But while MiFID and Reg NMS created the most headlines, a third significant change was the introduction of Statement (SFAS) 157-which changes the way that firms value their trading assets-from the Financial Accounting Standards Board. FASB sets out guidelines for measuring fair value in accordance with Generally Accepted Accounting Principles.
Simply complying with these regulations consumed large chunks of data and IT budgets on both sides of the Atlantic. In the US, for example, one of the
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