When it comes to complying with MiFIR/MiFID II transaction reporting requirements, U.S. banks generally fall into two major categories, says Tom Wieczorek, MD, global product management, UnaVista at London Stock Exchange Group (LSEG).
The impact and the awareness of the transaction reporting requirements upon U.S. firms engaged in global markets, including those in Europe, can be one of difficulties because of the European regulatory reforms, Wieczorek says. In this category, U.S. firms have had to scope out what they need to do, sort out their knowledge of the issues, and then move efficiently to be ready by Jan. 3, 2018 when the MiFID II/MiFID requirements kick in.
“On the flip side, a lot of our clients are large U.S.-based, Tier-One banks and those banks run international operations with reporting requirements and compliance requirements across the globe,” Wieczorek says. “So, some of our requirements a year ago or a year-and-a-half ago have been driven by progressive, forward-thinking U.S. banks.”
Wieczorek was interviewed by FTF News during the “Navigating the Maze of MiFID II” conference in New York City this past September. He led a session about MiFIR transaction reporting and its impacts upon U.S. firms at the industry event.
CREDITS:
Video Production: Janene Knox and William J. Poznanski, Jr.
Interview conducted by: Eugene Grygo, chief content officer, FTF News
Co-Producers: Sarah Hathaway, vice president, Financial Technologies Forum (FTF) and Eugene Grygo
Need a Reprint?
Leave a Reply