European Commission (EC)
This Week: Tradeweb, Microsoft, JPMorgan, Goldman Sachs, and more
A summary of the latest financial technology news.
Industry divided on whether Europe should delay FRTB
Most bankers prefer to keep to earlier start date, even though it puts continent out of sync with US.
Social distancing: Putting a $ value on the ‘S’ in ESG
The ‘social’ pillar of ESG has been much overlooked and underserved in terms of reporting and accurate and available data. That’s changing.
EU lawmakers struggle to find common ground on equities CT
The debate over a consolidated tape for European equities heated up when a second contender for the role of provider emerged during the EU’s trilogue process. But as the bloc’s three legislative bodies try to reach a compromise, commercial interests are proving inescapable.
No big boost to UK dark trading after Brexit
Expected explosion in hidden equity liquidity has failed to materialize
Hurry up and wait: EU debates potential models for ‘essential’ consolidated tape
As the legislative debate surrounding a future European consolidated tape for equities takes on increased urgency, market participants and interested parties are beginning to weigh in with their visions of a successful tape.
OK regulator? How AI became respectable for AML controls
Dutch court case pressures supervisors to accept new tech; explainability the key challenge
Bloomberg, MarketAxess, Tradeweb probe three tech partners for consolidated tape bid
Venue-led consortium plans to pick a winner before EU regulators begin tender process – anticipated in third or fourth quarter of 2023.
EU Regulator: Incoming rules will arm financial institutions to negotiate cloud contracts
While the new rules will eat into financial services resources, regulators say they will also offer safeguards for managing cloud agreements.
UK divergence on trading venue perimeter threatens more costs and a complex compliance landscape
The FCA is in the middle of a tug of war over the definition of a trading venue. Will it diverge in a bid to present itself as a competitive market internationally or align with its EU partners?
Europe could face settlement squeeze with T+1 proposals and CSDR fines
Move to shorten the settlement cycle in the US could have knock-on implications for other markets, as the EU grapples with a new penalty regime.
Banks eye ‘nirvana’ in machine-executable swaps reporting
Coded reporting requirements could save banks “millions” in compliance costs, bank execs say.
Mifid data vendors face 4,000% supervisory fee hike
‘Cost of Esma’ crisis for largest European regulated data reporting and publishing firms.
SEC sets its sights on fixed-income platforms with Reg ATS revamp
US regulator’s mammoth January proposal has something in it for most US trading systems, but Jo suspects it will be the definitions of exchanges that hit the hardest.
An EU Consolidated Tape: Advancements made in 2021, but still far to go in ’22
The second half of the year saw some long-awaited progress in the mission to fill the void of a consolidated tape in the European Union.
Top venues mull offering joint EU consolidated tape for bonds
Market participants worry a venue-led CT could be of low quality, with CT data used to create expensive additional products.
Patchy data thwarts consolidated tape hopefuls in Europe
Vendors grapple with unstandardized data reporting and data gaps in their push to develop a consolidated tape, as the EU prepares to unveil its latest legislative plans.
Competing CTPs won’t work, warn EU firms, calling for single tape provider
As the industry awaits upcoming EC proposals, some firms are voicing concerns that mandating multiple CTPs could create fresh problems around data fragmentation and connectivity costs.
Definition of a trading venue: Reg review risks ensnarling tech vendors
Industry participants are divided over the definition of a trading venue and how regulators should revise the regulatory framework.
Waters Wrap: On outages, teamwork & greed (And ESG innovation & consultants)
Anthony examines a proposed protocol in Europe that would help keep liquidity flowing if there’s a major exchange outage. He also discusses innovation in the realm of ESG, and Esma’s new data analytics platform.
Accenture wins contract for Esma’s big data analytics project
The consultancy will provide on-demand tooling for analyzing data collected from Data Reporting Service Providers.
New entrants want to feed bond market’s hunger for data
In the absence of a consolidated tape for debt securities in the EU, vendors with different approaches to distributing fixed-income market data are emerging.
EC drafting proposal for derivatives consolidated tape
Commission official says beta version ready for testing in 2023 will also include equities, bonds and ETFs
Esma to ink deal for big data capabilities
The regulator is ditching its legacy architecture to cope with massive volumes of reported data and new supervisory responsibilities.