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Regulators are Cracking Down on Counterparty Identifiers in Line with the MiFID Review

The UK Financial Services Authority’s (FSA) recent fining of German bank Commerzbank (see our coverage here) for its transaction reporting failures is just one instance of the regulator’s current focus on the data details of a firm’s business. One of the underlying problems in Commerzbank’s case was the incorrect allocation of counterparty codes and the use of proprietary codes for these counterparties, which is exactly why the FSA and other European regulators are so keen for the mandatory inclusion of Bank Identifier Codes (BICs) in these transaction reports, among other data standards.

05 May 2010

UK FSA Slaps Commerzbank with £595,000 Fine for Transaction Reporting Data Failures

The UK Financial Services Authority (FSA) has fined Commerzbank £595,000 for transaction reporting failures stemming from underlying data errors, including the use of multiple internal codes for the same counterparties. The German bank’s fine may be a fraction of the £2.45 million imposed on Barclays last year (see here), but it indicates that the regulator is continuing to focus on the data details of the reports that it receives from the industry.

28 Apr 2010

UK FSA Grants Approval to Xtrakter for the Regulatory Reporting of Derivatives Using AII Codes

Jason Waight Euroclear The UK Financial Services Authority’s (FSA) February deadline for the introduction of the Alternative Instrument Identifiers (AII) is fast approaching and this week the regulator has granted Trax platform operator Xtrakter approval to regulatory report exchange traded derivatives (ETD) using the new identifiers. Jason Waight, Xtrakter’s recently appointed director of product management, explains to A-Team Insight that the development maintains its status as one of the two fully approved reporting mechanisms (ARMs) under MiFID.

27 Jan 2010

SEC’s Deputy Director of Trading and Markets Gallagher Exits the Building

Daniel Gallagher SEC January seems to be turning into the month for senior staff attrition at the US Securities and Exchange Commission (SEC); not only has ex-associate director of the enforcement division Fredric Firestone left the building (see here), but the division of trading and markets has also lost its deputy director. Daniel Gallagher, who has been a figurehead in overseeing the issues arising from Lehman Brothers’ bankruptcy, is leaving the regulator to join Washington-based law firm WilmerHale at the end of January.

26 Jan 2010

FSB Welcomes US Proposals for Reducing Moral Hazard Risks FREE - A-Team Wire

25 Jan 2010

Obama Proposes Trading Curb in the US, Further Highlights Risk Management Challenge

Following the decision of the Securities and Exchange Commission (SEC) to crack down on electronic trading practices this month (see our coverage here), US President Barack Obama has added his own voice to the cause of encouraging greater risk management awareness in the financial services market. Obama is backing proposals by former Federal Reserve chairman Paul Volcker that would ban commercial banks from engaging in proprietary trading or owning hedge funds or private equity firms.

22 Jan 2010

SEC Vows to Review Equity Market Structure, Including High Frequency Trading and Dark Pools

Mary Schapiro SEC As well as deciding to crack down on the pre-trade risk space this week (see here), the Securities and Exchange Commission (SEC) has also kicked off its review of the equity market structure as a whole. What is seen by many as a trading technology witch hunt, will involve the regulator producing a “concept release” encompassing issues such as high frequency trading, co-locating trading terminals and dark pools.

15 Jan 2010

SEC to Propose New Risk Management Rules for DMA and Bans Naked Access

As previously noted by A-Team Group (see here), the stage was set this week for discussions by the US Securities and Exchange Commission (SEC) on the subject of high frequency trading, dark pools and sponsored access. The talks resulted in a unanimous vote to introduce new rules regarding pre-trade risk management checks for brokerage customers directly accessing electronic markets. Should these rules come into effect, they would result in a ban on ‘naked’ or unfiltered access to exchanges or alternative trading systems (ATSs).

15 Jan 2010

Exactpro Names Lamash Head of Risk Management Practice FREE - A-Team Wire

07 Jan 2010

Finra Fines Citigroup Global Markets for Failing to Adequately Supervise Complex Trading Strategies

Following the expansion of the coverage of its Trade Compliance and Reporting Engine (Trace) earlier this year and its general bid to crack down on the financial markets, the Financial Industry Regulatory Authority (Finra) has recently fined Citigroup Global Markets for failing to adequately supervise its complex trading strategies. The fine is a mere drop in the ocean for Citi, at US$600,000, but it represents a new tougher stance from the regulatory community around technology driven trading practices, in line with the recent discussions about crossing networks amongst other US regulators.

15 Oct 2009

UK FSA Confirms Data Format of Reports for Derivatives on Regulated Markets

The deadlines may have slipped but the UK Financial Services Authority (FSA) has released more details surrounding the formats required for its new Alternative Instrument Identifier (AII) transaction reporting regime. The regulator last week released a new document aimed at confirming the way in which transactions in reportable securities derivatives admitted to trading on a regulated market should be reported by approved reporting mechanisms (ARMs).

12 Oct 2009

Riskart Announces Release of New OTC Derivatives Publishing Mechanism FREE - A-Team Wire

12 Oct 2009

Another Delay to UK FSA’s AII Deadline for Derivative Transaction Reporting

The UK Financial Services Authority (FSA) has just announced yet another delay to the go live date for transaction reporting using the Alternative Instrument Identifier (AII). The deadline was delayed from November 2008 to the first quarter of 2009, then another announcement in February this year delayed the deadline by which approved reporting mechanisms (ARMs) must adopt AII codes until 21 September. Obviously, this third deadline has not been met and ARMs now have until “early” February 2010 to get ready.

01 Oct 2009

UK FSA Fines BarCap £2.45m for Data Errors in Transaction Reporting

The Financial Services Authority (FSA) has slapped Barclays Capital Securities and Barclays Bank with a £2.45 million fine for failing to provide accurate transaction reports to the regulator over a period of a year. The FSA indicates that Barclays and its subsidiary had serious weaknesses in systems and controls in relation to transaction reporting, which resulted in data errors in reports submitted to the regulator for an estimated 57.5 million of its transactions.

09 Sep 2009

Omgeo Receives No-Action Letter From SEC for TradeSuite Confirm Archive FREE - A-Team Wire

26 Aug 2009

CESR Calls for Mandatory Trade Transparency Regime for Non-equity Markets

The Committee of European Securities Regulators (CESR) has called for the introduction of a new transparency regime for non-equity markets. The regulator is concerned that market led initiatives have failed to gain significant traction in the corporate bond, structured finance product and credit derivatives markets and is keen for a greater level of visibility to be introduced.

13 Jul 2009

Finra Proposes Expansion of Coverage of Trade Compliance and Reporting Engine

The Financial Industry Regulatory Authority (Finra) has proposed to expand the coverage of its Trade Compliance and Reporting Engine (Trace) from its current remit of corporate bonds to debt issued by federal government agencies, government corporations and government sponsored enterprises (GSEs), and primary market transactions in new issues. The proposals are aimed at increasing transparency in the market and are currently awaiting approval by the Securities and Exchange Commission (SEC).

10 Mar 2009

MiFID: The What, When, Where, How – and Why (should I care)?

The Markets in Financial Information Directive (MiFID), which came into effect 1 November 2007, replaced the 1993 Investment Services Directive (ISD). It is a key component of the European Commissioner’s Financial Services Action Plan (FSAP), which comprises 42 measures in all.

27 Feb 2009

UK FSA Extends AII Deadline for Derivative Transaction Reporting to September

The UK’s Financial Services Authority (FSA) is giving approved reporting mechanisms (ARMs) more time before they have to start providing derivative transaction reports using the Alternative Instrument Identifier (AII). The go live date is now 21 September as opposed to end of the first quarter.

27 Feb 2009

Industry Concerns About Fragmentation and Quality May Mean Big Changes to MiFID

Buy side firms and issuers are asking for significant revisions to MiFID including calls for a US style consolidated tape for trade data and trade through rules, according to the recent responses to the Committee of European Securities Regulators’ (CESR) recent call for evidence. Exchanges want tougher regulations on over the counter (OTC) execution venues and vendors and larger sell side players are urging restraint.

03 Feb 2009

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