JWG hosted a jam-packed CDMG meeting last week for the first sneak-peek of what MiFID II holds in store for 2016. The big conclusion:  a lot of work still needs to be done to scope out the operational implications of MiFID II / MiFIR and firms will need to coordinate responses quickly once the consultation

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

Europe trade reporting: fines for all?

By Sam Tyfield and JWG. We asked a prominent city lawyer what current EMIR reporting issues could mean if the regulators chose to get nasty.  The bottom line: big fines could appear on the cards years down the line.  Given where we are with current data quality efforts, this might have an impact on the

Insights into EMIR trade reporting

JWG co-hosted a webinar earlier this week, along with Banking Technology and the DTCC, examining the recently launched EMIR trade reporting regime.  The conversation tackled a range of issues, including challenges faced by industry participants in getting ready for the 12 February launch date, and a look ahead to future milestones in the reporting regime.

The OTC dilemma: is the data awesome?

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

Transparency: the new wonder drug?

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

JWG analysis. EU and US taxpayers scratched their heads in disbelief this week as the regulators made it painfully clear that they have squandered both years and billions with little to show for it. The politicians that gathered in Pittsburgh were quite explicit – they want OTC transparency.  Did they expect that, nearly five years

Trade data: seeing through the smoothie

JWG analysis. When G20 leaders met in Pittsburgh back in September 2009, there was clear consensus on the direction that the financial industry needed to take in the aftermath of the global financial crisis.  Transparency was a key theme. The view was that, by mandating industry-wide reporting obligations for OTC derivatives, regulators would be armed

JWG analysis. Until the world has a definitive LEI, we are going to have to recognise that piecemeal adoption brings with it significant hidden costs in validating, enriching and mapping for regulatory purposes. LEI watchers have been encouraged to see Saudi Arabia and Italy joining the fold in the past month.  They might be just

JWG analysis. With the 12 February EMIR trade reporting deadline just around the corner, the atmosphere in the derivatives industry suggests just as much turmoil as ever. Issues surrounding LEI registration, UTI reconciliation and trade repository affiliations persist as the rush to comply with mandatory reporting rules begins.  The industry is still grappling with issues that