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Key takeaways from the CFTC’s proposed rules on automated trading
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06 Jan
2016
Automated trading, CFTC regulation AT, AT persons

Key takeaways from the CFTC’s proposed rules on automated trading

  • 6th January 2016
  • Aisha Dudhia

On 24 November 2015, the US Commodity Futures Trading Commission (CFTC) unanimously approved a notice of proposed rulemaking addressing several issues related to automated trading.  These proposed rules have been collectively termed ‘Regulation Automated Trading’ or ‘Regulation AT’. Regulation AT has been designed to reduce the likelihood of automated trading disruptions and potential risks and..

17 Sep
2015

Battle of the bonuses

  • 17th September 2015
  • Liam Gurnick

JWG analysis. On 7 September, the EU published a statistic showing that, according to the EBA, the percentage of high income earners that have a material impact on an institution’s risk profile has increased from 53.68% to 59.00%.  They stated, though, that this trend is likely to change in the future following the adoption of..

03 Sep
2015

The AML umbrella continues to open

  • 3rd September 2015
  • David Miller

JWG analysis. Last week we wrote about thwarting financial crime through suspicious transaction reports (STRs) in the UK, and the Financial Conduct Authority’s (FCA) concern over the integrity, accuracy and coverage of STRs.  On the other side of the Atlantic, FinCEN is proposing to extend their anti-money laundering (AML) regime to investment advisers.   Closing..

24 Aug
2015

5 key changes that ESMA is recommending to EMIR

  • 24th August 2015
  • Daniel Simpson

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..

04 Aug
2015

Fines and prosecutions: getting more personal?

JWG analysis. It’s only Tuesday and already this week we’ve had some big headlines in the financial services world.  On the other side of the Atlantic, Banamex USA was fined by federal and state banking regulators for failure to implement adequate safeguards against money laundering transactions.  Perhaps even more significant news is the recent conviction..

31 Jul
2015

One giant leap for the American financial services industry?

JWG analysis. It may have taken five years and five regulatory agencies to bring about, but the final version of the Volcker rule has officially landed. The Volcker Rule, also known as Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), was named after former Federal Reserve chair, Paul Volcker, who..

27 Jul
2015

Five years on – Happy Dodd-Frankiversary

JWG analysis. On 21 July 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank for short) into law.  Since its inception, the number of pages of Dodd-Frank related rules has risen to 22,296, representing over a 550% increase on the 4,049 pages released in the first year. It may have..

15 Jul
2015

What lies beneath?

JWG analysis. The Legal Entity Identifier is a top level form of identification, designed so that it can be applied and recognised universally.  Essentially, it should provide one unique code for each unique entity that holds data and be able to be applied anywhere in the world.  It sounds great doesn’t it?  It sounds like..

14 Jul
2015

Death by taxes

JWG analysis. Just as firms are getting their heads round reporting for FATCA, the OECD’s Common Reporting Standard (CRS), together with its band of early adopters, pops up.  Much has been written on comparing CRS with FATCA, highlighting that there is little to fear for there are synergies to be found.  If you are one..

29 May
2015

Policing digital highways: smiling at the local algo camera?

JWG analysis. Given the 5 year latency between flash crash and recent arrest, John Bates wondered whether the regulators were riding bicycles to try and catch up with the sporty cars driven by the Flash Boys, the high-frequency traders. Although HFT represents a large percentage of trading volume, what ‘it’ is and how it can..