European Securities and Markets Authority (Esma)
Report once: will Esma’s €1bn reforms deliver the full picture?
Critics say plan to merge three reporting regimes will see scant returns, and won’t mesh with single-sided reporting.
Esma won’t soften regulatory expectations for cloud and AI
CCP supervisory chair signals heightened scrutiny of third-party risk and operational resilience.
Esma supervision proposals ensnare Bloomberg and Tradeweb
Derivatives and bonds venues would become subject to centralized supervision if the proposed reforms go through.
SimCorp–MSCI expand partnership, quantum exploration, Dora concerns, and more
The Waters Cooler: Droit launches GenAI regtech tool, bids for EU OTC derivatives tape open, and more in this week’s news roundup.
FIX Trading Community recommends data practices for European CTs
The industry association has published practices and workflows using FIX messaging standards for the upcoming EU consolidated tapes.
Reporting overhaul: the EU’s near-impossible balancing act
Regulators must weigh their desire to streamline derivatives reporting against the need to gather crucial trade data.
Crackdown on FX vendors could raise costs for dealers
MTF designation could cost aggregators and EMSs $3m to set up and $1m in annual maintenance.
EU, US consolidated tape efforts pass important milestones
The IMD Wrap: Europe is setting up its first consolidated tapes of data, while the US is revamping its tapes into one. Both initiatives should bring greater transparency and efficiency to the capital markets.
TMX buys ETF biz, Iress reinvests in trading tools, UBS data exposed, and more
The Waters Cooler: Euroclear’s next-gen service, MarketAxess launches e-trading for IGBs, and new FX services are in this week’s news round-up.
Trading venues seen as easiest targets for Esma supervision
Platforms do not pose systemic risks for member states and are already subject to consistent rules.
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.
Big xyt exploring bid to provide EU equities CT
So far, only one group, a consortium of the major European exchanges, has formally kept its hat in the ring to provide Europe’s consolidated tape for equities.
Regis-TR and the Emir Refit blame game
The reporting overhaul was been marred by problems at repositories, prompting calls to stagger future go-live dates.
Big questions linger as DORA compliance approaches
The major EU regulation will go live tomorrow. Outstanding clarifications and confusion around the definition of an ICT service, penetration testing, subcontracting, and more remain.
Observations and lessons to learn from the move to T+1
The next few years will see other jurisdictions around the world look to North America for guidance on transitioning to shorter settlement cycles.
Expanded oversight for tech or a rollback? 2025 set to be big for regulators
From GenAI oversight to DORA and the CAT to off-channel communication, the last 12 months set the stage for larger regulatory conversations in 2025.
DORA flood pitches banks against vendors
Firms ask vendors for late addendums sometimes unrelated to resiliency, requiring renegotiation
In 2025, keep reference data weird
The SEC, ESMA, CFTC and other acronyms provided the drama in reference data this year, including in crypto.
FCA to publish bond tape tender details by end of January
Market participants must wait a month longer than expected for the regulator’s draft tender document, which will see several bidders vie for the chance to build the UK’s long-awaited consolidated tape for bonds.
How a consolidated tape could address bond liquidity fragmentation
Chris Murphy, CEO of Ediphy, writes that the biggest goal of a fixed-income tape should be the aggregation of, and democratized access to, market data.
Can the EU and UK reach T+1 together?
Prompted by the North American migration, both jurisdictions are drawing up guidelines for reaching next-day settlement.