RegTech IntelligenceRound the table: Firms: Allianz, Blackrock, BMO, Citi, Credit Suisse, DB, GAM, Goldman Sachs, LBG, Morgan Stanley, Standard Chartered, UBS Infrastructure: Regnosys, Inforalgo, Business Semantics Trade Associations: ISDA 25 people will discuss: A proposal for a RegTech Council EMIR Refit interpretation project Benefits and resource commitments Key stakeholders, thresholds and next steps for the launch of Q4 project What to
Round the table: Firms: Allianz, BMO, Citi, CS, DB, GAM, Goldman Sachs, LBG, RBS, Santander, Standard Chartered, UBS Regulator: FCA Infrastructure: Regnosys, Inforalgo Trade Associations: ISDA. FIA 25 people will discuss: A proposal for a RegTech Council EMIR Refit interpretation project Thresholds and next steps for the launch of the RegTech Council project Define next steps for RRDS in 2020
The group agreed the next agenda would focus on refining the scope and understanding of the effort required from the participants. RRDS 24: UK EMIR Article 9 DRR project launch
Round the table: Firms: BMO, BNY Mellon, Citi, Credit Suisse, DB, GAM, Goldman Sachs, Invesco, LBG, Morgan Stanley, Pictet, PIMCO, Santander, SEI, TD, UBS Infrastructure: Accenture, Business Semantics, Capco, DTCC, EY, Fujitsu, LRH, LSEG, Quorsus, SETL, SWIFT Trade Associations: AFME, ICMA, ISDA, EVIA, FIA, FTC Regulators: BoE, ECB, FCA
Round the table: Firms: BMO, BNY Mellon, Citi, Credit Suisse, DB, Goldman Sachs, Invesco, LBG, Pictet, PIMCO, Santander, SEI, TD, UBS Infrastructure: Accenture, Bloomberg, Business Semantics, Capco, DTCC, Elax, EY, LRH, LSEG, Market Axess, Quorsus, SETL Trade Associations: AFME, ICMA, ISDA, EVIA, FIA, FTC Regulators: BoE, ECB, FCA 40 people will discuss: Expectations of UK OTC regulatory reporting Transparency 2.0 target
On 19 February the European Commission unleashed radical new plans to spend billions on a new data strategy which is based on a report from an expert group. Buried in the detail is a clear indication that the forthcoming digital finance strategy in Q3 will be focused on ‘pro-competitive’ regulatory data reporting standards. Conveniently
By PJ Di Giammarino, CEO JWG and Chair RegTech Council Key points: Regulators are being hampered in their risk oversight duties by poor data quality and over £100m in fines were issued in 2019 for poor reports EU and UK regulators are out in front of global efforts to correct the rocky start on
By PJ Di Giammarino, CEO JWG Group and Chair of the RegTech Council In the aftermath of the global crisis, financial regulators rushed to implement complex rules without having a complete view of their consolidated impact and how the technical infrastructure of the industry would have to respond to their new demands for data. After
JWG RegTech 2.0 conference – Regulators, regulated and leading technologists to explore winning strategies for top 2020-2021 issues London, 6 December 2019 – JWG is pleased to announce that its 5th annual RegTech Conference will be held on 7 February 2020 at the Gouman Tower Hotel in the City of London. At a crucial point of inflection post financial crisis the Financial Services sector faces 374 new legal challenges. New JWG research has revealed low levels of awareness to key shifts in the regulator’s RegTech framework. Specifically: Enabling market ecosystems. New global RegTech/ SupTech policy initiatives Infrastructure risk. FSB, FRB, BoE focus on cloud
We are pleased to be able to share the recording of our Webinar: Regulatory Reporting – It’s Time for a Rethink: Capital Markets Best Practice for 2019 from 15 January. During Q4 2018, JWG, in conjuncture with industry leading RegTech firm, Inforalgo, conducted in-depth interviews with senior executives from 12 global financial institutions to obtain insight
JWG are pleased to announce new research in partnership with MarkLogic, which shows that financial institutions are ill-equipped to deal with the data demands of new regulation. During Q4 2018, JWG conducted in-depth interviews with senior executives from 12 global financial institutions to develop the insight published in a subsequent paper titled ‘
Our research in partnership with Inforalgo, the Capital Markets data automation specialist, shows that after years of ‘making do’, financial institutions are now proactively ramping up their regulatory compliance capabilities to cope with intensifying global requirements – and the significant additional demands of MiFID II. In January we will be running a webinar which will
As we enter the year in which we will celebrate the 10th birthday of the G20 plan to make our financial services sector safe we wonder whether we are making enough progress? Armies of compliance staff are now required to run the firm and the standing armies are brought on in to help with the
With MiFID II now (mostly) implemented, what trade and transaction reporting initiatives will firms have on the agenda for 2018 and beyond? We list some of the key items below: It is estimated that the final revised text of the European Market Infrastructure Regulation (EMIR) under the REFIT programme will be published at end of
The PowerPoint slide show in the clip above is a presentation which was delivered by JWG’s CEO, PJ Di Giammarino, at an Financial Conduct Authority (FCA) Roundtable hosted by Burgess-Salmon and Grant Thornton on 10 May 2018. The main issues addressed in the presentation are summarised in this article.
One of the key conclusions reached at our Capital Markets conference on 7 March was that regulatory divergence as a potential consequence of Brexit is currently one of the main worries for financial firms. When polled, 53% of our audience indicated that Brexit will be their next significant regulatory challenge. This anxiety derives mainly from
A key focus of our RegTech Capital Markets conference this year was ‘the future of rule books and policy controls’. To discuss this topic, we assembled a panel of experts including Paul North, Head of Product Management EMEA at BNY Mellon, Alan Blanchard, Senior Associate and Handbook Publisher at the FCA, Mark Sweeting, Head of Strategic Change, Basel Measurement
I was pleased to chair our third RegTech Capital Markets conference last week in London. Team JWG worked hard to get a global audience of over 350 senior individuals from more than 65 financial institutions as well as the vendor and regulatory community to frame a holistic perspective on where the industry is on its journey up
Following a successful seventh reporting and reference data special interest group (RRDS 7) at the Financial Conduct Authority (FCA) on 13 February 2018, participants met for the usual post-RRDS drinks and networking session. At one point during the evening, we found ourselves mediating a friendly debate between two senior compliance officers on the post-trade reporting
2017 was a year of profound upheaval for firms and regulators. As we move in 2018 we publish our latest RegBeacon, we are looking ahead and reviewing the trends shaping the global financial landscape in 2018 and beyond. Our message to the industry is that, even though we have seen off numerous deadlines and challenges
Thomson Reuters Regulatory Intelligence originally published this article on 21/12/2017. Thomson Reuters Regulatory Intelligence speaks to important figures in the compliance and financial arena to hear their thoughts and discuss wider issues related to their fields. Today we talk to PJ Di Giammarino founder and CEO of regulatory think-tank JWG–IT, trusted by the global financial
Two years after its Call for Evidence determining whether EU regulation is fit for purpose, the European Commission (EC) has found that automation and standardisation should ultimately pave the way towards reducing the regulatory burden for the industry – improving law making in the EU. This means that reporting experts and RegTech providers of all
London, UK – 06 December 2017 – Over the last two weeks JWG, the trusted industry expert in regulatory intelligence, has been participating in a reporting TechSprint organised by the Financial Conduct Authority (FCA) and Bank of England (BoE). The successful Sprint was set up to explore the potential for model-driven, machine executable regulation with
JWG, the trusted industry expert in regulatory intelligence, today announced that it will be joining this Autumn’s reporting TechSprint convened by the Financial Conduct Authority (FCA) and Bank of England (BoE) which will explore the potential for model-driven, machine executable regulation. This TechSprint will see if a regulatory requirement, written and released by the FCA,
Challenges are on the horizon for firms subject to the Securities Financing Transactions Regulation enforced through the European Commission. The Securities Financing Transactions Regulation, or SFTR, was announced back in 2014 and entered into force on 12 January 2016. It is geared to be fully implemented by 2019 with the last phase in occurring during
Let’s face it, getting data right is never easy and, with MiFID II’s drive for transparency kicking into high gear, the risks of getting reporting wrong are greater than ever. With additional reporting regime change coming next year, why not make your life easier and join in the industry RegTech collaborations in this space? Recognise the risks Trade and transaction reporting fines come with
Following one of the Trump administration’s financial executive orders, the US Treasury Department issued a report which calls for regulators to streamline reporting obligations and review their coordination efforts, incorporating greater accountability and clarity into examination procedures and data collection requirements. The request mirrors commentary from European Central Bank President Mario Draghi, who, during his
The implementation of trade and transaction reporting was intended to improve transparency and mitigate systematic risk in the derivatives markets. To achieve this, global leaders have committed to implement standards globally and consistently in a way that ensures a level playing field – reducing market fragmentation and regulatory arbitrage. Whilst progress has been made on
In the eight years since the G20’s Pittsburgh summit, regulatory forces have reshaped the complexity of market infrastructure. Unfortunately, there has not been a corresponding increase in the maturity level of industry engagement between the public and private sector. The current landscape for regulatory reporting is riddled with complexity – made evident by waves of
16 May 2017 signalled the end of the European Commission’s public consultation period on the operations of the European Supervisory Authorities. The purpose of the outreach was to gather market evidence on the progress of the ESAs towards their objectives for short, medium and long-term stability and the effectiveness of the financial system. JWG brought
In fewer than 230 days – 7.5 working months from now, the biggest regulatory change since the 2008 financial crisis is set to come into force. The legislation, Markets in Financial Instruments Directive/Regulation (MiFID II/R), is one of Europe’s most ambitious and far-reaching financial reforms and is estimated to cost the financial industry billions to
On 31 January 2017, ESMA published a consultation paper seeking feedback by the end of Q1 on its draft guidelines regarding the transfer of data between trade repositories (TRs) and it is expected to publish the final report on these guidelines by the end of Q2/beginning of Q3 of 2017. The three main reasons for
The sheer number of overlapping regulatory reporting regimes makes compliance difficult. MiFID II, which comes into effect in January 2018, significantly expands the scope of transaction reporting. EMIR, which is a reporting regime for derivative transactions under the EU regulation on OTC derivatives, CCPs and trade repositories, came into effect on 10 April 2014. Reporting
The rise of [insert-abbreviation-here]Tech companies signifies a pragmatic shift of business consciousness toward solutions that make use of advances in modern technology. In the banking sector, the magnitude and complexity of firms has immobilised the possibility for innovation. FinTech solutions attempt to combat this issue by producing new and intuitive services for banks and the
On 21 January 2017, the European Commission (EC) published a delegated regulation and an implementing regulation in the Official Journal amending the RTS and ITS on the minimum details of the data to be reported to trade repositories under EMIR. One of the key changes made by the EC includes defining how to identify and classify
Never mind a busy December, all in all, it was a busy year for financial regulation as shown in one of our previous articles, as 384 regulatory documents were captured and uploaded in our trade and transaction RegDelta library. MiFID II Before Christmas, we saw ESMA publish many documents much like in January 2016 with
Transaction reporting can be a difficult regulatory requirement to get right and compliance can be even more complicated due to multiple overlapping transaction reporting regimes, which all serve slightly different purposes and have varying structures. This article looks at the transaction reporting requirements under four key regulations: MiFID II, EMIR, REMIT and SFTR. The first
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
The FCA have released a video of the November TechSprint event on their RegTech webpage, which can be found here. The video, which features commentary from Christopher Woolard, Joanna Hill and Nick Cook from the FCA, rounds-up what was an exciting and informative experience for us at JWG, where we were given the opportunity to
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
After an action-packed two days of innovative ideas, collaborative spirit and technical expertise, JWG, are pleased to report that our participation at the FCA’s TechSprint event was an exciting, informative and rewarding experience. Held on 9 and 10 November, the event focused on the issue of ‘Unlocking Regulatory Reporting’ using RegTech solutions. We were specifically
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
Last month, JWG were pleased to participate in the Trusted Open Data Environments 2016 conference in Poznan, Poland, which was attended by data specialists from a variety of regulatory agencies, academics, practitioners and FinTech entrepreneurs. It was a full day of hot topics, including international standardisation, Initial Coin Offerings and data reporting. So, what did
There is no hiding that securities financing transactions, thanks to their role in the financial crisis of 2007-2008, do not have a good reputation. The Financial Stability Board’s policy framework seeks to address SFTs’ complex and opaque nature through increased transparency of these products to allow clients a more accurate assessment of where to invest
Data standards was one of several key themes at the JWG RegTech Capital Markets Conference on 5 July 2016. Conversations about regulatory data standards centre on the need for alignment of data obligations and standards, data protection issues, infrastructure legacy issues and the acquisition and ownership of clean, valid and robust data that can be
The revised European Markets in Financial Instruments Directive (MiFID II) looms over the regulatory horizon like an oncoming storm in the financial services industry. Aiming to improve the safety and transparency of financial markets, MiFID II reaches far beyond investment banks, impacting asset managers, commodity firms and OTC brokers and dealers too. In terms of
At JWG’s RegTech conference, now less than a month away, our second panel* will bring experts together to discuss the matter of aligning reporting obligations using RegTech to ease the regulatory burden. Panellists confirmed so far include Adedayo Banwo (Legal Counsel at Deutsche Bank, London Branch, former Counsel in the Office of General Counsel at
JWG’s recent series on the emerging regulatory barriers and issues in FinTech, does an excellent job of setting forth the main issues for what is sure to be a busy few years of calibration for regulatory compliance and reporting. The emergence of RegTech, roughly the ways in which the adoption of new technologies can help
The “MiFID II/MiFIR & EMIR Reporting” conference last week in London was well attended by hardened reporting stalwarts, well used to moving technical mountains in order to deliver the billions of trade and transaction reports submitted by the industry every week. Normally, not much phases this crowd, but one regulatory revelation managed just that. During
Earlier this month, the European Securities and Markets Authority (ESMA) released two key documents detailing its supervisory plans and priorities for 2016. Whilst these publications primarily identify areas of focus for the current year, they also highlight the shortfalls in terms of promoting sound, efficient and consistent supervision across the European Union. The first, published
JWG were pleased to participate in a MiFID II webinar led by DerivSource this week. As you can see, by clicking on our presentation below, MiFID II is rekindling industry debate about the right approach to sharing billions of transaction reports across Europe. MiFID II/ MiFIR turns up the operational and technical heat, not just
Getting your head round the main objectives of the current financial reform agenda is a task in itself, but when it comes down to the increasing data management requirements that follow hand in hand, it’s all about the nuts and bolts. Whose responsibility is it to manage this data, and keep it up to quality?
With the new year on the horizon, and mounting pressure from our clients, JWG are gearing up for another MiFID II implementation training course. Given all the current talk about a potential delay, it would be easy to sit back and breathe a sigh of relief. However, that would be a big mistake. There is
JWG analysis. A new dawn began for the wholesale energy market on Wednesday, as the trade reporting obligations under the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) came into force. The Agency for the Cooperation of Energy Regulators (ACER) issued this notice on Monday to inform market participants that the Agency’s REMIT information
JWG analysis. Reporting systems are already buckling under the weight and complexity of new compliance demands, and yet more requirements are on the way. Trade and transaction reporting regimes are set to expand significantly in 2017 when the Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) come
JWG analysis. Over the course of the year, JWG’s Customer Data Management Group (CDMG) has covered in-depth customer due diligence and KYC requirements under global tax, reporting and anti-money laundering regulation, and market monitoring under MAR/MAD2. For the ninth CDMG meeting, JWG took a different direction and covered fund management regulation and the regulatory interdependencies
JWG analysis. The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) was introduced in 2011 to stem insider trading and market abuse in European wholesale energy markets, under the realisation that market abuse conducted anywhere within interlinked markets would have a significantly wide impact. With this new regulation – and its corresponding fines –
JWG analysis. The minutes of the latest MiFID II implementation roundtable, on 17 July, were published in August. At the meeting, the FCA spoke with a number of industry trade bodies, including the Association for Financial Markets in Europe (AFME), the International Swaps and Derivatives Association (ISDA) and the International Capital Markets Association (ICMA), to
JWG analysis. On 7 July, market experts at the City & Financial Global workshop on transaction reporting under MiFID II addressed an audience, setting out their main concerns regarding the new transaction reporting regime. In this article, we present some of the key issues that they highlighted. The European Securities and Markets Authority (ESMA) have
JWG analysis. Some of the areas in which firms are the keenest for greater clarity are transaction reporting, understanding where information on which instruments are traded on venues will come from and the overlap between MiFID and RDR. It was agreed that TAs would speak to their members and come back to the FCA with
Yesterday, in London, an august crowd assembled to discuss the future of technology in banking. We were privileged to participate in a session that focused on whether there is light at the end of the ‘data dilemma’ tunnel. Our conclusion: even though it’s been nearly 6 years since the G20’s plans were put in motion,
JWG analysis. We are less than 115 days from the point when the first phase of new energy trading reporting obligations kicks in across the EU. Amidst a recent industry outcry to develop more consistent data reporting standards, the requirements introduced by the Regulation on Energy Market Integrity and Transparency (REMIT) are yet another example
JWG analysis. Eleven of the industry’s most high-profile trade associations and ISDA this week urged regulators to adopt consistent and harmonised trade reporting requirements across jurisdictions. However, reporting rules are already on the books and the consequences are high for firms. In part 1 of our analysis on reporting, published last week, we explored
JWG analysis. Catch phrases, like ‘caveat emptor’, have been the rallying cry of the financial industry for millennia. In 2009, the G20 sought to change the status quo by introducing the notion of global transparency to all markets. After spending billions on the first wave of reporting, we are only now realising how difficult it
JWG analysis. European regulatory agencies were clear: firms may already be too late if they haven’t started their MiFIR implementations that need to be tested and ready in summer 2016. Speaking at a two day ‘MiFIR Reporting & Beyond’ conference attended by JWG last week, regulators, trade associations, consultants and industry practitioners we all on
As published in ‘The Trade’. Europe’s financial regulator has revised the current framework for the reporting of derivatives trades under the European Markets Infrastructure Regulation (EMIR). The European Securities and Markets Authority (ESMA) is now seeking feedback on its changes which aim to resolve the widespread issues which have arisen in the reporting process. The
By Jon Watkins, The TRADE. Regulators are set to clamp down on widespread trade reporting breaches across Europe as a six-month grace period since the rules were introduced expires, according to industry sources. Issues surrounding unique trade identifiers (UTIs), legal entity identifiers (LEIs) and the complexity of the 85 fields required by regulators have plagued
By Jon Watkins, The TRADE. European regulators opened their doors to market participants this week, who had their voices heard on the key points of MiFID II relating to the derivatives markets. Trade reporting, open access to clearing houses and high-frequency trading were just a handful of the contentious topics discussed during an two-days of
By Anna Reitman, Automated Trader. Public hearing was a marathon run for industry questions and comments on every aspect of upcoming MiFID II and MiFIR reforms. We highlight a few issues, including market making obligations and requirements that could find direct market access providers identifying clients’ proprietary algorithms. Paris – As the financial industry prepares
JWG analysis. Depending on whom you listen to, Europe’s trade repositories either popped in for a chat with ESMA, or were hauled in for a stern reprimand last week. Whichever it was, the resulting discussion was pretty explosive. ESMA made themselves very clear; trade repositories must work harder to address low levels of inter-trade repository
JWG analysis. MiFID I was all about creating a common set of rules for the single market. Along the way, it asked regulators to track market abuse. They duly set up a system of transaction reporting that all feeds into Paris – 70% of it via the UK. Seven years and millions in fines for
JWG analysis. The continent was rocked by far more than parliamentary elections on 22 May. Early reports from major financial centres confirm the impact from the 844 pages of text released by ESMA on MiFID II / MIFID to be about a 9 on the Richter scale – so high that ESMA’s website gave up
[accordion] JWG has extracted the following questions from ESMA‘s Discussion Paper on MiFID/MiFIR draft RTS/ITS. This paper will provide the basis for a further consultation paper on the draft RTS/ITS which is expected to be issued in late 2014/early 2015. For more on MiFID/MiFIR see here. Q1: Do you agree that the existing work/standards
JWG analysis. Our jaws hit the floor when it was revealed at our CDMG meeting last week that ESMA’s MiFID II technical standards are expected to be in excess of 800 pages with more than 800 questions to be answered by August 2014. And this is just the start. ESMA’s 2014 work plan has over
JWG analysis. As the European Parliament adopted MiFID II/ MiFIR on 15 April, the financial services industry was left wondering what exactly the new transparency regime is going to mean. Despite a curiously low EC estimate of compliance costs, at between €512 and €732 million, it is clear that MiFID will have a large impact
Our latest edition of the members-only newsletter, RegBeacon, is now available here. In this issue we’ve looked at the key issues to be aware of as we head into summer, namely: – EU trading on the boil with EMIR and MiFID II – Top ten trends to watch out for – Membership update – RegTechFS update –
JWG analysis. When MiFIR is implemented in 2016, all of the pain experienced in preparing for EMIR’s transaction reporting regime, which went live earlier this year on 12 February, is likely to be rekindled. Thankfully, at least this time around the industry has significantly more time to get prepared. Hopefully, that means enough time to
JWG analysis. This week marked the one year anniversary of EMIR’s first implementation deadline. And what a difference a year makes … or does it? This time last year, banks and their customers were busy determining who had passed certain thresholds (determining who would be classified as NFC or NFC+), along with implementing confirmation processes
JWG analysis. There is a new film making the rounds where the evil ‘Lord Business’ locks up all the master builders in a think-tank and uses them to design his empire. Quite apart from giving JWG analysts a lot to laugh about, it’s a useful theme when exploring what is going on with OTC trade
JWG analysis. If you’re reading this post, then it’s more than likely you are in one of the many job roles that are impacted by financial regulation. Whether you are directly involved as COO or a legal, compliance, governance or risk officer, or indirectly involved in an operational, IT or business capacity, it’s clear that
JWG analysis. “When a tree falls in the woods, does it make a noise?” While some may find the question trivial, it has provided much food for thought for philosophers since it was first raised in the early 1700s. The answer to the question relies on one’s assumptions on whether observation is a necessary condition
JWG analysis. MiFID II and its regulatory cousin, MiFIR, have some lofty ambitions for European securities and derivatives markets. And one of their most clearly stated goals is to enhance market transparency by bringing about changes to market practices, and potentially even market structures. The problem is that, while transparency may be seen as a
Following the success of Tony Russell’s UTI article, it seems apparent that implementing new identifiers will be a major area of difficulty prior to the start of OTC/ETD trade reporting in Februrary 2014. The presentation below sets out the details of the proposals for the UPI and UTI, identifies some of the major issues and
With the world’s most systemic banks having made it through the first round of invasive living wills in 2012, regulators now have their sights on the Financial Market Infrastructure (FMI). Central Counterparties (CCPs), payments systems and exchanges will have a lot to do in 2013 and could do well to heed some lessons from their