The FIX Trading Community is throwing its support behind a standards-creation effort that would assign identifiers to over-the-counter (OTC) derivative instruments as mandated by the Markets in Financial Instruments Directive/Regulation (MiFID II) requirements. The non-profit body behind the FIX electronic trading protocol is sponsoring a study group of the International Organization for Standardization (ISO) that… Read More >>
MiFID II: All Trading Calls Must Be Recorded
(Editor’s Note: One of the more underreported aspects of the Markets in Financial Instruments Directive/Regulation (MiFID II) is the voice recording requirements. Greg Kenepp, president of Cloud9 Technologies, a cloud communications service provider, has been focused on these forthcoming requirements, which are likely to turn out to be more challenging than most operations professionals think…. Read More >>
ISDA to CFTC: Exempt SEF-Compliant European Venues
In publishing a set of principles intended to help derivatives trading firms compare U.S. and European Union (E.U.) trading venues, officials at the International Swaps and Derivatives Association (ISDA) are asking that CFTC officials consider a new exemption for established trading venues in Europe. “If EU trading venues are determined to achieve the same objectives… Read More >>
Why Regulators Are to Blame for the MiFID II Delay
While U.S. and European authorities are finally making progress in harmonizing key rules and regulations, it’s becoming painfully clear that the lack of an initial, collaborative response among regulators to the global recession is hitting home for all securities firms. A case in point is the recently announced (and expected) new deadline for the Markets… Read More >>
Politics Can Kill a Move to the Utility Model
Internal political battles at securities firms can prevent them from considering cost-effective utility models for key operations, say officials at financial services consultancy Capco, which just released a global survey of banking executives’ reactions to utilities. Overall, Capco officials say that the survey finds that firms are “failing to take full advantage of the utilities… Read More >>
SEC Closes Loophole for Security-Based Swaps
The SEC is moving to close a loophole in cross-border, security-based swaps trading that allows firms to sidestep U.S. regulation and facilitates regulatory arbitrage between markets in the U.S and the European Union. In a vote last week, the SEC adopted rules that “require a non-U.S. company that uses personnel located in a U.S. branch… Read More >>
MiFID II Delay Causes Joy and Frustration
As expected, the European Commission has approved a one-year extension for compliance with the revised Markets in Financial Instruments Directive (MiFID II), and while some firms are relieved others are frustrated by the “hurry up and wait” dynamic. The delay is intended to give more time to industry participants grappling with “the exceptional technical implementation… Read More >>
CFTC Authorizes Eurex Clearing for U.S. Swaps Markets
CFTC Blesses Eurex Clearing U.S. regulator CFTC has authorized Eurex Clearing’s registration as a derivatives clearing organization (DCO), which will allow Eurex Clearing to provide clearing services for swaps for U.S. clearing members, officials say. The authorization makes Eurex Clearing the 16th DCO registered with the CFTC and the sixth registered DCO based outside the… Read More >>
Trillium App Retrieves Historical Data for Free
Financial services firm and trading technology vendor Trillium is melding new and old school technologies via a free mobile app for Apple iPhones that offers depth-of-book quotes for the U.S. equities markets to facilitate transaction analysis. The vendor hopes that a key beneficiary of the new app may be asset managers required to analyze best… Read More >>
Can Banks Really Create a Culture of Compliance?
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 >>
