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Best Execution: How compliant are NCAs now?
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23 Jan
2017

Best Execution: How compliant are NCAs now?

  • 23rd January 2017
  • Letitia Bolton

On 11 January 2017, ESMA released its follow-up to the peer review on best execution which came out in February 2015.  With significant improvement by many NCAs since the 2015 review, the follow-up reads as a far more positive report, with optimism for further development in the future.  Although certainly not perfect, it reveals that Read More

17 Jan
2017

ESMA on commodity derivatives – Taking stock

On 19 December 2016, ESMA published its Q&A paper on the topic of commodity derivatives within MiFID II and MiFIR.  The document focuses on the promotion of supervisory approaches and practices for the application of position limits, position reporting and ancillary activity provisions.  It also provides clarity on the technicalities of the policy and the Read More

22 Dec
2016

Merry Christmas from Team JWG!

  • 22nd December 2016
  • Aoife Quinn

2016 has added tens of thousands of new regulatory pages to the pile, which has kept us, at JWG, very busy boys and girls. Unlike the last decade, however this year has been about unexpected twists and turns in the road: It’s been a year of MiFID II/R panic, implementation delays, regulators waking up to Read More

29 Nov
2016

ARMs: MiFID II’s new player within transaction reporting

  • 29th November 2016
  • Bora Nanaj

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 Read More

28 Nov
2016

JWG’s trade and transaction reporting RegDelta platform surpasses over 1000 documents!

  • 28th November 2016
  • Darshna Pindoriya

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 Read More

17 Nov
2016

ISIN: The quest for an OTC identifier

  • 17th November 2016
  • Bora Nanaj

OTC derivatives, unlike other financial instruments, have never really had a product identifier. Since as early as 2014, regulators’ high expectations for a detailed product identifier for OTC derivatives have caused consternation amongst industry experts as retooling the current infrastructure to the new specifications is an enormous task that could result in hundreds of billions Read More

08 Nov
2016

Providing clarity on MiFID II, one guidance note at a time (part 1: systematic internalisers)

  • 8th November 2016
  • Bora Nanaj

With the MiFID II/R implementation deadline less than 420 days away, financial institutions are trying to find the smartest ways to comply with this new regulation.  JWG can make this process much easier through the collaborative effort of our MiFID II Implementation Group (MIG). About MIG The MIG is a JWG-facilitated weekly meeting of industry Read More

21 Oct
2016

Did ESMA address the industry’s key issues in their MiFID II guidelines for transaction reporting?

  • 21st October 2016
  • Kara Paslawska

In December 2015, ESMA published a consultation paper on transaction reporting, order record keeping and clock synchronisation.  Shortly after, we summarised the 10 key issues from the MiFID II guidelines for transaction reporting.  Now, having considered the issues raised in the responses to the consultation paper, ESMA has published its guidelines. Considering the key topics Read More

19 Oct
2016

What next for SFTs after SFTR? – Article 29(3) report

  • 19th October 2016
  • Kara Paslawska

The Securities Financing Transitions Regulation (SFTR) has been introduced in the light of the G20’s agenda to address concerns of the build-up of leverage and pro-cyclicality which can be caused by securities transactions. Article 29(3) of SFTR specifically asks ESMA along with European Banking Authority (EBA) and European Systemic Risk Board (ESRB) to help ESMA Read More

15 Aug
2016

ESMA’s advice on AIFMD passport in 12 non-EU countries

  • 15th August 2016
  • Letitia Bolton

On 18 July 2016, ESMA, the European Securities and Markets Authority, published its advice to the European Parliament, the Council and the Commission on extending the Alternative Investment Fund Managers Directive (AIFMD) passport to 12 non-EU countries: Australia, Bermuda, Canada, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Japan, Singapore, Switzerland and the Read More