--- title: "Outlook 2016: Lloyd Altman, Risk Focus" description: Simultaneous regulatory change will continue to snowball in 2016, Risk Focus officials promise. --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/48312-2#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Institution](https://articles.marketsmedia.com/tag/institution) - Institution - Outlook 2016: Lloyd Altman, Risk Focus Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/48312-2#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 12.28.2015 By Rob Daly Institution # Outlook 2016: Lloyd Altman, Risk Focus 12.28.2015 By Rob Daly [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/48312-2) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/48312-2) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/48312-2) *Lloyd Altman, global head of Validate.Trade at Risk Focus.* **What were the major themes of your business in 2015?** ![Lloyd Altman,Risk Focus](https://static.hsstatic.net/BlogImporterAssetsUI/ex/missing-image.png) Lloyd Altman, Risk Focus The biggest theme for Risk Focus in 2015 was the emergence of what we consider to be the second wave of regulatory compliance, with regulators pressuring firms to improve the accuracy of their transaction reports or risk being fined. This has led banks and industry utilities like the Depository Trust & Clearing Corp.(DTCC) to start using our Validate.Trade software in earnest. Starting with European Securities and Markets Authority (ESMA) Level 2 for EMIR reporting, our client base was able to proactively incorporate a robust set of data quality rules as part of their development and testing cycle, taking advantage of our “pre-UAT” release months ahead of schedule. **What are your expectations for 2016?** In 2016 the amount of simultaneous regulatory change will continue to snowball. We will be putting a heavy focus on helping firms get ahead of several impending regulatory reporting deadlines. Highlights include: 1. The Securities and Exchange Commission's Regulation SBSR will go all the way from spec to implementation, and we will start helping by offering a managed service that will enable clients to meet the requirement to backload all of their eligible historical trades, followed by Validate.Trade rules for reporting live trades. 2. In the EU we will have an early version of the new ESMA RTS for EMIR reporting, which will increase the number of data fields by 50% and add new requirements for existing fields. 3. We will also keep our foot on the gas pedal developing modules to help firms continue to prepare for MiFID II reporting. 4. The Monetary Authority of Singapore will be adding equities and commodities as part of the Phase III reporting requirements. 5. The DTCC Global Trade Repository (GTR) will also be adding new Canadian provinces and additional asset classes for Hong Kong Monetary Authority reporting. 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