The January 2016 deadline for compliance with PERDARR just gets closer and closer – and while experts warn that at least some of the global systemically important financial institutions (G-SIFIs) to which the rules apply are struggling to cope, attention is also starting to focus on who’s next.
The Basel Committee’s BCBS 239 Principles for Effective Risk Data Aggregation and Risk Reporting are, says Nick Railton-Edwards in a blog at Derivatives Risk Solutions LLP, “a blend of vague and blindingly obvious; however, obvious is rarely synonymous with fully-implemented.”
Banks had a compliance schedule of three years following their designation as G-SIBs, Railton-Edwards says, noting that many banks have been classed as significant since November 2011. “Progress should be well on the way. It isn’t.”