JWG analysis. We are less than 115 days from the point when the first phase of new energy trading reporting obligations kicks in across the EU. Amidst a recent industry outcry to develop more consistent data reporting standards, the requirements introduced by the Regulation on Energy Market Integrity and Transparency (REMIT) are yet another example
JWG analysis. In her speech at IDX 2015 this week, Verena Ross, Executive Director, European Securities and Markets Authority, addressed the two major EU legislative projects affecting derivatives trading: MiFID II and EMIR. Here we present some of the key issues she highlighted. 1. MiFID II timeframe and technical standards The decisive date for application of MiFID II
JWG analysis. European regulatory agencies were clear: firms may already be too late if they haven’t started their MiFIR implementations that need to be tested and ready in summer 2016. Speaking at a two day ‘MiFIR Reporting & Beyond’ conference attended by JWG last week, regulators, trade associations, consultants and industry practitioners we all on
JWG analysis. We’re used to watching our document trackers spin out of control in so-called ‘quiet’ times. As we wrote in January, the last 2 weeks of 2014 year saw global FS regulators pump out over 4,000 pages. These Easter holidays were little better with 2,000 pages of regulatory text released in two weeks. It
JWG analysis. As MiFID programmes take off and top tier firms tackle MiFID II implementation, the banking sector is about to be hit by even more pressure to produce reports about trading activity. The proposed regulation, aimed at enhancing the transparency of securities financing transactions (SFTs), seeks to ‘balance the scales’ between the two sectors
JWG analysis. We attended an august gathering of 400+ buy-side professionals last week. Not only did regulatory drivers get a healthy hearing, but the group discussed how they will impact the way business is going to be handled in the future. Clearly, margins are under pressure, brokers are not giving it away like they once
JWG analysis. With 40+ regulations covering 500+ KYC data requirements due to be implemented over the next 3 years, meeting the requirements poses significant challenges to all firms in the market, not least client outreach, data management and multiple, iterative, implementation dates. Combined with record fines for AML failures, and new personal liability for senior
JWG analysis. The chief of the CFTC pronounced from Japan this week that implementing regulatory reform means overcoming “legal traditions, regulatory philosophies, political processes, and market concerns“. Looking at the global trading regulatory climate that surrounds MiFID II, we couldn’t agree more. Those struggling to digest the MiFID II texts and get to Paris for
JWG analysis. The industry returned after the break knowing that it had fewer than 500 working days to implement MiFID II but found over 2,000 pages of new text to read. Even worse, the grapevine whispers that more is due out this month. As we’ve written before, organising and planning is the order of the
JWG analysis. 60 attendees across the buy and sell-sides came together at Markit’s seminar in Stockholm last month to discuss today’s industry challenges. They concluded that a new focus on establishing a flexible banking operating model to meet both business and regulatory demands for data, processes and standards, is top on their wish list for 2015.