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Welcome back: Five emails you need to send this quarter
Archive
22 Aug
2013

Welcome back: Five emails you need to send this quarter

  • 22nd August 2013
  • RegTechFS

If the G20 had given birth to a child at the Pittsburgh Summit, that child would now be off to school.  In other words, we’ve come a long way since the early policy-making stages of the post-crisis political landscape.  As such, EU regulators are eager to get this round of rulemaking over and move onto Read More

09 Jul
2013

Here algo again: MiFID II will require your attention in 2014

  • 9th July 2013
  • RegTechFS

The new legislative package contains some surprises for those engaged in ‘risky’ trading MiFID II is almost upon us.  This month, the Council of the EU agreed their general approach, meaning that the draft of MiFID II/MiFIR is free to advance to the European Parliament.  If all goes according to the current plan, the new Read More

01 Jul
2013

Bitcoin: A new regulatory frontier

It is known that regulators are continually playing catch-up with technological innovation in financial services, whether it’s HFT trading, being addressed in MiFID II, or internet banking in the new Bank Account Directive. Bitcoin, however, is an entirely new kettle of fish. For a start it’s a currency that comes bundled with its own payment Read More

18 Apr
2013

Worldwide trade repository project failing to find an owner?

On 11 April this year, the BIS’ Committee on Payment and Settlement Systems (CPSS) in collaboration with IOSCO published a ‘consultative report’ titled ‘Authorities’ access to trade repository data’.  This report recognises the problems regulators face in trying to administer a global market without a source of globally aggregated, publicly available data and makes recommendations to regulators Read More

07 Mar
2013

Leaving ESMA to pick up the pieces

  • 7th March 2013
  • RegTechFS

Recently, the EU’s legislative output has been marked by a tendency to increase ESMA’s responsibilities, and decrease those of the democratic institutions. Whatever the reason for this – avoiding disputes between member states, speeding legislation’s passage – it undermines democratic scrutiny and leaves firms with many unknowns. Recently, the EU’s legislative output has been marked Read More

05 Mar
2013

EU RRPs: What will looser requirements mean for firms?

  • 5th March 2013
  • RegTechFS

Yesterday, 4th March, the Council published a compromise proposal detailing a possible final draft of the Recovery and Resolution Directive (RRD). Firms can breathe a mild sigh of relief as the document relents on some of the most stringent requirements. However, the proposal extends the rules in other areas creating a mixed picture overall. The Read More

25 Feb
2013

Outsourcing: increasingly risky business?

More stringent restrictions on outsourcing arrangements affecting all suppliers could lead to increased costs across the board for financial services firms. Since the 1980s, outsourcing has been a way to leverage global wage imbalances to lower the cost/income ratios of the banking industry. The rules of the game changed in 2007, with MiFID controlling how Read More

19 Feb
2013

Celtic Tiger Shows its “Clause”

  • 19th February 2013
  • RegTechFS

Last Friday, the Irish EU Presidency published a new draft compromise of MiFID II. The resulting piece of legislation includes several new additions but preserves – without exception – the more onerous existing clauses. The central changes in the new draft are an obligation for investment firms to trade on a regulated platform (with exceptions) Read More

31 Jan
2013

HFT: Time to talk about how?

It’s 2013 and we’re still talking about regulating HFT in the absence of data quality and standards conversations. That needs to change. 2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that Read More

10 Sep
2012

HFT: On the brink of definitive new controls?

  • 10th September 2012
  • RegTechFS

Thanks to technological hiccup after technological hiccup, High Frequency Trading (HFT) remains a permanent fixture in the financial press. With each blip, regulators and politicians promise to regulate HFT, but how they are going to put effective controls in place is still an open question. Despite the noise, the issues with HFT remain the same. Read More