Thomson Reuters hosts Governance Risk & Compliance & Fx market tracker seminar in Mauritius
Thomson Reuter’s seminar provided a unique platform for regulators and financial professionals to meet and discuss challenges, propose solutions and share best practices within the financial services industry in Mauritius and beyond, by unveiling the benefits of the market tracker platform.
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, organized on Thursday a Governance, Risk, and Compliance (GRC) seminar as well as a Financial Markets Information sharing session which focused on the recent implementation of the market tracker in Mauritius.
The event, held in partnership with Temple Consulting, addressed key themes of regulation, compliance, risk and governance including anti-bribery and corruption across African markets.
The seminar provided a unique platform for regulators and financial professionals to meet and discuss challenges, propose solutions and share best practices within the financial services industry in Mauritius and beyond.
Sneha Shah, Managing Director, Africa, Thomson Reuters, said: “We believe that this regulatory network is critical to effectively address cross-border issues, obtain and share information. Today, cross-border cooperation in the continent is essential as the financial sector continues to internationalize.”
“We are committed to expand our business offering into central banks across African markets. In the past three years Thomson Reuters launched a unique Trade Reporting solution for central banks in several countries including Mauritius. Operational efficiency in the trading space is becoming a necessity given the fragmented nature of trading coupled with the regulatory oversight and scrutiny from investors. This solution will enhance the supervisory role of the country’s central bank over its foreign exchange market.”
“In 2014, the world of financial services was once again dominated by regulation, regulatory change and enforcement action. Firms and their compliance officers are facing change, change and more change, all with the threat of ever bigger fines combined with an increasingly wide range of other sanctions being used by regulators to drive home the need for good compliance and good customer outcomes,” she added.
Shah cited findings of the 2014 Thomson Reuters Rising Costs of Non-Compliance report.
“The findings revealed that while monetary fines are still rapidly growing as a result of persistent non compliance, they are not seen to have changed the underlying behavior, with many firms considering financial penalties to be part of the standard costs of doing business. As the global regulatory landscape continues to evolve, Africa-based regulators are looking for opportunities to work more closely together in order to present a more unified voice,” she noted
The Fx tracker seminar that was geared towards the implementation of currency value tracker allowed market participants to quickly scan multiple relative value indicators across multiple currency pairs in real-time, thus enabling them to isolate the currency pairs that may offer better opportunities to execute trading strategies, thus providing an intelligent and intuitive user experience that enables financial professionals to quickly identify trends and signals in the plethora of market data.
With the real time data there is an improved price discovery, and there are also benefits for commercial banks in terms of the best quotes for spot/forward and WAP.
Accordingly, dealing on the Reuters market tracker platform will bring transparency alongside securing reliability. With the plethora of trading tools available, there is every opportunity to make the right moves that give an edge to financial firms.