JWG analysis. Since the 2008 global financial crisis, there have been multiple bones of contention and areas of tussle between the regulators and members of the financial industry. One example is the issue of remuneration, because of its reputation as a key driver for instilling particular behaviours within the financial industry. Used correctly, it can
JWG analysis. Reporting systems are already buckling under the weight and complexity of new compliance demands, and yet more requirements are on the way. Trade and transaction reporting regimes are set to expand significantly in 2017 when the Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) come
JWG analysis. Over the course of the year, JWG’s Customer Data Management Group (CDMG) has covered in-depth customer due diligence and KYC requirements under global tax, reporting and anti-money laundering regulation, and market monitoring under MAR/MAD2. For the ninth CDMG meeting, JWG took a different direction and covered fund management regulation and the regulatory interdependencies
JWG analysis. Derivative contracts are not a financial innovation of recent decades, allegedly coming into use around 1700 BC in ancient Mesopotamia. On 16 August 2012, a new chapter in derivatives’ history was written when the European Market Infrastructure Regulation (EMIR) entered into force, as part of a global initiative to reduce counterparty and operational
JWG analysis. This month, ESMA published four reports in which they outlined the modifications that they believe are needed to the EMIR legal framework. JWG have had a look and, below, we pick out five key changes that are being proposed. Clearing obligation. ESMA is recommending two minor changes to the clearing obligation. These are
JWG analysis. On 7 July, market experts at the City & Financial Global workshop on transaction reporting under MiFID II addressed an audience, setting out their main concerns regarding the new transaction reporting regime. In this article, we present some of the key issues that they highlighted. The European Securities and Markets Authority (ESMA) have
JWG analysis. Mark Carney recently declared the ‘age of irresponsibility’ within the fixed income, currency and commodities (FICC) markets to be over. Just over a year ago, the UK Government introduced the Fair and Effective Markets Review (FEMR) in response to the FX and LIBOR scandals. The large scale misconduct and collusion had damaged public
JWG analysis. Some of the areas in which firms are the keenest for greater clarity are transaction reporting, understanding where information on which instruments are traded on venues will come from and the overlap between MiFID and RDR. It was agreed that TAs would speak to their members and come back to the FCA with
JWG analysis. As we pointed out in our third piece on regulatory reporting, and at an Infoline conference for the buy-side this week in London, the overarching question is how will firms’ derivative activity be judged to be ‘good enough’ in 2017? There is no single answer, and we won’t really know until the results
JWG analysis. Eleven of the industry’s most high-profile trade associations and ISDA this week urged regulators to adopt consistent and harmonised trade reporting requirements across jurisdictions. However, reporting rules are already on the books and the consequences are high for firms. In part 1 of our analysis on reporting, published last week, we explored