European Securities and Markets Authority (Esma)
Can the EU and UK reach T+1 together?
Prompted by the North American migration, both jurisdictions are drawing up guidelines for reaching next-day settlement.
The Waters Cooler: No Singapore Slings
Market microstructure, a prediction exchange, ETF and T+1 woes—does it get any more exciting than this?
Banks fret over vendor contracts as Dora deadline looms
Thousands of vendor contracts will need repapering to comply with EU’s new digital resilience rules
EU firms press for faster move to T+1 after smooth US rollout
Following the example set by North America, 70% of attendees at a European hearing on shorter settlement cycles favored a Q4 2027 switch to next-day settlement.
All eyes turn to North America as T+1 arrives
As T+1 settlement becomes a reality in North America, long-lingering questions will get their answers.
Consolidated tape hopefuls gear up for uncertain tender process
The bond tapes in the UK and EU are on track to be authorized in 2025. Prospective bidders for the role of provider must choose where to focus their efforts in anticipation of more regulatory clarity on the tender process.
European exchanges turn to dark trading in battle for flow
The EU’s two biggest exchanges are launching dark pools this year. The apparent change in their stances on dark trading reflects a profound shift in equities markets.
European firms prime for lopsided settlement in North America and at home
With T+1 imminent in North America and increasingly likely to traverse the Atlantic, operations and trading professionals in Europe are fighting on two fronts.
Settling scores: industry pushes back on new penalties in settlement efficiency drive
Esma is asking for feedback on proposals that could see penalties for settlement fails increase by 25 times. But affected parties say adapting to the new system would be a technical upheaval and are calling for more structural reform.
‘When, not if’: EU plots course for T+1 transition
Not everyone saw eye to eye at a European Commission roundtable discussing how to shorten settlement cycles, but most participants recognized the need to make the transition to T+1.
Price gouging? New study finds market data providers consistently inconsistent in pricing, discounts
As the industry awaits the FCA’s findings from its Wholesale Market Data Study, end-users pin their hopes on the prospect of relief. But a new study from Substantive Research details the enormous pricing disparities that must be tackled.
Waters Wrap: A glimpse of 2024 through the looking glass of 2023
Anthony examines some of the biggest stories from the past year to preview what might be ahead.
One step forward, two steps back—European regulation grapples with the same old problems
Stop me if you've heard this one before...
Waters Wrap: On EMSs, regulation, and (among others) BlackRock Aladdin
Regulators in the US and Europe have turned their sights on execution management system providers. Anthony examines some of the questions the industry is trying to answer.
Using genAI for post-trade processing could reduce failures, fines
Shortening settlement times are pressuring firms to do more, faster. IBM’s Soren Mortensen argues that genAI and ML can help eliminate errors and speed up post-trade processes.
ECB’s Lagarde sets out vision for integrated European capital market
The president of the European Central Bank argues for a more ambitious, top-down approach to the capital markets union.
What firms should know ahead of the DSB’s UPI launch
Six jurisdictions have set deadlines for firms to implement the derivatives identifier, with more expected to follow.
Can FIX fix patchy exchange outage communications?
A FIX working group is hoping to standardize the way that venues communicate with the sell side when markets fail.
Shall we compare thee to a multilateral trading venue?
As regulators confirm that perimeter guidance applies to tech firms, the focus shifts to enforcement.
Institutions see everything to play for in UK’s DLT sandbox
Industry welcomes flexible issuance limits, but rues derivatives’ exclusion as a missed opportunity.
Dora ‘critical tech vendor’ designation could cast a wide net
Experts think cloud services, data providers and software firms are all in regulators’ sights.