The Bank of England is setting up a task force to implement the recommendations of a special panel that focused last year on the $20 billion spent annually on a “patchwork of manual or outdated technological processes” that support post-trade operations at firms across the globe. The Post‑Trade Technology Market Practitioner Panel of the U.K.’s… Read More >>
Firms Should Expand Despite Recession Fears: Q&A
(FTF News recently got time with David Whitaker, president, and Jennifer Hoopes, general counsel, at Foreside, to discuss expansion and related issues amid global recession concerns, tighter margins, Brexit, and other woes. Whitaker oversees Foreside’s business and client development and firm strategy. His career includes a post as vice president of Citigroup Fund Services, where… Read More >>
Regulators Brace for Impacts of a Hard Brexit
The Brexit saga continues as the government of the United Kingdom debates how to create either a clear, negotiated path away from the European Union or leave via a much more risky, unnegotiated “hard exit.” As of this Monday night, April 1, the U.K. parliament was still mulling its options. The only certainty is that… Read More >>
EuroCCP Readies Post-Brexit Clearing for Three Venues
With the Brexit deadline less than two weeks away, European clearinghouse EuroCCP reports that it has the “necessary regulatory approvals” to offer post-trade services to the European Union-based entities of Aquis Exchange, Cboe Europe Equities, and Turquoise, a step intended to provide continuity for global trading groups despite the ebbs and flows of the U.K.’s… Read More >>
CFTC, U.K. Build a Regulatory Bridge Over Brexit
As the United Kingdom faces the March 29 deadline for Brexit, the CFTC and the Bank of England along with the Prudential Regulation Authority (BoE), and the Financial Conduct Authority (FCA) are providing clarification on the regulatory framework governing derivatives processing and clearing between the U.K. and U.S. if and when the UK completes its… Read More >>
Volatility to Rock Timid Markets in 2019: Report
Global financial services markets are entering a “post-credit crisis” era marked by the fact that easy-money policies are ending, interest rates are heading up while markets are swinging down and a new volatility will rock this timid new world in 2019, according to predictions from Greenwich Associates. In its new report, the market research firm… Read More >>
E.U. Authorities Brace for a Hard Brexit
Lost amid all the hot air about Brexit are the many global securities operations that will be disrupted when the U.K. leaves the E.U. One of the more contentious issues for global firms will be how to sort out their interactions with central counterparty clearinghouses (CCPs) based in the U.K. and Europe especially if there… Read More >>
CFTC Chairman Giancarlo to Step Down Next Year
J. Christopher Giancarlo will be leaving his post as chairman of the CFTC in April of next year and the Trump White House has nominated a Treasury Department official, Heath P. Tarbert, to be his replacement for a five-year term that will start April 14, 2019. If confirmed by the U.S. Senate, Tarbert, who now… Read More >>
Concerns Over Brexit Top the DTCC Risk Survey
Brexit worries, cybersecurity risks, excessive debt loads and geopolitical uncertainty “dominate the risk landscape” for financial services firms, according to a new survey published by the Depository Trust & Clearing Corp. (DTCC), a post-trade market infrastructure provider for the global financial services industry. With the United Kingdom currently expected to leave the European Union, an… Read More >>
E.U. Derivatives Reporting Will Get Funky After Brexit
The U.K. and E.U. negotiations over Brexit appear to be at a critical moment as the negotiators for both sides have just presented a preliminary agreement. U.K. Prime Minister Theresa May will unveil the deal to her cabinet and England this week. However, the initial pushback to the agreement has ranged from negative to skeptical,… Read More >>
