FIX Protocol (FPL), the non-profit organisation that owns and maintains the FIX Protocol messaging standard, and the Object Management Group (OMG), the non-profit computer industry consortium, have agreed to collaborate to push straight through processing higher up the industry agenda.

READ THE REST

A new consultation paper (CP) is asking whether MiFID rules should be adapted for the commodity derivatives business, which could result in certain firms losing exemptions from MiFID. The paper suggests that exemptions should not be left as they currently stand.

READ THE REST

The Committee of European Securities Regulators (CESR) is making available a question and answer mechanism intended to provide quick and efficient answers to ‘everyday’ questions normally posed to CESR by market participants, CESR members or the public.

READ THE REST

Five months ahead of the planned September launch of its trading platform, Turquoise Trading, the multi-lateral trading facility (MTF) established by nine leading European investment banks, says it’s received commitment from 38 largely sell-side firms to connect up to the hybrid trading model from day one.

READ THE REST

At its inaugural London event last month, the first Forum conference series looked at the challenges, opportunities and impact of MiFID in the short and medium term in the context of the wider regulatory landscape. Topics ranged from the effectiveness of principles-based regulations, to best execution and emerging technologies.

READ THE REST

In further efforts to hit back at recent competition, a number of London Stock Exchange (LSE) officials have strongly criticised the motives of both Turquoise and Boat, the two bank consortium-led initiatives to take back control over trading and data transparency respectively.

READ THE REST

A slew of new white papers released by Equiduct make the case that new execution venues can offer firms competitive advantages under MiFID by offering improvements in execution latency and lower-cost clearing and settlement. The latest papers, part of a series of six papers issued by the upstart trading platform (MiFID Monitor, March 2007), address topics within market transparency, clearing and settlement, and best execution.

READ THE REST

Although CESR may have temporarily fallen behind schedule with its consultations and guidelines (MiFID Monitor, January 2007), it’s catching up fast and the market has to move quicker than ever if it wants to respond. There are seven new CESR MiFID documents out this month, some with response deadlines of early March. Papers include two Level 3 Guidelines, two consultations and a call for evidence (on the topic of non-equities market transparency).

READ THE REST

Questions on best execution scope, execution quality data and demonstrating compliance to clients remain unanswered after CESR’s issuance this month of its latest round of MiFID consultations. The regulatory bodies’ trade group, however, has moved to simplify some areas of transaction reporting.

READ THE REST

The market had its first taste of MiFID guidelines and recommendations to contend with this month as CESR released two Level 3 papers addressing data publication, and consolidation of transparency data and list of minimum records (CESR/07-043 and CESR/06-552c). The papers contain relatively few surprises when compared to the original consultations (MiFID Monitor, November 2006). But some respondents might be disappointed that challenges on the legal basis of items on the list of minimum records have been rejected and that transparency will have to be achieved as close to real time as possible, with three minutes being deemed allowable in exceptional cases only.

READ THE REST

While the headline-grabbing news is about how many EU Member States will or won’t be ready for MiFID, investment firms are becoming increasingly concerned by what appears to be a slowdown at CESR in fulfilling its MiFID Level 3 work programme. The apparent bottleneck is particularly alarming to those seeking to begin work in areas that may require extensive systems modification and testing, such as best execution and transaction reporting.

READ THE REST

By the end of next month (yes, next month), EU member states are required to pass MiFID’s articles into domestic law. But, as we reported last month, an EC survey of those member states suggests that no fewer than nine countries expect to have significant delays in so-called transposition, with a further three expecting slight delays – and a further four countries doubtful that they’ll make the January 31 deadline.

READ THE REST

The U.K. Financial Services Authority’s recent £1.17 billion estimate of the one-off cost to the industry of compliance with the MiFID regulation marks a doubling of its previous estimate of £490 million. The headline-grabbing £1 billion figure has led to much scratching of heads in the City of London, begging the question: how did the U.K. regulator arrive at its new, slightly daunting figure?

READ THE REST

With up to half of the member states potentially late for the January transposition deadline but the European Commission (EC) standing firm on the November 2007 implementation date, the industry has started to focus on the narrowing systems testing window.

READ THE REST

Anyone attending Interactive Data’s breakfast seminar this week, ‘Meeting the Regulatory Challenges – How data can help you meet your regulatory obligations’, could be forgiven for coming away with a feeling of some alarm at panel members’ concerns about MiFID and the prospects for implementing its requirements on time.

READ THE REST

While the industry worries over member states’ readiness for MiFID, especially with regards to the January transposition deadline, new survey findings show only 16% of firms believe they are behind schedule regarding MiFID implementation. A further 43.5% believe they can gain competitive advantages from MiFID.

READ THE REST

JWG-IT, the MiFID think tank that spun itself off from the MiFID Joint Working Group earlier this year, has named the first three of its planned 12 founding members, vendor sponsors who will join in examining ways to deploy their technologies to solve the business challenges posed by MiFID. Meanwhile, the group is ramping up activity, launching its website and making a new hire.

READ THE REST

The MiFID Joint Working Group’s Cross-Jurisdiction subject group is working on an issues list that addresses the industry’s concerns over MiFID’s passporting and other measures that impact cross-border activities under the impending regulatory regime. The group plans to present the list – currently comprised of around a dozen items – to the European Commission and the Committee of European Securities Regulators (CESR) as part of the ongoing debate around MiFID’s impact.

READ THE REST

The spin-off last month of the JWG-IT subject group to form its own commercial entity comes as the MiFID Joint Working Group prepares to enter Phase II of its initiative, with co-founders the Financial Information Services Division (FISD) of the Software & Information Industry Association (SIIA) and ISITC Europe seeking to establish an operating model that complements policy-oriented U.K. trade group MiFID Connect.

READ THE REST

Pressure is growing on bank payments network Swift to step into the breach and assume the role of publisher of a much-needed standard for entity and execution venue identification based on its BIC and/or MIC nomenclature ahead of next year’s MiFID implementation.

READ THE REST