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TMX Atrium Adopts NPL Time to Offer Accurate Time Stamp Service
TMX Atrium has signed an agreement with the UK’s National Physical Laboratory (NPL) to distribute NPL Time, a certified and precise time signal that is directly traceable to Coordinated Universal Time and can be used by TMX Atrium customers for regulatory compliance and audit purposes. TMX Atrium’s adoption of the NPL Time service is designed…
CFTC Technology Advisory Committee Takes Tough Stance on Automated Trading Regulation
The Technology Advisory Committee (TAC) of the US Commodity Futures Trading Commission (CFTC) reconvened this week after a 20 month intermission. On the agenda were regulation of automated trading, swap data standardisation and harmonisation, and the potential of blockchain technology. Timothy Massad, chairman of the TAC, opened discussion on the Commission’s proposed rule to address…
ESMA Consultative Working Group Expected to Influence Outstanding MiFID II and MifIR Issues
The European Securities and Markets Authority (ESMA) call for market data experts to join its consultative working group (CWG) closes in less than two weeks time, with those selected to join the group expected to have considerable influence on regulatory market data issues during their two-year term. While ESMA is unlikely to disclose information about…
European Commission Proposes One-Year Postponement of MiFID II Compliance Deadline
The European Commission has responded to the European Securities and Markets Authority’s (ESMA) request to postpone the compliance deadline of Markets in Financial Instruments Directive II (MiFID II) with a proposal for a one-year extension of the deadline to 3 January 2018. While the proposal, which must be approved by the European Parliament and EU…
Regulation Review – Data Management Challenges of MiFID II
The compliance deadline for the European Union’s Markets in Financial Instruments Directive II (MiFID II) may yet be pushed back a year to January 2018, but the need to tackle the data management challenges of MiFID II is immediate, whatever the European Commission’s final decision on deadlines. The regulation is much broader than the initial…
Giving Away the Value of Reference Data
By Chris Pickles, Co-Chair of FIX Trading Community’s Reference Data Subgroup and Member of the Bloomberg Open Symbology Team Reference data is not only a foundation of data management, it is also a revenue earning commodity, particularly for exchanges and issuers of ISINs. MiFIR requires exchanges, multilateral trading facilities, organised trading facilities and systematic internalisers…
MiFID II: Putting the Clock Back
The type of trader you are will determine how you set your watch. That is the upshot of ‘RTS 25: Draft regulatory technical standards on clock synchronization’ published by the European Securities and Markets Commission in late September under the revision of the Markets in Financial Instruments Directive (MiFID II). “MiFID II moved away from…
Talking Intelligent Trading with Andrew Delaney: Talking Intelligently at ITS on February 4
With just under a month to go, we’re putting the finishing touches to the agenda for our Intelligent Trading Summit in London on February 4. I’ve waxed lyrical about the topics we’ll be discussing on our series of panels (see agenda here for a recap). But I’m also excited about the presentations we’ve lined up…
Regulation Review – AIFMD
As January 1st 2016 approaches and regulations such as BCBS 239 and Solvency II come into force, bringing with them considerable data management demands, other more seasoned regulations, among them the Alternative Investment Fund Management Directive (AIFMD) that took effect in 2013, continue to pose data management challenges. AIFMD was introduced by the European Union…
Living with Delay – Postponing the Implementation of MiFID II will Simply Delay the Inevitable
By Tomas Kindler, Strategic Services, SIX Securities Services The decision in mid-December by the US Federal Reserve to begin the process of raising interest rates has been hailed in the press as the start of a change of mindset, situating the 2008 financial crisis and the reaction to it as a past event. However, both…