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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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A Ghost of Christmas Past Makes an Early Appearance – ESMA and MAR Haunt the Spot FX Market

[fa icon="calendar'] 14-Oct-2020 11:02:34 / by David Woolcock posted in Banking, Regulation, Treasury Management, Treasury, FCA, FX payments, regulatory reporter, Treasury Trading Solutions, Banking Regulation, treasury trading, PRA, UK, cross-border payments, cross-border

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As we approach Halloween market abuse has come back to haunt the FX market. Our Advent Blog last year covered the ESMA Consultation Paper on the provisions of the Market Abuse Regulation (MAR) and highlighted the fact that spot FX is not covered by MAR.

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Climbing the Mountain and Levelling the Playing Field – a dichotomy solved?

[fa icon="calendar'] 25-Sep-2020 08:00:00 / by David Woolcock posted in Banking, Regulation, Treasury Management, Treasury, FCA, FX payments, regulatory reporter, Treasury Trading Solutions, Banking Regulation, treasury trading, COVID19, PRA, UK, cross-border payments, cross-border

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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.

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Do you know your SOFR from your SARON? The new benchmarks

[fa icon="calendar'] 15-Sep-2020 15:38:29 / by Matt Townsend posted in Banking, Regulation, Treasury Management, Treasury, FX payments, regulatory reporter, Treasury Trading Solutions, Banking Regulation, treasury trading, COVID19, UK, cross-border payments, cross-border

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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! 

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The new Lego - building blocks of the new cross-border payment roadmap

[fa icon="calendar'] 20-Aug-2020 15:37:38 / by David Woolcock posted in Banking, Regulation, Treasury Management, Treasury, Payments, FCA, FX payments, regulatory reporter, Treasury Trading Solutions, Banking Regulation, treasury trading, COVID19, UK, cross-border payments, cross-border

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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

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Uncleared Margin Rules – more regulatory requirements are on the horizon!

[fa icon="calendar'] 27-Jul-2020 08:18:54 / by David Woolcock posted in Banking, Regulation, Treasury Management, Treasury, FCA, regulatory reporter, Treasury Trading Solutions, Banking Regulation, treasury trading, COVID19, fx swaps, UK, EMIR

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The regulation for Uncleared Margin Rules (UMR) was set in motion at the 2009 G20 meeting following the global financial crisis.

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Back aboard LIBOR Reform – full steam ahead in the UK.

[fa icon="calendar'] 20-Jul-2020 11:16:02 / by David Woolcock posted in Banking, Regulation, Treasury Management, Treasury, FCA, regulatory reporter, Treasury Trading Solutions, Banking Regulation, treasury trading, COVID19, UK

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A triumvirate of the Working Group on Risk-Free Reference Rates (RFRWG), the FCA and the Bank of England published joint statements in March and April (see my previous blog  LIBOR Wars) reiterating that firms must move away from referencing LIBOR and reduce the stock of legacy LIBOR contracts.

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Drifting back to a bright new future?

[fa icon="calendar'] 19-Jun-2020 10:20:07 / by David Woolcock posted in Banking, Regulation, Treasury Management, Treasury, sales, regulatory reporter, Sales Desk, SFTR, Treasury Trading Solutions, Banking Regulation, treasury trading, COVID19, RegTech

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The effect of the pandemic has been a mixed bag for many involved in our markets. The increase in volatility has seen a boost to trading activities and RegTech has been busy innovating to help overcome the compliance issues of remote working. With banks splitting personnel between the office, disaster recovery sites and working from home, issues have arisen that will spur technological development and system renewals.

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Bringing Harmony to Treasury, Sales and Regulatory Compliance.

[fa icon="calendar'] 08-Jun-2020 07:30:00 / by David Woolcock posted in Banking, MiFID, Regulation, Treasury Management, Treasury, FX, sales, regulatory reporter, Sales Desk, Treasury Trading Solutions, Banking Regulation, treasury trading

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Regulations are having a profound effect on the trading landscape alongside a proliferation of Codes of Conduct.  In the UK, there are three codes replacing the former NIPS code covering FX, Money Markets and Precious Metals.

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The electronic world of deal rejection

[fa icon="calendar'] 20-Feb-2020 16:17:49 / by David Woolcock posted in Banking, Blog, TMS, Global Code, Treasury Management, Treasury, FX, FX payments, Digitalisation, deal, last look

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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.

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An unanswered question from Davos.  When will we activate Digital Currencies in our Treasury Management Systems?

[fa icon="calendar'] 07-Feb-2020 18:57:04 / by David Woolcock posted in Banking, Blog, TMS, Treasury Management, Treasury, Digitalisation, cryptocurrencies, Cyber Security, digital currency

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We saw during 2019 increased interest in various projects for a Central Bank Digital Currency (CBDC) launch as a recurring theme. CBDC is a digitised sovereign currency, created and issued by, and a liability of, the country’s monetary authority. As such they are viewed as legal tender which is a core difference to cryptocurrencies and stablecoins. Those who made it up the Davos slopes to the World Economic Forum (WEF), were met with ideas and discussions taking place on how CBDC could be a potential solution to multiple challenges, including financial inclusion and efficiencies in the global payment systems.

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Is There an Art to Selecting a New Treasury Solution?

[fa icon="calendar'] 20-Aug-2019 11:38:57 / by Gill Bacon posted in Banking, Treasury

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When it’s time to review systems and processes how do you best go about that? Chat to your peers in similar organisations to identify what they’re using? Search the internet? Employ the services of a consultancy firm to do the research for you? They’re all familiar options widely used, and the outcome of each can actually be quite different. 

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