Buy-Side Unprepared for Dodd-Frank's OTC Swaps Rules - Survey

A majority of North American buy-side firms consider compliance with the Dodd-Frank finance reform bill to be among their top priorities, but most are unprepared for the new landscape, a survey by software provider SimCorp found.

In a poll of more than 120 executives at 60 firms, SimCorp said that 72 percent rank Dodd-Frank among their most important issues. But 77 percent said they don’t have the right systems in place to comply with the new requirements for over-the-counter derivatives trading.

And only 23 percent of the firms surveyed are confident they’re ready for the new regulations from a systems perspective, SimCorp added.

Meanwhile one out of every two respondents told SimCorp they weren’t sure they could capture all OTC derivatives position, transaction and contract data in a single place in order to get a clear view of risk and performance.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio