European Securities and Markets Authority (Esma)
ECB’s Lagarde sets out vision for integrated European capital market
The president of the European Central Bank argues for a more ambitious, top-down approach to the capital markets union.

What firms should know ahead of the DSB’s UPI launch
Six jurisdictions have set deadlines for firms to implement the derivatives identifier, with more expected to follow.

Can FIX fix patchy exchange outage communications?
A FIX working group is hoping to standardize the way that venues communicate with the sell side when markets fail.

Shall we compare thee to a multilateral trading venue?
As regulators confirm that perimeter guidance applies to tech firms, the focus shifts to enforcement.
Institutions see everything to play for in UK’s DLT sandbox
Industry welcomes flexible issuance limits, but rues derivatives’ exclusion as a missed opportunity.
Dora ‘critical tech vendor’ designation could cast a wide net
Experts think cloud services, data providers and software firms are all in regulators’ sights.
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
French regulator turns up the heat with spot checks on market data providers
The AMF’s move has left industry observers wondering if this will lead other regulators in Europe to follow suit.
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.
This Week: Esma, Crossover Markets, SteelEye and more
A summary of the latest financial technology news.
Industry participants: ‘Digital Token Identifier’ aims to increase interop, usage
While some trading firms are welcoming the use of a new non-proprietary code for identifying digital tokens, the onus will be on local regulators to enforce its adoption.
This Week: BNP/AccessFintech, Broadridge/Glue42, Omega/TNS and more
A summary of the latest financial technology news.
Banks express concern over top venues’ bid for EU consolidated tape
End-users are worried about the repercussions of handing over a data monopoly to the heavyweight operators in the fixed income space.
Industry mulls identifier schema for digital assets
As crypto markets face a reckoning in the wake of the FTX scandal, standard-setters and industry participants say identifiers for tokens are key for the industry’s stability.
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.
Fees rise and questions linger as Esma ramps up analytics capabilities
The EU regulator’s expanded supervisory powers and big data capabilities have caused some confusion on how the data will be used and how Esma’s new role will shape reporting regimes.
More trading venues face extra supervision under FCA plan
“Woolly” rules fuel concern that bulletin boards and tech providers could be swept in
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?
Pick a lane: Anna DSB to rival CDM coded swaps reporting?
Dual machine-executable rules are set to create choice—and maybe bifurcation—for swaps reporting
Finos will host common domain model for Isda, Isla and Icma
The non-profit will provide a neutral, open-source repository to help the trade associations govern and maintain the CDM.
Top three fixed income venues confirm bid to deliver EU consolidated tape for bonds
Bloomberg, MarketAxess and Tradeweb will join forces to create an independent company and will submit a request for information in search for a third-party vendor to partner with.
Mifid data vendors face 4,000% supervisory fee hike
‘Cost of Esma’ crisis for largest European regulated data reporting and publishing firms.
EU trading venue definition could crush innovation, say bank execs
Firms worry that regulating a broader net of firms could unravel progress in fixed income electronification and raise costs for market participants