behavior used by MBA students at both Harvard and Yale. Leading clients, including BP, Essent Energie, Hilton International, Janus, Sony Electronics and Verizon, rely on the company's unique approach to drive growth and market momentum. Headquartered in Boston, Sapient operates across North America, Europe and India. For more information, please visit [ www.sapient.com ].
Sapient is a registered service mark of Sapient Corporation.
