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UK FSA’s Response to MiFID Warns Against a One Size Fits All Approach to Data Standardisation

The recent joint response by the UK Financial Services Authority (FSA) and the UK Treasury to the European Commission’s MiFID proposals indicates that the regulators are concerned that a “one size fits all” approach towards data standards may be applied to non-equity instruments, as the directive is expanded beyond equities. The response, which comes in…

European Commission’s Leaked MiFID Review Paper Highlights Data Standardisation Challenges Ahead

Following on from the slew of technical advice and consultation papers that have been issued by the Committee of European Securities Regulators (CESR) over the course of this year (see here for example), the European Commission has finally drawn together its public consultation document on the subject of the MiFID Review, a draft of which…

BT’s Pickles Discusses the Data and Risk Management Aspects of the Sequel to MiFID

Although there has been significant focus on the front office and trading impacts of the MiFID review, there are a whole host of middle and back office concerns to consider. Reference Data Review speaks to Chris Pickles, head of marketing for Financial Markets & Wholesale Banking at BT, about his perspectives on these challenges. There has…

SIX Telekurs’ Newbury Highlights Potential Clash Between MiFID Best Ex and IFRS for the Valuations Sector

The valuations business is facing an unprecedented amount of change as a result of the barrage of regulatory requirements coming down the pipe and some rule changes could potentially conflict with each other, thus causing serious challenges for those caught in the compliance trap. One such potential clash is between the revised best execution requirements…

Transaction Reporting to be Limited to Eight Categories of OTC Derivatives, New Common Data Standards on the Way, Says CESR

As part of the overall ongoing review of MiFID, the Committee of European Securities Regulators (CESR) has added further qualifications to the OTC derivatives that must be included in transaction reports and indicated that for these instruments further “common data standards” are incoming. This follows the consultation paper it released with regards to classification changes…

Collaborative Approach to Instrument and Entity Identification Could be the Key, Suggests A-Team Group and CGS

Can commercial initiatives and innovation through partnerships succeed where standards bodies have failed in the world of entity and complex instrument identification? That is the question posed by A-Team Group and Cusip Global Services’ (CGS) most recent whitepaper, “Expanding Global Identifiers in Complex Assets and Other Areas” (available to download for free here), and one…

SocGen Falls Foul of the UK FSA for Transaction Reporting Failures, Data Related Errors Cost it £1.58m

The London branch of French bank Société Générale has been fined £1.575 million by the UK Financial Services Authority (FSA) for data related failures and failed submission of 80% of its transaction reports over a period of more than two years. This marks the sixth case of a fine being handed out for such failures…

The Consolidated Tape Iceman Cometh

We read the latest CESR advice on transaction reporting with alarm. In short, it suggested that the market had failed to find its own solution to the challenge of transaction reporting in a fragmented liquidity environment. But has it? Since the implementation of MiFID in 2007, the market has seen the launch of a specific,…

New Data Quality Standards on the Table in CESR’s MiFID Technical Advice to the Commission

Following the feedback received during the recent consultation period (see our coverage of a particularly reference data focused response here), the Committee of European Securities Regulators (CESR) has finally produced its technical advice for the European Commission regarding the establishment of a sequel to MiFID. As well as the expected proposals for a European consolidated…

ICAP Chooses UnaVista for Transaction Reporting

The London Stock Exchange announced today that ICAP has selected the UnaVista platform as its transaction reporting ARM. The inter-deal broker will use UnaVista to report transactions to the FSA across all reportable asset classes, benefiting from the rich feature set UnaVista provides almost immediately, as the product is securely hosted at the London Stock…