So the 3rd of January came to pass and the City was not plunged into meltdown by the implementation of MiFID II/MiFIR. Some confusion reigned due to the late announcement of 6-month smoothing exercise to the implementation of LEI’s. The summary statement was –
T’was the night before Christmas, when all through the bank,
Treasury Managers were wondering who they should thank,
For the upcoming challenges they were due to face,
And new regulation they have to embrace.
Halloween got me thinking as to what demons the European markets might expect on a spooky night like tonight. What could come knocking at our doors and will they be a trick or a treat?
Recent news reports suggest parents, teachers and employers are unhappy about the new GCSE grading system that was used for the first time in pupil results announced two weeks ago. A lack of clarity of the new scoring system has been blamed for the confusion.
A little while back I wrote about how the 'Internet of Things' is changing the way customers interact with Banks.
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?”
In 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.
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.