Building a consensus approach that avoids a steady stream of small fines for misreporting long and short stock positions may be a new model for joint action on regulation.
On Monday, news emerged that a consortium of Barclays, BNP Paribas, Goldman Sachs, HSBC and another unnamed bank were collaborating to develop a new position-reporting utility.
The banks, whose consortium is called Endoxa, from the Greek for “shared opinions”, first came together five years ago with the idea of establishing common best practice to meeting the complex and varied requirements over disclosing to regulators long and short positions in public company securities, principally equities.
Click to read the full article on Euromoney.
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