For some time in the UK the regulators and authorities have tried to introduce true competition to the traditional banks. Much debate has occurred as to the rights and wrongs of allowing a new grouping of Challengers, Neos and FinTech enter the banking market with a lighter regulatory touch to the incumbents.
Given the longstanding focus on the familiar, well-used trading benchmarks and indices currently in use but due to be retired or changed, it’s quite normal to feel that you don't know your SARON from your €STR!
I have been catching up on some light reading in the glorious English sunshine. One report in particular caught my eye; the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures released a paper in July
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.
It would have been one thing pondering on how to deal with a misdirection of Cupid’s bow recently on St. Valentine’s Day. But, instead, how do your customers react, when attempting to book a deal on-line, when a quoted price is rejected? It can often lead to confusion and leave a negative feeling if not properly understood as to why it occurred.
Some corporate banks have recently been losing clients to non-traditional providers of payment services. Others are wondering how best to tap into this important revenue opportunity during a period of rapid evolution. Either way there are some fundamental concepts that need to be incorporated when designing an extended online service. Disruptors have demonstrated the importance of creating digital solutions that make it easy for customers to conduct their payments fast and with full transparency. Fortunately, there is no exclusivity on functional excellence and more conventional banking providers are now benefiting from the lessons learnt.