Regulation
A Fireside Chat with CompatibL's Alexander Sokol
Alexander Sokol discusses pricing and risk models for interest rate derivatives and how incumbent models can be improved.
Is disruption finally coming for the index business?
Regulatory developments and startups gaining some ground may—one day—threaten the incumbent providers in this space.
More trading venues face extra supervision under FCA plan
“Woolly” rules fuel concern that bulletin boards and tech providers could be swept in
UK divergence on trading venue perimeter threatens more costs and a complex compliance landscape
The FCA is in the middle of a tug of war over the definition of a trading venue. Will it diverge in a bid to present itself as a competitive market internationally or align with its EU partners?
SEC deadline raises existential questions for US market data
This month, the commission must decide on a fee filing under its market data modernization efforts. Jo wonders how likely we are to see those efforts materialize any time soon.
Will there ever be one TR to rule them all? No chance…
A wave of regulatory reviews is renewing interest in unified data repositories. But Josephine says a centralized utility for trade reporting is never going to happen.
The newest trade repository in town preps for uphill battle
Ex-head of CME Group’s repository services looks to disrupt regtech with his startup, recruiting talent from market structure firms that have scaled back regulatory reporting businesses.
Pick a lane: Anna DSB to rival CDM coded swaps reporting?
Dual machine-executable rules are set to create choice—and maybe bifurcation—for swaps reporting
Finos will host common domain model for Isda, Isla and Icma
The non-profit will provide a neutral, open-source repository to help the trade associations govern and maintain the CDM.
Firms challenging Cusip file new lawsuit alleging antitrust violations, breach of contract
A broker-dealer and two investment managers have filed a new, joint complaint against the quartet of companies associated with management of the Cusip numbering system.
Banks may spend ‘billions’ to stop quantum hacking threat
Quantum-proof algo standards are nearing completion, but enhanced cryptography won’t come cheap.
The Emir Refit: Technology and operational implications
The upcoming Emir Refit regulation, set to enter the European Union’s statute books in the first half of 2024, is different in substance to the regulations preceding it, although the implications of complying with it are similar: firms will need to…
MarketAxess completes migration of Deutsche Börse’s reg reporting businesses
The market operator has onboarded about 500 new clients and aims to create new revenue streams to ease the ongoing cost and margin pressures.
Bloomberg integrates with Insightful Technology to cover ‘explosion’ of communication channels
Insightful monitors in the range of 120 different communication channels and 40 different datasets, which will be integrated into Bloomberg Vault, among other BBG compliance systems.
Financial crime vendors respond to Ukraine demand
Anti-money laundering laws and sanctions have brought complexity to banks' KYC/AML processes. Some vendors are responding by investing in their systems.
Europe could face settlement squeeze with T+1 proposals and CSDR fines
Move to shorten the settlement cycle in the US could have knock-on implications for other markets, as the EU grapples with a new penalty regime.
Federal court denies motion for early judgement on Cusip numbers’ copyrightability
A judge for the Southern District of New York has also ordered that two class-action suits brought against Cusip Global Services and its affiliates earlier this year be consolidated.
PFOF regulation and market data: What does the future hold?
As a Congressional report delves into Robinhood's response to the meme stock frenzy of early 2021, Jo wonders how future regulation of payment for order flow will impact market data pricing.
If it ain’t broke, break it: Back-office tech reform may benefit front-office returns
Better data visibility across multiple systems could provide a driver for technological change in the world of post-trade.
Top three fixed income venues confirm bid to deliver EU consolidated tape for bonds
Bloomberg, MarketAxess and Tradeweb will join forces to create an independent company and will submit a request for information in search for a third-party vendor to partner with.
Court thwarts exchanges’ petition to head off market data threat
The DC appeals court has denied a petition to void a rule that seeks to bring competition to the US consolidated tapes.
Is an EMS an exchange? Vendors alarmed by scope of Reg ATS amendments
Some industry participants are worried that proposed amendments to Regulation ATS could see the trading perimeter expanded to include a wide array of messaging systems.
Fed hiring more staff to examine cloud providers
The regulator wants to put more “boots on the ground” at firms such as Amazon, Google and Microsoft.
Spot the difference: Why crypto data can’t be treated like traditional market data
As institutional participation in cryptocurrency markets increases, traditional data vendors and new specialist crypto data providers are taking different approaches to supplying necessary data to financial firms.