European Commission (EC)
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.
Clearing houses fear being classified as DORA third parties
As the 2025 deadline looms, CCP and exchange members are seeking risk information that’s usually deemed confidential.
DORA stalls over identifier dispute
A disagreement over how to classify third-party tech providers on a reporting form known as the “register of information” has held up preparations for the highly anticipated operational resiliency rule in Europe.
EU firms press for faster move to T+1 after smooth US rollout
Following the example set by North America, 70% of attendees at a European hearing on shorter settlement cycles favored a Q4 2027 switch to next-day settlement.
Court case probes open-source licenses as movement stands at crossroads
The Software Freedom Conservancy’s lawsuit against TV-maker Vizio begins trial in California, raising questions about open-source licenses and the risks posed by adhering to them.
Consolidated tape hopefuls gear up for uncertain tender process
The bond tapes in the UK and EU are on track to be authorized in 2025. Prospective bidders for the role of provider must choose where to focus their efforts in anticipation of more regulatory clarity on the tender process.
European exchanges turn to dark trading in battle for flow
The EU’s two biggest exchanges are launching dark pools this year. The apparent change in their stances on dark trading reflects a profound shift in equities markets.
European firms prime for lopsided settlement in North America and at home
With T+1 imminent in North America and increasingly likely to traverse the Atlantic, operations and trading professionals in Europe are fighting on two fronts.
Waters Wrap: T+1 and too many proposals
Anthony believes that there’s a growing chasm emerging between regulators, senior business execs, and technologists—which is especially evident when it comes to the T+1 debate.
‘When, not if’: EU plots course for T+1 transition
Not everyone saw eye to eye at a European Commission roundtable discussing how to shorten settlement cycles, but most participants recognized the need to make the transition to T+1.
Politics, public opinion collide in EC identifier consultation
The European Commission has said neither the Isin nor the UPI is ‘suitable’ for price transparency, and proposed modified alternatives in an industry consultation.
This Week: Tradeweb, Microsoft, JPMorgan, Goldman Sachs, and more
A summary of the latest financial technology news.
Industry divided on whether Europe should delay FRTB
Most bankers prefer to keep to earlier start date, even though it puts continent out of sync with US.
Social distancing: Putting a $ value on the ‘S’ in ESG
The ‘social’ pillar of ESG has been much overlooked and underserved in terms of reporting and accurate and available data. That’s changing.
EU lawmakers struggle to find common ground on equities CT
The debate over a consolidated tape for European equities heated up when a second contender for the role of provider emerged during the EU’s trilogue process. But as the bloc’s three legislative bodies try to reach a compromise, commercial interests are…
No big boost to UK dark trading after Brexit
Expected explosion in hidden equity liquidity has failed to materialize
Hurry up and wait: EU debates potential models for ‘essential’ consolidated tape
As the legislative debate surrounding a future European consolidated tape for equities takes on increased urgency, market participants and interested parties are beginning to weigh in with their visions of a successful tape.
OK regulator? How AI became respectable for AML controls
Dutch court case pressures supervisors to accept new tech; explainability the key challenge
Bloomberg, MarketAxess, Tradeweb probe three tech partners for consolidated tape bid
Venue-led consortium plans to pick a winner before EU regulators begin tender process – anticipated in third or fourth quarter of 2023.
EU Regulator: Incoming rules will arm financial institutions to negotiate cloud contracts
While the new rules will eat into financial services resources, regulators say they will also offer safeguards for managing cloud agreements.
UK divergence on trading venue perimeter threatens more costs and a complex compliance landscape
The FCA is in the middle of a tug of war over the definition of a trading venue. Will it diverge in a bid to present itself as a competitive market internationally or align with its EU partners?