A U.K. regulator, the Financial Conduct Authority (FCA), has settled a Markets in Financial Instruments Directive (MiFID) case against Goldman Sachs International (GSI), and has fined the firm £34,344,700 ($44,815,175) for 220-plus million erroneous transaction reports between November 2007 and March 2017. The FCA explains that its rules on transaction reporting emanate from the E.U.’s… Read More >>
Research Analysts Could Be Casualties of Unbundling
As MiFID II draws closer, there has been a spate of reports predicting the dire consequences of unbundling on Europe’s investment banks. The separation of research from execution is expected to lead to hundreds of job losses for research analysts as banks restructure their operating models, according to a new report from consultancy McKinsey. The… Read More >>
Linedata Admin Edge to Get New Links to Morningstar’s BondPro
Linedata Extends Morningstar Agreement Investment management systems vendor Linedata is expanding its fixed income and credit derivatives coverage for its fund services clients via an extension of its partnership with Morningstar, officials say. “The partnership will provide expanded analytics to meet the requirements of alternative funds and [separately managed accounts] and enhances Linedata Admin Edge’s… Read More >>
U.K. Fund Managers Brace for Rollercoaster Year
While 2016 was full of ups and downs for the fund management industry in the U.K., this year will be equally as challenging, according to EY’s wealth and asset management industry outlook for 2017. Firms will not only have to contend with the uncertainties of Brexit but also the continuing roll call of regulation and… Read More >>
European Regulators Clash Over Payouts for Fund Managers
The European Securities and Markets Authority’s (ESMA) final guidelines on remuneration that are part of the investment vehicle regulations known as the Undertakings for Collective Investments in Transferable Securities, aka UCITs V, was supposed to provide clarity when determining a fund manager’s pay package. However, certain aspects remain unclear, especially when it comes to the… Read More >>
CME May Spur Bidding War for the LSE
There is a sense of déjà vu in the air with talk of a $28 billion merger between Deutsche Börse and the London Stock Exchange Group (LSEG). The two have been circling around each other for years but as in the past, rival exchanges may try and break the bond. This time around the Intercontinental… Read More >>
Politics Can Kill a Move to the Utility Model
Internal political battles at securities firms can prevent them from considering cost-effective utility models for key operations, say officials at financial services consultancy Capco, which just released a global survey of banking executives’ reactions to utilities. Overall, Capco officials say that the survey finds that firms are “failing to take full advantage of the utilities… Read More >>
Basel Committee Eases Risk Capital Rules
Although banks heaved a sigh of relief that the Basel Committee on Banking Supervision’s revised market risk capital framework was less onerous than feared, they will still be facing a hugely expensive undertaking, impacting both infrastructure and certain business lines. The exact costs banks will incur are hard to calculate because it will depend on… Read More >>
Accenture Acquires Formicary to Bolster Derivatives Services
Global professional services company Accenture has acquired U.K.-based capital technology markets consultancy Formicary, as part of its efforts to bolster its capabilities in market infrastructure. This area has become increasingly important as financial services firms look for solutions to combat rising costs incurred under regulatory legislation such as Dodd Frank in the U.S. and the… Read More >>
LSEG, DTCC Join Forces for MiFIR Reporting
The DTCC and the London Stock Exchange Group (LSEG) are partnering to provide clients with a connection to regulatory reporting technology vendor UnaVista’s Approved Reporting Mechanism (ARM), a service that enables DTCC clients to comply with the Markets in Financial Instruments Regulation (MiFIR) reporting requirements, officials say. UnaVista is the LSEG’s hosted platform for matching,… Read More >>
