European Commission (EC)
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?
Europe could face settlement squeeze with T+1 proposals and CSDR fines
Move to shorten the settlement cycle in the US could have knock-on implications for other markets, as the EU grapples with a new penalty regime.
Banks eye ‘nirvana’ in machine-executable swaps reporting
Coded reporting requirements could save banks “millions” in compliance costs, bank execs say.
Mifid data vendors face 4,000% supervisory fee hike
‘Cost of Esma’ crisis for largest European regulated data reporting and publishing firms.
SEC sets its sights on fixed-income platforms with Reg ATS revamp
US regulator’s mammoth January proposal has something in it for most US trading systems, but Jo suspects it will be the definitions of exchanges that hit the hardest.
An EU Consolidated Tape: Advancements made in 2021, but still far to go in ’22
The second half of the year saw some long-awaited progress in the mission to fill the void of a consolidated tape in the European Union.
Top venues mull offering joint EU consolidated tape for bonds
Market participants worry a venue-led CT could be of low quality, with CT data used to create expensive additional products.
Patchy data thwarts consolidated tape hopefuls in Europe
Vendors grapple with unstandardized data reporting and data gaps in their push to develop a consolidated tape, as the EU prepares to unveil its latest legislative plans.
Competing CTPs won’t work, warn EU firms, calling for single tape provider
As the industry awaits upcoming EC proposals, some firms are voicing concerns that mandating multiple CTPs could create fresh problems around data fragmentation and connectivity costs.
Definition of a trading venue: Reg review risks ensnarling tech vendors
Industry participants are divided over the definition of a trading venue and how regulators should revise the regulatory framework.
Waters Wrap: On outages, teamwork & greed (And ESG innovation & consultants)
Anthony examines a proposed protocol in Europe that would help keep liquidity flowing if there’s a major exchange outage. He also discusses innovation in the realm of ESG, and Esma’s new data analytics platform.
Accenture wins contract for Esma’s big data analytics project
The consultancy will provide on-demand tooling for analyzing data collected from Data Reporting Service Providers.
New entrants want to feed bond market’s hunger for data
In the absence of a consolidated tape for debt securities in the EU, vendors with different approaches to distributing fixed-income market data are emerging.
EC drafting proposal for derivatives consolidated tape
Commission official says beta version ready for testing in 2023 will also include equities, bonds and ETFs
Esma to ink deal for big data capabilities
The regulator is ditching its legacy architecture to cope with massive volumes of reported data and new supervisory responsibilities.
EU firms face operational burdens if UK denied data protection adequacy
A no-adequacy decision could create new logistical issues for compliance teams and data managers operating across the UK and the EEA.
EU’s Cloud Vision Still Pie in the Sky
The supporters of a plan for a federated cloud architecture in Europe held a conference to discuss development plans, but it’s still unclear how the concept will work in practice.
A Way Forward for the Consolidated Tape?
A recent EU-backed report has presented what might be the most viable governance model yet for the controversial project.
EU Proposal Takes Aim at Major Cloud Providers
Jo writes that the EU’s new digital package could find large cloud providers operating in the bloc subject to potentially invasive oversight, as the EU strives for “data sovereignty”.
Dutch Regulator Seeks to ‘Level Playing Field’ for Vendors & Venues
AFM suggests some liquidity aggregators should be classified as organized trading facilities.
European Commission Picks FactSet for Risk Data
The EU authority is buying three datasets from the vendor, which it will use to track supply chain risk in the single market.
EU's AI Regulations Could Lay Blame With CTO
Jo wonders if the EC's approach to regulating AI could adapt existing liability laws—with implications for individuals.
The Need for a Designated Crypto Asset Regulator
Senior academic says a new taxonomy—and a new regulator—is needed to determine whether crypto assets should fall under existing financial frameworks.
Regulators Defend ESG Data Requirements
Disclosures will protect end investors and increase the amount of data on ESG, supervisory authorities said at a public hearing.