We are pleased to release our 3rd RegCast today.
This episode shines a spotlight on the new. digital capabilities required to track neo brokers, digital influencers (e.g., roaring kitty) and the new on-line herds of citizens that can influence market pricing (e.g., GameStop).
Picking up with Sam Tyfield, Rachel Wolcott and Gavin Stuart where we left off in RegCast 2, RegCast3 covers the key questions which politicians are asking the market the US, EU and UK from a perspective of what it means to the digital agenda. We examine what needs to change in the rulebooks, the data and the risk dashboards for regulators and firms.
The team shares their key takeaways from the UK Treasury Select committee’s hearing on the FCA’s regulation of LC&F focusing on the enormity of the regulatory transformation exercise in progress, the new quest for operational excellence, the drive for new data standards and better risk management systems.
The group concludes that the regulator has a LOT on their plate as they try to balance very different objectives of enabling competition vs. protecting customers. For the regulator, this is not a problem of people or structure, it is one of getting the right data on the right desktops in the right way to track a fast-moving market. Let’s hope firms and regulators plumb dashboards that are deep enough, standard enough and fast enough to keep up with new a digitized system.
Thankfully, the FCA and Bank of England have begun an important journey towards common data collection standards in concert with the industry which, as Rachel highlights, fits nicely with JWG’s 2012 research on ‘Dirty Windows: regulating a clearer view’ and subsequent efforts to launch a Global Derivatives digital regulatory reporting programme.
- 1 March Treasury Select Committee hearing
- FCA data transformation new hires
- BoE Transforming data collection
- Kalifa review of UK FinTech
- FCA MIFID II product governance review
- FCA Neil Woodford statement
- EU Parliament Game Stopped analysis
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