Toronto FIS Live: Adapting to a Changing Regulatory Landscape
Participating in the panel discussion are Naveen Balakrishnan, director of electronic trading capabilities at BMO Capital Markets; Nick Katerinakis, chief compliance officer at Goldman Sachs; Vaughn Swartz, head of compliance at TD Securities; Kuno Tucker, chief compliance officer, Investment Industry Regulatory Organization of Canada; and Felix Mazer, vice president, capital markets compliance, RBC Dominion Securities.
Note from the editor: The provider we had worked with regularly to bring you these feeds in an accessible and readable graphic interface format botched the feed when it was live on July 12, and has not been able to accurately restore it. Following are the tweets as they appeared in reverse order, and the whole stream complete with time stamps, in proper order can be found @referencedata and through a hashtag search on Twitter, #TorontoFIS. Our profuse apologies.
#toronto session complete. Thanks for viewing
#torontofis Tucker: ITG warned Canada regulators of unintended consequences. US doesnt require dark pools to be opened up
#torontofis Mazer explains increment rules for dark pools in Canada. IIROC notice was unexpected
#torontofis Katerinakis: means choices between infrastructure and doing biz elsewhere
#torontofis Tucker: race to bottom on latency ended, more about are you fastest and how you construct it
#torontofis unclear if we can leverage the rules. May have to use independent third parties and build more infrastructure
#torontofis if rules arent harmonized can cause global disadvantage for Canada
#torontofis every time there is something added, theres downwind effect ... latency or otherwise
#torontofis Canada typically takes perfectly good global rules and adds complexity
#torontofis Katerinakis: rule notices indicate trends ... typically takes Canada longer to respond than US did with 15c3
#torontofis CSA and IIROC rules will hopefully make it easier to work with hi frequency traders
#torontofis Tucker: why would firms want to offer direct market access? But if you dont, clients will go elsewhere
#torontofis incumbent to have fat finger checks, other checks and limits
#torontofis Mazer: Canada US versions almost identical, can be used globally
#torontofis leveraging what we have and not having run rate of spending
#torontofis Swartz: Canadian notices similar to those done recently in US. Happy to see this regulatory alignment
#torontofis IIROC becoming more data and analytics driven, which is positive
#torontofis Tucker critical of Maple decision on behalf of ITG
#torontofis requests, can you at least set some standards? firms are asking
#torontofis March 2013 access rules deadlin not that far away
#torontofis increased opportunity for vendors in risk mgmt
#torontofis Tucker: have to do strong cost benefit analysis for every new initiative
#torontofis compliance units moving away from business prevention
#torontofis Mazer: new rules impose a forced latency
#torontofis we have to be able to recalibrate systems
#torontofis this will change the way desks operate
#torontofis Swartz: data mgmt and trading tech are mission critical, but cant keep hiring people in to do compliance
#torontofis focus of changes ... much quicker, more real time, therefore more structured offerings
#torontofis Goldman reevaluating how biz is structured, so there will be less duplication, etc
#torontofis 2 sides of the paradigm, were on slow side now
#torontofis how do we optimize? Katerinakis: constantly evaluating reg controls
Panel on regulatory impact starting #torontofis
Canada Vulnerable to increase in interest rates #torontofis
Canada having good full time jobs figures, above US #torontofis
China actually surprised by economic deceleration #torontofis
US employers shifting to part time work #torontoFIS
Unknown if tax breaks will be extended to after US election #torontofia
But beneficial environment for homeowners and jobs in US econ #torontofis
In US many became renters #torontofis
Spain actually worse labor market than Uganda #torontofis
Canada at 40% middle of pack on pension spending #torontofis
Debt spreads widening #torontofis
Funny bits on quotes i e Spain is not Greece. Greece not Ireland etc. #toronto Fis
Stefane Marion giving economic background and outlook...preceding panel
#torontoFIS beginning
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