Blog

David Woolcock

David Woolcock is an independent consultant and Director, Business Consulting at Eurobase. In addition, David is Chair of the Committee for Professionalism at ACI – The Financial Markets Association as well as Vice-Chairing the ACI FX Committee. He is also a member of the Market Practitioners Group for the Bank of International Settlement's FXWG that wrote the FX Global Code.

Recent Posts

Full steam ahead ordered on IBOR replacement and the FRTB engines are being stoked…..

[fa icon="calendar'] 10-Jun-2019 09:00:24 / by David Woolcock posted in Banking, Treasury Trading Solutions, Banking Regulation, FRTB

[fa icon="comment"] 0 Comments

In November last year we held a Breakfast Briefing entitled “New Horizons for Treasury Regulation”, two of the topics we covered were IBOR reforms especially from the legal aspects and the Fundamental Review of the Trading Book and predicted these would come centre stage in 2019. 

Read More [fa icon="long-arrow-right"]

Something is stirring in the platform world - Is an old concept re-emerging?

[fa icon="calendar'] 01-May-2019 15:30:50 / by David Woolcock posted in Banking

[fa icon="comment"] 0 Comments

Delving beyond the world of algo’s/AI, the drive for ever faster speeds and platform consolidation is potentially the return of the utility platform were a shared platform offers efficiencies to a group of participants. For example, the concept of a Regulatory Reporting utility for an association of banks could well lead to better transparency in reporting, higher quality/more accurate data, and lower costs. The benefit of a shared platform would bring efficiencies to the changing reporting requirements and probably lead to a faster deployment. 

Read More [fa icon="long-arrow-right"]

Who is afraid of the big bad wolf in Regulatory Reporting 3.0?

[fa icon="calendar'] 11-Apr-2019 13:59:26 / by David Woolcock posted in Banking, Regulation

[fa icon="comment"] 0 Comments

Following two high profile fines for regulatory reporting failures, totalling nearly £62 million by the UK’s FCA, the fines prompted an interesting observation by the Director of Enforcement and Market Oversight at the FCA.

Read More [fa icon="long-arrow-right"]

Back to the Future part IV – Regulatory Reporting to be the next one rescued?

[fa icon="calendar'] 21-Mar-2019 10:28:50 / by David Woolcock posted in Banking, Regulation

[fa icon="comment"] 0 Comments

Here we are … always following new market developments to inform our product development teams … and one item caught my eye in the last week:– Digital Regulatory Reporting (DRR) starring the FCA and a host of collaborative partners! As Ronald Reagan noted having seen the film Back to the Future “Never has there been a more exciting time to be alive, a time of rousing wonder and heroic achievement.”

Read More [fa icon="long-arrow-right"]

Beware the Ides of March - A Drama of FX Swaps Reporting

[fa icon="calendar'] 14-Mar-2019 17:24:52 / by David Woolcock posted in Banking, FX, group

[fa icon="comment"] 0 Comments

This week I have been dusting off the Q&A release from ESMA in September 2018 regarding the reporting of FX Swaps to ensure we have successfully planned for the impending changes. The aforementioned Q&A included reference data and transaction reporting scenarios where an FX Swap is reported as a single stand-alone financial instrument. This Q&A implementation period was six months and to ensure a consistent approach across reporting requirements, ESMA also published a Q&A on FX Swaps reporting under EMIR, which should be implemented 12 months after its publication, as it is more difficult to implement, but the two are harmonised to ensure consistency.

Read More [fa icon="long-arrow-right"]

Deal and Cover - No Cover up When It Comes to Disclosures

[fa icon="calendar'] 07-Mar-2019 12:35:06 / by David Woolcock posted in Banking, FX, group

[fa icon="comment"] 0 Comments

 

Last week we looked at the recent GFXC note on Disclosures and today we take a deep dive into the accompanying report. As will be seen, it continues the theme of the importance of disclosures. 

 

Read More [fa icon="long-arrow-right"]

FX Disclosures - To Disclose or Not Disclose

[fa icon="calendar'] 01-Mar-2019 12:41:31 / by David Woolcock posted in Banking, FX

[fa icon="comment"] 0 Comments

Not if - it’s the clarity of content that counts for FX Disclosures!

The Global FX Committee released the minutes of their last meeting, papers on Cover & Deal, Disclosures and a survey on Valentine’s Day. It makes for interesting reading for the FX market and luckily, on the 90th anniversary of the Valentine’s Day Massacre no bullets were fired!

Read More [fa icon="long-arrow-right"]

LIBOR - Living on Borrowed Time?

[fa icon="calendar'] 07-Nov-2018 11:23:21 / by David Woolcock posted in Banking

[fa icon="comment"] 0 Comments

LIBOR is going nowhere fast. With $370 trillion of outstanding notional swaps tied to it, the desire to wean markets off this popular fix is going to be a long hard slog. The reasons for removing LIBOR are well rehearsed and the underlying intellectual rigour behind the arguments were compelling before the deluge of rate rigging allegations appeared. 

Read More [fa icon="long-arrow-right"]

Down in the crypt - a Halloween spook sends shivers down some spines!

[fa icon="calendar'] 31-Oct-2018 13:30:06 / by David Woolcock posted in Banking, cryptocurrencies

[fa icon="comment"] 0 Comments

The UK’s Cryptoassets Taskforce is comprised of HM Treasury, the FCA and the Bank of England. Not to be likened to the three witches from Macbeth who are often thought about at this time of year!! Just in time for Halloween, they have published a Final Report that sets the scene for the Cryptoassets, Blockchain and Distributed Ledger Technology (DLT) sector in the UK from a policy and regulatory perspective.  

Read More [fa icon="long-arrow-right"]

A Letter from the Americans, European Corporates Take Note……..

[fa icon="calendar'] 18-Jul-2018 08:01:54 / by David Woolcock posted in Banking, Blog, Global Code, FX

[fa icon="comment"] 0 Comments

The American Foreign Exchange Committee (FXC) has issued one of its letters last week addressed to all “Market Participants”. The FXC is an FX industry group that has been providing guidance to the market since 1978. 

Read More [fa icon="long-arrow-right"]

The Best Executed defence means no penalties.

[fa icon="calendar'] 29-Jun-2018 14:43:19 / by David Woolcock posted in Banking, Blog, MiFID, Regulation, Compliance, MiFID II, Best Execution, regulatory reporter, World Cup

[fa icon="comment"] 0 Comments

As the data publishing season for best execution begins, it is timely to look at what is required, and what will be required going forward.

Read More [fa icon="long-arrow-right"]

VAR & Surveillance - unlikely bedfellows?

[fa icon="calendar'] 19-Jun-2018 16:41:40 / by David Woolcock posted in Banking, Blog, Compliance, reporting, World Cup

[fa icon="comment"] 0 Comments

Football is a game of two halves but last night for English fans that added 4 minutes felt like another half! For the “football’s coming home” brigade it was a decent start. The debate around VAR was well and truly stoked following the game and the pundits debate on the efficiency of VAR continues! We “was robbed” a phrase that comes to mind! It is uncanny how this translates into parallels with current debate in the financial markets.

Read More [fa icon="long-arrow-right"]