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PRA issues first consultation paper for MiFID II
14 Apr

PRA issues first consultation paper for MiFID II

On 24 March, as part of the UK’s effort to set rules to transpose the Markets in Financial Instruments Directive (MiFID II), the Prudential Regulation Authority (PRA) set out its proposals in its first consultation paper. The application deadline for MiFID II/R has been delayed by one-year to 3 January 2018, with just the European Read More

23 Sep

Preparing for the ‘ringfence’

JWG analysis. Following the introduction of the new ringfencing law, due to come into force 1 January 2019, the biggest UK banks strongly voiced their concerns. Although this new law will be difficult (and expensive!) for all banks involved to implement, firms with more global and diversified business models are facing additional complexities.  In particular, Read More

08 Jul

Part 1: HFT coders – ready for judgement?

  • 8th July 2015
  • RegTechFS

By Sam Tyfield and JWG. It has been widely rumoured that the level 2 MiFID II will define the high frequency algorithmic trading technique (HFATT) as one which has a high message intraday rate in which there is a minimum of four messages being sent  per second for all instruments traded on a trading venue.  Read More

26 Jan

Taming your trading troubles: regulation in a global market

  • 26th January 2015
  • RegTechFS

JWG analysis. The chief of the CFTC pronounced from Japan this week that implementing regulatory reform means overcoming “legal traditions, regulatory philosophies, political processes, and market concerns”.  Looking at the global trading regulatory climate that surrounds MiFID II, we couldn’t agree more. Those struggling to digest the MiFID II texts and get to Paris for Read More

05 Sep

The aftermath of summer 2014 … onwards and upwards?

JWG analysis. As the sun slips back into hibernation, schools reopen and autumn looms, regulators, lawyers, risk specialists, change managers and compliance professionals are returning to their desks. Here at JWG we have been busy tabulating the enormous level of movement in the regulatory space during the summer. For those of you lucky enough to Read More

24 Jun

RegDelta alert no 3: Changes to the PRA rulebook

  • 24th June 2014
  • RegTechFS

JWG analysis. Last week the Prudential Regulation Authority (PRA) released several key documents including its annual Policy Statement amending certain aspects of the PRA Rulebook. These policy changes are sure to have an impact across all firms that come under the PRA’s regulatory jurisdiction. The PRA has: Amended eight of its Fundamental Rules which replaced its Read More

04 Mar

Putting the ‘PRA’ in suPRAnational

JWG analysis. The Prudential Regulation Authority last week published a consultation paper that threatens to impose stricter requirements on international banks operating UK-based branches. The new proposals have been designed to ‘ensure the stability of the UK financial system’ by promoting ‘safety and soundness’, including requirements for increased transparency, resolution measures to protect investors and Read More

28 Aug

Icebergs and deckchairs: Carney’s announcement misses the real challenges to implementing Basel III

Today, 28 August, Mark Carney, Governor of the Bank of England, announced that UK banks compliant with Basel III capital buffers would receive marginal relief from liquidity requirements under CRD IV (read Carney’s announcement).  However, the PRA have made clear this relief will only be temporary, since EU rules require full compliance by 2018 (read Read More

15 Aug

Banking divorce: Are you preparing for the UK’s Banking Reform Bill?

  • 15th August 2013
  • RegTechFS

The implementation of the UK’s Banking Reform Bill (BRB), covering the ring-fencing of retail banks, is taking shape, and it looks like we are headed to the family courts, dear.  We see three main kinds of requirements: 1) KYC and due diligence requirements, linked to identification and transfer of core and non-core deposits; 2) restructuring Read More