
Top 10 European Stories of 2018
WatersTechnology recaps some of year’s top EU stories.
European financial markets have undergone a dramatic transformation since the beginning of the year with the introduction of long-anticipated, wholesale reform through regulation—but more changes are just around the corner as the Brexit deadline edges closer.
WatersTechnology has covered the birth of the Markets in Financial Instruments Directive II (Mifid II) and brought to life the challenges of its implementation throughout the year. The team has extensively covered the impact of the General Data Protection Regulation which came into effect on May 25, uprooted the challenges of the upcoming Securities Financing Transactions Regulation (SFTR) and shed light on the industry’s questions over a European consolidated tape provider.
Coverage spanned across all corners of the continent, with our journalists reporting on-site at some of Europe’s biggest events including TradeTech Europe in Paris, the World Federation of Exchanges General Assembly in Athens and the Fixed Income Leader’s Summit in Amsterdam.
This year has seen data jump up the ladder as one of the core considerations for financial market firms across the EU—whether it’s the explosion of data, the emerging value of unique datasets or the unprecedented challenges set forth due to regulatory reform or the Brexit outcome. Going forward, one thing is certain, the data conversation has only just begun.
Looking back it’s been a jam-packed year filled with groundbreaking coverage, so it was a difficult task to select the top 10 EU stories for 2018. Therefore, added below are some key additional reads from over the past 12 months.
Brexit has caused many headaches for industry participants with regulators included. James Rundle and Amelia Axelsen unearthed one of the leading challenges to date, as the European Securities Markets Authority (Esma) and the Financial Conduct Authority (FCA) scramble to ensure the continued flow of information between the authorities after the March 29 cut-off point.
Mifid Data Runs Aground With Issues at European Regulators
Mifid II preparations have been long, tiresome and filled with problems. In January Aggelos Andreou, Joanne Faulkner and James Rundle provided a comprehensive report on how EU national competent authorities faced their own fair share of technical challenges following the regulation’s go-live date.
Wrestling Over Competing Mifid II, GDPR Data Demands
Taking on two of the biggest regulations this year, Kirsten Hyde dissects the conflicting challenges of complying with Mifid II and GDPR. The piece provides an in-depth understanding of the regulations and maps out the core elements that have the potential to become problematic for financial market firms.
Bond Trading Takes Steps to Resolve Voice and Screen Conflict
The EU has been a key driver in electronic trading but some parts of the fixed income space appear reluctant to shed old habits. Hamad Ali takes a detailed look at the bond market and how its trading platforms are likely to evolve.
Illuminated Data: SFTR May Reach Too Far / Technology Holds the Key to SFTR
Its official, the EU commission has ratified SFTR as of December 13 and the regulation is expected to be rolled out in Q2 2020. In August, WatersTechnology offered up a heavy serving of everything you need to know about SFTR, spanning across the data and technology challenges for trading firms.
Consolidated Tape Headed for a Regulation Delegation
The industry is crying out for improved data quality and standardization. In September, Jamie Hyman provided an in-depth guide to the CTP conundrum, looking at the roadblocks to date and what to expect for the future.
Europe Unveils Fintech Action Plan
In March, James Rundle and Anthony Malakian covered the launch of the EU Commission’s action plan, aimed at promoting the growing fintech sector, ranging from blockchain developments to cybersecurity standards.
Bad Blood: Regulators Lose Patience with Mifid II’s Dirty Data
Halfway through the year, more Mifid II problems began to surface and EU lawmakers lifted the lid on the quality of reports from trading venues and reporting platforms such as Approved Publication Arrangements (APAs). For additional coverage on this click here.
Firms Vent Frustration with Vendor Relationships
The cost of data has ruffled feathers this year. In September, Amelia Axelsen highlighted the concerns of data managers over soaring pricing models at the European Financial Information Summit in London.
Lingering Questions Remain Over Mifid II
As 2018 comes to a close, Hamad Ali reviews the aftermath of Mifid II a year on. He takes a look at the lessons learned, the outstanding problems of the regulation, the impact of Brexit and how Mifid III is no longer a distant possibility but a reality. For more coverage on how Brexit will impact Mifid II click here.
Additional Reads:
- Data Driven Regulators: Handling the Uptick in Regulatory Reporting
- Wary Brokers Sound Alarm on RTS28
- UK Regulators Seeks EU Equivalence and Cooperation
- Industry Slams Mifid II Data Quality
- For Systematic Internalizers Volumes Only Tell Half the Battle
- Commission Slumps as Mifid II Algo Trading Takes Bites Out of Brokers
- Esma Chair Raises Concerns over No-Deal Brexit
- Under the Water: How Mifid II Dark Caps Have Changed Trading
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Firms step up non-compete use to protect tech, data IP
US states are increasingly banning or limiting the use of non-compete contracts, but financial firms are using them more frequently to safeguard proprietary tech and data assets—including the knowledge of the individuals who work on them.
The IMD Wrap: Dining on data, from pay-as-you-go to all-you-can-eat
Max puts on his best Anthony Bourdain voice to reminisce about seminal sushi experiences, and to look forward to the future, where perhaps the industry will also adopt more consumption-based approaches to market data (and hopefully more sushi).
What is Aladdin Trader? BlackRock’s fixed-income tool still a mystery
Sources tell WatersTechnology that Aladdin Trader will expand on the platform’s ‘limited’ execution functionality.
UK pushes financial firms to adopt privacy-enhancing technologies
Lawmakers and vendors are set to usher in an era of mutualized data insights. Are banks ready?
Waters Wrap: Examining ASX’s CHESS do-over
The Australian exchange was the first exchange to be all-in on DLT—and the project failed. Anthony speaks with ASX’s Tim Whiteley to discuss the lessons learned and why he thinks the second attempt will succeed.
Banks find intriguing ‘data play’ via tokenization efforts
Tokenization is no longer just a peculiarity of the crypto world, as execs from global custodian banks discuss their firms’ tokenization and digital assets strategies.
The IMD Wrap: Are server life extensions putting profits before performance?
Cloud providers are having to make more hardware available to keep pace with takeup—including older machines that under previous policies would have been retired already. But the move is proving profitable … and risky.
Goldman Sachs looks to ‘Amazon’-like ecosystem with MarketView launch
The new research and collaboration tool is delivered through Goldman’s Marquee platform.