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Brexit Pragmatism paves the way to proportionate Banking Regulation

[fa icon="calendar'] 30-Nov-2020 13:57:23 / by David Woolcock posted in Banking, Regulation, Brexit, Treasury Management, Treasury, FCA, regulatory reporter, Treasury Trading Solutions, Banking Regulation, treasury trading, ESMA, ECB, EU

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Markets appear, according to commentators, to be pricing in a last-minute deal between the European Union and the United Kingdom. This would certainly fit various other scenarios we have seen with last-minute eleventh-hour deals involving the EU. 

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The Haunting of an OTF; the Devil will be in the detail.

[fa icon="calendar'] 30-Oct-2020 07:28:00 / by David Woolcock posted in Banking, MiFID, Regulation, Treasury Management, Treasury, MiFID II, FCA, regulatory reporter, MiFIR, Treasury Trading Solutions, Banking Regulation, treasury trading, ESMA, OTF

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Following on from the MAR report in my last blog comes one on a consultation from ESMA concerning the Organised Trading Facility (OTF) Regime. The accompanying paper provides an overview of the functioning of the OTF regime. It discusses the definition of OTF’s, the use of discretion in the execution of orders and the practice concerning the use of matched principal trading.

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Regulatory Reporting and FX Swaps. Or is it FX Strats? Or even FX Packages?!

[fa icon="calendar'] 02-Jun-2020 08:18:11 / by David Woolcock posted in Banking, MiFID, Regulation, FX, FX payments, regulatory reporter, MiFIR, Banking Regulation, ESMA, fx swaps

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We have been seeing a lot of discussion and interest concerning a blog I penned in March last year  under the title of “Beware the Ides of March - A Drama of FX Swaps Reporting”.

This March, we had a Consultation from ESMA, nattily entitled, “MiFID II/MiFIR review report on the transparency regime for non-equity instruments and the trading obligation for derivatives”, which may equally be causing this issue to be re-visited. 

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Home Alone

[fa icon="calendar'] 20-Mar-2020 16:50:47 / by David Woolcock posted in Banking, FCA, SFTR, LIBOR, Banking Regulation, ESMA, COVID19, coronavirus

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It is unprecedented in Financial Markets (at least in my memory!) to have so many people working from home globally. We have previously seen localised examples such as on Wall Street after the tragic event of 9/11, but nothing on this global scale. As firms dust off the business continuity plans, some are hitting problems such as systems not allowing remote trading. This requires a tweaking of rule books and system settings. For those deploying a unified, modular platform, the task is somewhat easier when suddenly so many core staff are working from home as any system changes can be made once, and once only. 

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Starting the New Year with a call to arms!

[fa icon="calendar'] 10-Jan-2020 17:30:00 / by David Woolcock posted in Banking, Blog, Regulation, Global Code, Compliance, SFTR, Banking Regulation, ESMA

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As we settled down to the first full working week of 2020, ESMA published the latest and final set of papers on the Securities Financing Transactions Regulation (SFTR) with guidelines on reporting structures.  This was accompanied by the amended SFTR validation rules and a statement on Legal Entity Identifiers (LEI). The good news is that it now clarifies a number of provisions pertaining to SFTR, alongside some practical guidance.

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