The Financial Conduct Authority’s (FCA) recent decision to fine Barclays a record £72 million ($108.3 million) for the alleged poor handling of financial crime risks will likely serve to reinforce the public perception of greedy bankers. But have financial institutions made any progress in developing a more positive culture in the new regulatory era of… Read More >>
FIX May Get New Timestamps for MiFID II Compliance
The FIX Protocol for electronic trading may soon support higher timestamp resolution to help market participants comply with the revised Markets in Financial Instruments Directive (MiFID II) for Europe, according to the governing body behind the Financial Information eXchange (FIX) standard. Implementing MiFID II will involve many IT challenges for industry participants, says Kathleen Traynor,… Read More >>
Firms Warned to Keep MiFID II Momentum Going Despite Delays
Market participants should use any delay in the implementation of the revised Markets in Financial Instruments Directive (MiFID II) to develop a more strategic approach to compliance with the regulatory reforms, say industry observers. Firms should keep up the momentum as it’s unclear whether politics will play in the industry’s favor and add more time… Read More >>
Recs to Face Greater Regulatory Scrutiny in Europe
European regulators are focusing greater attention on data integrity particularly when it comes to the reconciliation of securities operations, and that may give the back office a stronger role in the IT budgeting process, say Maryse Gordon, a senior pre-sales consultant for the UnaVista hosted services business of the London Stock Exchange Group. Speaking at… Read More >>
Orc Adjusts Wares for MiFID II and MiFIR
Stockholm-based Orc, a specialist in electronic trading technology for listed derivatives, reports that it will offer an “expanded trading solution and expert services offering to address new requirements arising from updated European market regulation.” Specifically, the new regulations include the revised markets in financial instruments directive (MiFID II) and the new MiFIR regulation that will… Read More >>
SWIFT Price Cuts Deeper than Expected
SWIFT’s five-year, SWIFT2015 strategy to shrink its pricing for its messaging services has beat the cooperative’s expectations because of “strong” traffic growth, cost controls and pricing schemes, resulting in a 57 percent price reduction expected by the end of this year. Officials from the cooperative announced the strategy result at SWIFT’s annual Sibos gathering, underway… Read More >>
ISDA Pushes for a Derivatives Product ID Standard
Derivatives trading advocate the International Swaps and Derivatives Association (ISDA) has launched a symbology project intended to provide an industry-wide, open-source standard to help all derivatives facilities such as trading venues, clearinghouses, repositories and other infrastructures meet regulatory needs. The new industry data project is charged with developing an open-source standard derivatives product identification system… Read More >>
FIX Lines Up Subgroups to Tackle MiFID II
The FIX Trading Community, the standards body for the Financial Information eXchange electronic trading protocol, has formed six new subgroups focused on addressing several aspects of compliance with the upcoming Markets in Financial Instruments Directive II (MiFID II) regulations in Europe, officials say. The new subgroups will focus on clock synchronization, reference data, transparency, best… Read More >>
ISDA Updates FpML to Ease Regulatory Reporting
The International Swaps and Derivatives Association (ISDA) has published its recommendation for the XML-based programming language it manages, the Financial products Markup Language (FpML), and version 5.8 adds coverage for more instruments and aims to ease some regulatory reporting burdens. ISDA and derivatives industry participants oversee FpML’s development, and the new version took roughly a… Read More >>
Euro Regs Top Concern for Boutique Asset Managers
The number-one concern among 110 boutique asset managers, nearly 90 percent of whom are doing business in European markets, is market regulation. That concern was cited by 68 percent of managers polled in a survey conducted by the Tabb Group for SunGard. By comparison, just 17 percent cited regulations first in a similar 2013 survey…. Read More >>
