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That's Operational Risk, Asia!
News, regulatory developments and industry perspectives on Operational risk

External Event Watch
Once-in-a-decade typhoon closes in on Japan, Channel News Asia |16 Oct 2013

Rest of The World
Nasdaq Says Flaw Exposed in Data Flood Caused Trade Halt , Bloomberg

By Michael P. Regan, Nick Baker & Whitney Kisling - Aug 30, 2013 2:51 AM GMT+0800

Nasdaq OMX Group Inc. provided more details about its three-hour trading halt last week, saying a flood of data received from NYSE Arca exposed a software flaw in its conduit for disseminating prices…[Continue]


U.S. seeking $6 billion from JPMorgan to settle mortgage claims, Reuters 28August

Wed Aug 28, 2013 2:04am EDT
(Reuters) - U.S. government housing financeauthorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter....[Continue]


JP Morgan told to pay Blavatnik $50m in damages, BBC 27 August
JP Morgan has been ordered to pay Russian billionaire Leonard Blavatnik $50m after losing a claim for damages.Mr Blavatnik brought the claim against the investment bank after suffering losses following the collapse of the US subprime mortgage market.[Continue]


Server Crash Spurs 3-Hour Nasdaq Halt as Data Link Lost, Bloomberg 27 August
By Michael P. Regan, Sam Mamudi & Whitney Kisling
The interruption that froze half the U.S. stock market last week began with a routine notice. The brevity of the message belied its significance. Computers at the world’s biggest exchange operators were having difficulty communicating. Within two hours, trading stopped in more than 2,000 U.S. stocks. The three-hour shutdown was the latest in a series of failures to disrupt increasingly complicated markets, prompting the Securities and Exchange Commission to push for rules requiring executives to improve the reliability of their technology….[Continue]


Goldman Places Four on Leave After Options Error, FT 25 August
Goldman Sachs has put four senior technology specialists on leave after an embarrassing trading glitch that is likely to cost the bank tens of millions of dollars.
The decision to place the employees on administrative leave was made following last Tuesday’s trading error, according to a person familiar with the events. A Goldman spokesman declined to comment on internal personnel matters at the bank. [Continue]

Our pick of recent industry stories and news articles

Five Year Cyber Security Plan Launched In Singapore, CNA 24 July
SINGAPORE: Singapore has launched a five-year cyber security masterplan to develop the country into a trusted infocomm hub by 2018.The plan will bring together the private and public sectors, as well as individuals, to manage digital threats…….[Continue]


India Top Destination For Data Theft, Times of India 16 July
NEW DELHI: As the country's estimated $108 billion IT services industry is becoming the world's favoured outsourcing centre, India is emerging as a popular destination for cyber data theft and may witness growing activity of hackers, says a latest report.
"Data theft is one of the biggest risks posed before the companies in the banking sector. Emerging underground……[Continue]


RBI penalises 22 banks for violating customer ID rules, Reuters 15 July

MUMBAI | Mon Jul 15, 2013 2:29pm IST
(Reuters) - The Reserve Bank of India imposed penalties on 22 banks for violating rules for customer identification and anti-money laundering, ranging from 5 million rupees to around 30 million rupees, it said on Monday…..[Continue]



November - December

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