News Centre

European Data Regulators Issued EUR2.92 Billion (USD3.10 Billion / GBP2.54 Billion) In GDPR Fines Last Year - A 168% Increase On The Previous Year – According To Global Law Firm DLA Piper - Global Law Firm DLA Piper Publishes The 2023 Edition Of Its Annual GDPR And Data Breach Survey Revealing Total Fines Issued For A Wide Range Of GDPR Infringements And The League Table Of Fines Issued By Country Since January 28th 2022. The Survey Covers All 27 Member States Of The European Union, Plus The UK, Norway, Iceland And Liechtenstein

Date 18/01/2023

• European data protection supervisory authorities have issued EUR2.92 billion (USD3.10 billion / GBP2.54 billion)* since 28 January 2022, a 168% increase against the previous year
• Significant penalties levied against Meta IE by the Irish Data Protection Commissioner (DPC) place a spotlight on the “grand bargain” between consumers and online service providers: “free” services in exchange for consumers’ personal data which can then be used to create lucrative advertising profiles. The fines attack the cornerstone of this “grand bargain”
• This year’s highest fine of EUR 405 million (USD429 million / GBP352 million) was imposed by the Irish Data Protection Commissioner against Meta Platforms Ireland Limited relating to Instagram for various alleged failures to protect children’s personal data.
• The average number of notified data breaches per day fell slightly from 328 notifications per day to 300 notifications per day** suggesting that organisations might be becoming warier of notifying breaches for fear of investigations, fines and compensation claims. The Netherlands remains at the top of the table for the number of breach notifications made per 100,000 capita
• Luxembourg remains at the top of the country league table for the highest GDPR fine imposed since 25 May 2018: a fine of EUR 746 million (USD790 million / GBP649 million). But Ireland is catching up, taking the 2^nd, 3^rd, 4^th, 5^th and 6^th places in the country fines league table after a very busy year for the DPC
• With so many technology firms based in Ireland or Luxembourg and the continued focus of European data regulators on this sector, DLA Piper foresees Ireland and Luxembourg likely remaining at the top of the league table for years to come

EDB Strengthens Executive Management Board With New Appointments

Date 18/01/2023

European Depositary Bank (“EDB”), the Luxembourg-based provider of banking, depositary and custody solutions, today announces the appointments of Jean-François Thils, Managing Director and Robert Steele, Managing Director as Members of the Executive Management Board.

Adaptive Reveals Next Phase Of Aeron Trading Technology Development With Open-Source Community And Premium Offering

Date 18/01/2023

• Announcement follows acquisition of Aeron developer, Real Logic, in February 2022
• Aeron Open-Source, widely used to build low-latency trading systems, given increased investment and new functionality
• Adaptive to enhance support for Aeron Open-Source and launch Aeron Premium to accelerate trading technology delivery

Preqin Appoints Chief Commercial Officer To Boost Development Of Market-Leading Solutions - Nosheen Amir-Ebrahimi – Who Joins From S&P Global – To Prioritize Customer Centricity

Date 18/01/2023

Preqin, the global leader empowering the alternatives community with essential data and insights, has appointed Nosheen Amir-Ebrahimi as the firm's first Chief Commercial Officer. Nosheen will oversee and drive Preqin's commercial strategy, with a clear focus on designing best-in-class services and products to help the firm's clients succeed in the ever-evolving alternative assets industry.

Temenos Launches Next-Generation AI-Driven Corporate Lending To Help Banks Tap Global Corporate Credit Growth - Unified Loan Servicing Simplifies Complex Loan Processing And The End-To-End Loan Lifecycle Management; One Of Multiple Developments Across Lending, Trade Finance And Cash Management

Date 18/01/2023

Temenos (SIX: TEMN) today launched the next generation of its AI-driven, Corporate Lending solution to enable banks to consolidate global commercial loan portfolios and unify servicing all on the Temenos banking platform.

Remarks By US Secretary Of The Treasury Janet L. Yellen At Bilateral Meeting With People’s Republic Of China Vice Premier Liu He

Date 18/01/2023

Vice Premier Liu, I am very pleased to meet you in person today.  

Encompass Launches Landmark Whitepaper Unveiling Key Trends In Financial Crime Compliance - Encompass Whitepaper, ‘Trends In Financial Crime Compliance’, Cites Robust And Risk-Based Approach To KYC As The Key To Navigating The Complex World Of Rising Instances Of Financial Crime, Global Sanctions, And Stricter Fines For Non-Compliance

Date 18/01/2023

Encompass Corporation, the provider of the leading Know Your Customer (KYC) automation platform, has published a landmark whitepaper analysing trends in financial crime compliance across 2022 and providing an understanding of what they mean for banks in 2023.

BMLL Appoints Jenny Chen As Head Of Sales, Americas - Delivers On Its Strategic Focus To Grow US Presence Due To Increased Demand For Level 3 Data And Analytics

Date 18/01/2023

BMLL, the leading, independent provider of harmonized, historical Level 3 data and analytics, today announced the appointment of former Société Générale, Goldman Sachs and UBS executive Jenny Chen as Head of Sales, Americas. The appointment follows the most recent news announcing Rob Laible as Head of Americas (January 2023) and delivers on BMLL’s strategic growth plans for geographic expansion, to meet the increasing client demand for Level 3 data and analytics in the US and globally. 

Shanghai Gold Exchange: Notice On Continued Market Risk Control

Date 18/01/2023

The market risk has intensified significantly due to increasing uncertainties recently. To avoid risk accumulation during Chinese New Year holidays, all members shall increase their awareness of risk prevention, continue to make detailed risk contingency plans, and remind investors to manage risks, appropriately manage open interests, and invest rationally.

SBF Tweeted: FTX US Is Solvent, As It Always As Been - SBF’s Substack - FTX US Balance Update 2023-01-17

Date 18/01/2023

Summary

Today (January 17th, 2023), Sullivan & Cromwell (S&C) released some more information about FTX US. Some of this information was extremely helpful. They gave substantially more information on the assets that FTX US holds!