Bank of valletta
The shortlist has been announced for the Custody Risk European Awards 2013
With only a couple internationally recognised custodians operating in Malta, the regulator is keen to attract more competition before European Union legislation hits the statue books.
Despite an unsettling sovereign debt crisis in the eurozone, Malta’s financial services sector and in particular hedge fund development continues to grow at an accelerated pace.
The computational requirements of Solvency II are driving the need for more computing power and data storage accessible on a scalable basis. Early adopters are leveraging cloud computing for their Solvency II implementation. Others are taking a more cautious approach, waiting for the industry to address key concerns such as security before they to embrace computing.
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Malta still suffers from a lack of international, big name custodians. Of these only HSBC has a presence in the jurisdiction. That is set to change in 2011 as more banks eye Malta’s potential.
In response to industry fears of a collateral crunch, regulators have revised the proposed rules on margining for uncleared over-the-counter (OTC) derivatives.You can find out more by downloading this white paper here.