Money brokers in China are reportedly set to suspend their data feed businesses at the behest of regulators in the country.
According to Reuters, money brokers have been told to suspend their data feed businesses by regulators due to data security concerns by the China Banking and Insurance Regulatory Commission.
One source told the newswire that regulators told the money brokers that they were not licensed to conduct data feed business.
These brokers provide data vendors such as Wind Information Co and Sumscope Information Technology Co with price quotes. The report notes that this regulatory action could negatively impact the speed of trading in China’s money and bond markets.
The report adds that five of six money brokers operating in China have received the notice. These include the local joint ventures of Tullett Prebon and NEX International Ltd, and joint ventures of BGC Partners, Central Tanshi and Compagnie Financière Tradition.
While these concerns are around data protection Chinese money brokers have had a historical link to Mexican and Colombian drug cartels. In early 2021, a Chinese businessman named Gan Xianbing was sentenced to 14 years in prison for his role in laundering just over $530,000 in Mexican cartel drug money.
Latest News
-
Revolut reveals 2025 vision featuring AI assistant, mortgages, and ATMs
-
ZA Bank launches cryptocurrency trading in ‘Asia first’
-
BIAN launches new developer tools
-
Canadian banks leading on AI, says founder of Evident AI Index
-
Barclays fined £40m over Qatar fundraising failures from 2008
-
Mastercard Multi-Token Network connects to JP Morgan’s Kinexys Digital Payments for settlement
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories