January 16th, 2024 - Regulation Innovation SIG Meeting Minutes

eteridvalishvili commented 10 months ago

Regulation Innovation SIG

Date

January 16th, 2024 - 12pm EST / 5pm GMT

Untracked attendees

Fullname, Affiliation, (optional) GitHub username
...

Meeting notices

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Agenda

[x] Convene & roll call (5mins)
[x] Display FINOS Antitrust Policy summary slide
[x] Review Meeting Notices (see above)
[x] Approve past meeting minutes
- https://github.com/finos/open-regtech-sig/issues/64
[x] Project idea: T+1 Settlement: SSI template build and potential digital authentication, FMSB Workstream. Presenter: Ffion Acland, Goldman Sachs
[x] New project proposal: ESG Data standardization. Presenter: PJ Di Giammarino, JWG Group
[ ] AOB, Q&A & Adjourn (5mins)

Meeting Minutes

Develop an open-source solution to enhance manual trade processes, offering a middle ground between existing digital platforms and manual methods.
FMSB facilitates collaboration without imposing rules; focuses on providing tools and solutions.
25-40% of trades still manual, attributed to factors like client preferences and perceived inadequacy of existing vendor
Authentication, especially time-consuming, identified as a significant challenge in settlement processes.
Utilize FINOS tools to build models, digitize templates for an open-source solution, and improve authentication in settlement instructions.
HSBC, JP Morgan, Barclays, and RBC express interest in the project; discussion on their active role in FMSB.
Discussion on the potential integration of Legal Entity Identifiers (LEIs) in settlement instructions for improved identification.
Consideration of forming working groups to contribute to the development of the proposed open-source solution.
Explore integration with the CDM framework; follow-up discussions among key participants to determine feasibility and requirements.

Action Items

[ ] Follow-Up on CDM Integration
[ ] Working Group Formation
- [ ] Proposal to form a working group to collaborate on the development and implementation of the solution.
[ ] LEI Integration Discussion
[ ] ESG Project Investment Planning:
- [ ] Develop a plan for the anticipated investment in the ESG project, outlining key milestones and resource requirements.
[ ] Reach out to potential participants for input and collaboration, ensuring diverse representation from the industry. Follow-Up on Technical Challenges:
[ ] Continue discussions on overcoming technical challenges related to Bcbs 2, 3, 9 and explore potential solutions.
[ ] Form a collaborative effort to contribute to the development of the new XBRL schema for ESG data.
[ ] Regularly review progress against the established timeline and adjust as needed.

Join Zoom Meeting

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jgavronsky commented 10 months ago

Jane / FINOS here

eteridvalishvili commented 10 months ago

Eteri / FINOS

ffionwiggins commented 10 months ago

Ffion / GS

RobReeveLexTego commented 10 months ago

Rob Reeve - LexTego

stephengoldbaum commented 10 months ago

Stephen Goldbaum @ Morgan Stanley

sarahsinclair commented 10 months ago

Sarah Sinclair - Change Gap

anelledavis commented 10 months ago

Ashley Nelle-Davis // Data Foundation

PJDiGi commented 10 months ago

PJ Di Giammarino, JWG

martinudy commented 10 months ago

Martin Udy Bank of England

desipops commented 10 months ago

Desi Popova @ Goldman Sachs

sarahsinclair commented 10 months ago

Sarah Sinclair Change Gap

From: martinudy @.> Sent: Tuesday, January 16, 2024 5:06:11 PM To: finos/open-regtech-sig @.> Cc: Sarah Sinclair @.>; Comment @.> Subject: Re: [finos/open-regtech-sig] January 16th, 2024 - Regulation Innovation SIG Meeting Minutes (Issue #65)

THIS MESSAGE ORIGINATED OUTSIDE CHANGE GAP

Martin Udy Bank of England

— Reply to this email directly, view it on GitHubhttps://github.com/finos/open-regtech-sig/issues/65#issuecomment-1894157094, or unsubscribehttps://github.com/notifications/unsubscribe-auth/ATYSAXSDK7UCYP5NJQR2M2LYO2XQHAVCNFSM6AAAAABBQ63APKVHI2DSMVQWIX3LMV43OSLTON2WKQ3PNVWWK3TUHMYTQOJUGE2TOMBZGQ. You are receiving this because you commented.Message ID: @.***>

Perelmuter commented 10 months ago

Rimma Perelmuter/FINOS

finos / open-regtech-sig