Update from the Technical Committee 
The October Technical Committee meeting followed closely after SIBOS, a 4-day event, which included 6 streams each day at the Sydney International Convention Centre. A number of members attended and noted a number of themes around APIs and digitisation.
We will no doubt hear more about these themes at the FTA Conference next week and the committee looks forward to connecting with as many members as possible over the 2 days.
During the Technical Committee meeting, we discussed some current issues, such as the international accounting bodies discussing potential changes to IFRS and risk. In the transaction banking space, we also discussed the difficulties digitising trade finance and KYC issues. We also noted the RBAs announcement that the volume of New Payment Platform payments now exceeds cheques. Returning to KYC issues, this was a regular theme of Fintech booths at SIBOS, particularly around digital identity and open banking.
The professional development calendar also reviewed with some support for potential new topics following the FTA Conference. We’re also gearing up for Treasury Fundamentals in the new year and looking for interested members to join Technical Committee members in developing this course. We also discussed some great developments with the website, so stay tuned! As always the weekly update will keep you in tune with new developments.
I also provided an update on the recent ISDA Regional conference, which focussed on IBOR fallbacks, initial margin and incentives to clear, together with some digital finance. IT was too early for the results of ISDA’s survey (FTA submitted a response to the consultation), however there were clear messages from Regulators and ISDA members to be ready for potential removal of a number of IBORs. The ASX and many speakers were, however, confident BBSW will continue as a valid benchmark.
I’m sure these issues, along with many others, will be discussed at the conference and we look forward to seeing you there! Please feel free to share your thoughts with us.
Many thanks,
Lindesay Brine, FFTP
Technical Committee Chair