MiFIR special report
Identifiers taking on greater importance in compliance with European MiFIR rules
Click here to download the PDF
March 2016 -- sponsored by London Stock Exchange Group and SIX Financial Information
All About The Identifiers
The greatest impact of Europe's Markets in Financial Instruments Regulation (MiFIR), once it eventually takes effect in 2018 (for a take on the delay, see a Q&A with Chris Pickles), is expected to be increased centralization of data in firms and a greater focus on the quality of data relevant to compliance with the rules, according to industry executives who took part in the Virtual Roundtable in this report.
At the same time, they point to the assignment and standardization of identifiers as a big challenge that must be addressed and managed in order to be ready for 2018. HSBC's Chris Johnson points to the likelihood of a 'no LEI [legal entity identifier], no trade' rule for MiFIR reporting, and a separate identifier, the ISIN, that will be used for OTC derivatives reporting under the regulation.
Yet, as SIX Financial Information's Jacob Gertel observes, AII, MIC, CFI and FISN identifiers still carry importance. AII, the Alternative Industry Identifier, in particular, is aimed specifically at derivatives, which makes one wonder if there is something incomplete about ISINs for the purposes of MiFIR compliance.
If the LEI remains the main identifier for MiFIR compliance, the industry may not have done enough to prepare. David Nowell of UnaVista, which is part of the London Stock Exchange Group, says he has not yet seen "any major increase in the number of LEI applications ahead of MiFIR." Regardless, if firms have not obtained LEIs by 2018, "trading venues and regulators will make sure that entities have it," adds Gertel.
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.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
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. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Europe is counting its vendors—and souring on US tech
Under DORA, every financial company with business in the EU must report use of their critical vendors. Deadlines vary, but the message doesn’t: The EU is taking stock of technology dependencies, especially upon US providers.
Regulators can’t dodge DOGE, but can they still get by?
The Waters Wrap: With Trump and DOGE nipping at regulators’ heels, what might become of the CAT, the FDTA, or vendor-operated SEFs?
CFTC takes red pen to swaps rules, but don’t call it a rollback
Lawyers and ex-regs say agency is fine-tuning and clarifying regulations, not eliminating them.
The European T+1 effect on Asia
T+1 is coming in Europe, and Asian firms should assess impacts and begin preparations now, says the DTCC’s Val Wotton.
FCA sets up shop in US, asset managers collab, M&A heats up, and more
The Waters Cooler: Nasdaq and Bruce ATS partner for overnight market data, Osttra gets sold to KKR, and the SEC takes on DOGE in this week’s news roundup.
Waters Wavelength Ep. 312: Jibber-jabber
Tony, Reb, and Nyela talk about tariffs (not really), journalism (sorta), and pop culture (mostly).
Experts say HKEX’s plan for T+1 in 2025 is ‘sensible’
The exchange will continue providing core post-trade processing through CCASS but will engage with market participants on the service’s future as HKEX rolls out new OCP features.
No, no, no, and no: Overnight trading fails in SIP votes
The CTA and UTP operating committees voted yesterday on proposals from US exchanges to expand their trading hours and could not reach unanimous consensus.
