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David Woolcock


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It is not just the big fish that are caught – A brief look at manipulation, best execution and principles, principles, principles…………………………….

[fa icon="calendar'] 21-Aug-2017 07:44:00 / by David Woolcock posted in Banking, Regulation, Compliance

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You would be mistaken if you thought enforcement notices were just the preserve of big banks and individuals. Many smaller regulated banks fall foul of the FCA’s and other authorities’ scrutiny. For FCA regulated firms this is mainly around two important principles of business (Principle 3 & Principle 11). Principle 11 deals with relations with the regulator but the most important one is number three (and in terms of fines a costly one!).

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Nothing like a bombshell just in time for the Summer holidays…….

[fa icon="calendar'] 07-Aug-2017 17:08:56 / by David Woolcock posted in Banking, Blog, Regulation, Compliance

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A timely review of the Treasury Management System against the required standard may yield some unexpected gaps!

[fa icon="calendar'] 11-Jul-2017 17:24:52 / by David Woolcock posted in Banking, Blog, Regulation, Global Code, Compliance

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Do you have systems in place to enable adherence to the Global Code for FX?

The Global Code of Conduct for FX (the Code) was released on the 25th of May 2017, to a good reception from diverse market participants and brought the curtain down on two years of work.

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ACI Dublin – Voice trading under MiFID II and No Free Pass for Spot FX

[fa icon="calendar'] 19-May-2017 16:49:03 / by David Woolcock posted in Banking, Blog, Regulation, Compliance, MiFID II, Best Execution

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 One of the takeaways I had from numerous conversations at the ACI Congress in Dublin, where Eurobase participated, was the question “how do we continue to offer voice trading, which is what customers want, and be compliant with MiFID II?”

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An alarming thought for attendees at the forthcoming International Banking Conference 2017 hosted by the Association of Foreign Banks.

[fa icon="calendar'] 04-May-2017 12:32:30 / by David Woolcock posted in Banking, events, MiFID II, AFB

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afb 2.pngIn the FT today comes the news that UK branches of foreign banks will have to adhere to whistleblowing rules that allow staff to voice concerns to City watchdogs without having to tell their employers. 

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Is FX MiFIR reporting getting any clearer?

[fa icon="calendar'] 27-Apr-2017 07:26:00 / by David Woolcock posted in Banking, MiFID, Regulation, Treasury Management, Compliance, MiFID II

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MiFID II and MiFIR in the foreign exchange world have generated much confusion. It feels like the regulations are shoehorning the FX market into regulations that are not ideal for the purpose.

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The Global Code of Conduct for FX phase 2 rises on the horizon

[fa icon="calendar'] 04-Apr-2017 16:50:57 / by David Woolcock posted in Banking, Global Code, Compliance

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I have the privilege to serve on the BIS FXWG Market Participants Group (MPG) that is crafting the Global Code of Conduct for FX.Interest in the Code is being expressed by market participates of all shapes and sizes alongside those being engaged in multiple roles across the Foreign Exchange industry.

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MiFID II exposes the need for a regulatory reporting solution

[fa icon="calendar'] 03-Mar-2017 16:54:43 / by David Woolcock posted in Banking, Blog, MiFID, Regulation, Compliance, MiFID II

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“MiFID II and MiFIR will change the way banks around the world do business —particularly with respect to the scope of data, communications formats and records that must be maintained.” -Bloomberg

 

Responding efficiently to the dramatic changes that MiFID II will bring in January 2018 is key to ensuring your organisation continues to succeed and remains profitable. As a bank or branch/subsidiary regulated by a European regulatory authority and operating in the EU, your bank is subject to MiFID II in general terms. MiFID II covers nearly all instruments (e.g. including Forward FX) except for most Spot FX. The confusion regarding the definition and whether spot FX is in or out has been clarified to some extent and relies mainly on the T+2 (smaller currencies up to T+5) and “physically settled” definitions.

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siena and the Cross Border Payments Controversy

[fa icon="calendar'] 16-Nov-2016 10:53:36 / by David Woolcock posted in Banking, Blog, Payments, FX, Technology

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How can technology support the principle of ‘fair and effective markets’?

In my last blog on cross border payments I was mulling the concept of “fair and effective” markets and musing how that would apply to the current landscape of high bank charges in this area. The original blog was inspired by a newspaper article that was expressing outrage that a bank was discriminating against smaller corporates (SME’s) on a systematic basis.

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Some good news and a cunning plan for the weekend...

[fa icon="calendar'] 11-Nov-2016 10:13:58 / by David Woolcock posted in News, Banking, Blog, MiFID, Regulation, Compliance, PRIIPs, MiFID II

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Baldrick_thumbnail.jpgIt is heartening to see at last some good news on the regulatory front in Europe. It is now widely expected that the European Parliament and Commission will move to postpone the entry in force of the PRIIPs Regulation by 12 months. This will bring the timing in line with MiFID II. If all goes well the “cunning plan” will move the date of application to 31 December 2017.

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