At JWG, through tracking key regulatory bodies including ESMA, FCA, FINRA and CFTC, we have picked up key documents for different legislative initiatives such as Dodd-Frank, EMIR, MiFID I, MiFID II and the Commodity Exchange Act. We have sourced over 1000 documents in relation to trade and transaction reporting.
In the past month alone, we have tracked and uploaded nearly 100 documents and in 2016, 300 regulatory documents have been released so far. 17% of the total documents uploaded are in relation to the Dodd-Frank Act and 36% of the total documents are from self-regulatory organisations (SROs) such as Bourse de Montréal, CME Group, London Stock Exchange and the SIX Exchange.
One of the key documents that have been uploaded is the “CME Europe Exchange Procedures – Version 2.16,” which was released by CME Europe on 19 November 2016. This updated version provides further information on certain membership requirements, the various exchange rules and their effects on the different trading procedures, and as an example, a schedule for cocoa procedures for cocoa beans stored for potential delivery against a cocoa futures contract.
Another key document is the “Nasdaq Nordic Member Rules – Version 3.1” which becomes effective from 1 December 2016. This exchange rulebook provides information on the two trading systems that trading on Nasdaq Nordic takes place on: INET Nordic and GENIUM INET. It also provides information on market data, membership conditions, clearing and settlement, and rule related documents.
ESMA have also recently released key documents in relation to EMIR and MiFID II. In particular, ESMA published a final report on the clearing obligation for financial counterparties with a limited volume of activity. The report incorporates the feedback received from stakeholders following a consultation on the issues counterparties are facing in establishing access to clearing, the regulatory developments affecting access to clearing and a draft RTS to amend the phase-in period of the clearing obligation which will be submitted to the European Commission (EC) for review.
RegDelta will continue to help financial institutions analyse, interpret and assess the impact of regulatory changes. One example is that as a result of using RegDelta for trade and transaction reporting, RBS have been rewarded for changing the regulatory compliance game.
RegDelta is the world’s first regulatory change management platform. It is an online smart library and a JWG’s solution in managing the latest regulatory documents published by various global issuing bodies. It allows users to analyse, interpret and assess the impacts of the latest changes in financial regulation.