In our preceding article about ISINs, we explored the pursuit of a universal OTC identifier, and discussed what has occurred in Europe to fix this gap in the financial industry. The Association of National Numbering Agencies (ANNA) created the ANNA Derivatives Service Bureau, which is based on an automated ISIN allocation engine and is scheduled
In order to comply with the latest regulations, firms must manage their transaction reporting obligations. A unified transaction reporting regime across the European Union (EU) was first introduced when MiFID I came into force in 2007 with the objective of detecting and investigating potential market abuses. With MiFID II implementation set for January 2018, transaction
In the previous two articles, we delved into the guidance notes on systematic internalisers and research. The third guidance note produced by JWG centres on inducements. This particular guidance note helps explain the MiFID II obligations of inducements, for example, it speaks of the necessary quality enhancement test and defines acceptable minor non-monetary benefits, just
Following on from part 1 of this article, where we highlighted the benefits of the MiFID II Implementation Group (MIG) and how it has helped members better understand and develop solutions to key MiFID II/R issues, with a particular focus on those surrounding systematic internalisers, we take a similar approach in this article and examine
OTC derivatives, unlike other financial instruments, have never really had a product identifier. Since as early as 2014, regulators’ high expectations for a detailed product identifier for OTC derivatives have caused consternation amongst industry experts as retooling the current infrastructure to the new specifications is an enormous task that could result in hundreds of billions
With the MiFID II/R implementation deadline less than 420 days away, financial institutions are trying to find the smartest ways to comply with this new regulation. JWG can make this process much easier through the collaborative effort of our MiFID II Implementation Group (MIG). About MIG The MIG is a JWG-facilitated weekly meeting of industry
With the FCA’s commitment to innovation and to becoming a global leader in the development and adoption of RegTech solutions, JWG is excited to announce that we have been invited to participate in their upcoming TechSprint event. Held across two days, on the 9 and 10 November, the event, which focuses on the topic of
In December 2015, ESMA published a consultation paper on transaction reporting, order record keeping and clock synchronisation. Shortly after, we summarised the 10 key issues from the MiFID II guidelines for transaction reporting. Now, having considered the issues raised in the responses to the consultation paper, ESMA has published its guidelines. Considering the key topics
The plight or health of community banks has become a key weapon in the war between supporters and critics of Dodd-Frank and even financial regulation in general. The unmistakable decline in the number of community banks is used by many as an example of why the 12,000+ page legislation is flawed, as it supposedly hurts
As time ticks on in the implementation delay for MiFID II, regulators and firms are moving closer towards mutual understanding and delivery. There are still many creases to be ironed out in the run up to January 2018, especially with regards to transaction reporting, which is a major pain point for many firms. This article