The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Andrew’s Blog – Joyeux Noel FISD Style

The FISD’s European Holiday Party last night was – as it always is – a fun affair, and a great way of doing the rounds of the market and reference data set before the Christmas Break. Less jolly was the General Meeting’ flagship regulation panel, which saw panellist after panellist express frustration, confusion and downright bewilderment at the ongoing discussions around MiFID 2.

Star of the show for me was Interactive Data’s Paul Kennedy, whose line by line analysis of the regulation as it now looks – or may look – was the most comprehensive I’ve heard. Paul is clearly on top of where MiFID 2 is headed, and I hope to talk him into a long conversation over lunch soon so we can capture all that data for posterity.

Elsewhere, Deutsche Bank’s Steve McGoldrick, who has been working within the banking community on its response to the EU initiatives, reiterated the industry’s need to put aside its commercial differences for the common good. His remarks were mostly aimed at the development of a consolidated tape, an area that is taking up much of his attention.

The industry’s failure to agree on how to institute this – outlined as a requirement under MiFID 1 but left to the industry to sort out itself – is indicative of the great difficulty involved in bringing about industry change that impacts individual entities’ commercial activities.

Elsewhere, Nomura’s Nigel Matthews – who leads the firm’s European reference data group – invoked regulation in general, and four specific regulations in particular, as the prime suspect in keeping him awake at night. Basel III, and specifically its IMM counterparty data requirement, is causing data management headaches. As will be Dodd-Frank and FATCA as they begin to bite in 2012. Finally, MiFID 2 is expected to have wide-ranging impacts on many facets of the reference data management process.

Happily, despite the regulatory morass that threatens to swamp everyone next year, FISD’s Tom Davin, David Anderson, Nick Merritt and Liz Cummings succeeded in creating a festive atmosphere. We were amazed to watch the lines gather for a full Christmas dinner as we enjoyed the hospitality of Thomson Reuters, which hosted the party.

Related content

WEBINAR

Upcoming Webinar: Regulatory change management – challenges, solutions and case studies

Date: 7 December 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Regulatory change has become part of the fabric of capital markets. It has also become increasingly complex as more regulations are introduced, significant amendments are made frequently, and small changes are made on a rolling basis – the whole...

BLOG

ComplyAdvantage Tops Up Series C Funding with Goldman Sachs Investment

ComplyAdvantage, a financial crime compliance specialist, has received new investment from Goldman Sachs Growth Equity. The investment will be used to build on the company’s rapid growth and cement its position as a critical part of the value chain for companies managing evolving risks around anti-money laundering (AML) and know your customer (KYC) processes, as...

EVENT

Data Management Summit Europe Virtual (Redirected)

The Data Management Summit Europe Virtual brings together the European data management community to explore the latest challenges, opportunities and data innovations facing sell side and buy side financial institutions.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...