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Andrew Douglas
Andrew Douglas, Managing Director and CEO of the DTCC Data Repository Ltd. (DDRL)

Securities financial transaction (SFT) regulation and the importance of collaboration to defend against emerging cyber threats were among the topics discussed at the annual Eurofi High-Level Seminar, held in Riga, Lithuania. This year’s conference was organized in association with the Latvian EU Council Presidency and focused on a variety of policy topics related to “fostering growth in a highly indebted EU environment.”

Andrew Douglas, Managing Director and CEO of the DTCC Data Repository Ltd. (DDRL) and Mark Clancy, DTCC Interim Chief Information Security Officer and CEO of Soltra spoke on conference panels and contributed articles to the Eurofi Conference newsletter.

Douglas’ panel, “Enhancing the Safety and Efficiency of Securities Financing Transactions and Collateral” discussed next steps regarding securities financial transaction (SFT) regulation following proposals made by the EU Commission and how transparency issues related to SFT are being addressed at the international level. The panel also touched on the major challenges ahead in the EU regarding collateral availability and mobility and their impact.

In his article, “Collaboration in Collateral is Essential to Capital Markets Union,” Douglas stated, “Collateral is a crucial element of the efficient functioning and funding of global capital markets and therefore a key component in any growth strategy. As Europe considers the mechanisms by which it might promote a Capital Markets Union, it is essential that collateral move smoothly and efficiently across the financial markets, both in Europe and globally as a way of supporting investment into the European Union.”

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Clancy’s panel, “Digital Financial Services: Regulatory and Cybersecurity Challenges” focused on trends for the financial sector related to the increasing digitalization of services and the regulatory agenda for digital financial services in the global context.

Mark Clancy
Mark Clancy, DTCC Chief Information Security Officer and CEO of Soltra

Clancy’s article, “Information Sharing in Europe is Key to Heading-Off Cybercrime Migration,” stresses the importance of a collaborative approach based on open dialogue and trust to achieving real-time identification, detection and mitigation of emerging cyber threats. “Improving the ability of private sector entities and government to share critical cyber threat information is vital to bolstering Europe’s collective cyber defense; the cyber challenge cannot be solved by a single government, sector or firm,” Clancy stated in his article.

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Eurofi is a European think-tank dedicated to financial regulation and supervision and provides a platform for exchanges between the financial services industry and the EU and international public authorities.