In its latest Market Watch newsletter the UK Financial Services Authority (FSA) reiterates its intention to move from its proprietary FSA Reference Numbers (FRNs) to Swift’s Bank Identifier Codes (BICs) for entity identification purposes within transaction reports, as required under MiFID. In keeping with its discussions with the industry on the subject over the last six months or so (for example, see here and more recently, here), the intention is to bring the UK into line with the rest of Europe by the end of this year, in accordance with the cross border requirements under the incoming second version of MiFID.

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