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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”, and one which, given the focus of the…

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, 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 tape, the papers also include a number of recommendations related to…

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…

Entity and Counterparty Data in the Spotlight

Members of the JWG Customer Data Management Group speak to Reference Data Review about the upcoming hot topics in the area of entity and counterparty data. Challenging the Customer Data Conundrum PJ Di Giammarino, CEO of JWG A key theme within the well versed G20 93 point plan set out in spring 2009 was the call to…

JWG’s MiFID League Table Includes Four Main Reference Data Considerations

As previously noted by Reference Data Review, the current review of MiFID encompasses a whole host of reference data issues, which think tank JWG has handily included in its recently updated MiFID league table. The four main reference data changes comprise the new requirements for counterparty and client identifiers, the extension of post-trade data requirements, changes to…