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Dec 12 2011

Financial Chronicle- US reforms to spell big biz in financial space: Sapient


Sapient Global Markets, a division of billion-dollar services firm Sapient, expects the Dodd-Frank financial reform bill in the US to bring about a change for nearly every player in the financial markets.

Starting from new reporting requirements to new connectivity needs, it would impact every player, giving Sapient Global Markets, that employs 2,000 Indians, an opportunity to serve investment banks, investment management firms, intermediaries, government and regulatory bodies.
US Congress has enacted Dodd–Frank Wall Street Reform and Consumer Protection Act in July 2010 to promote financial stability by improving accountability and transparency in the financial system. Sapient Global Markets operates in key financial and commodity centres like Chicago, Houston and New York.

Abhishek Bhattacharya who leads the Technology Practice at Sapient Global Markets said that regardless of clearing requirements, all swaps must be reported. Commodity Futures Trading Commission (CFTC) is responsible for all (non-security-based) swaps and will determine which swaps must be cleared.

New norms are also sparking off massive rise in data output Sapient Global Markets aims to catch. This is happening as trades are moving from Over The Counter (OTC) to the other end. "The expansion has been driven by interest rate products, foreign exchange instruments and credit default swaps. The notional outstanding of OTC derivatives markets rose throughout the period and totaled approximately $601 trillion at December 31, 2010. Now, lots of those trades will move onto the exchanges requiring massive technology innovation to have better data repositories," pointed out Bhattacharya.

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