MiFID II may cause pain in the dark
New EU regulations on market making and dark pools could be damaging investor choice and forcing participants to make decisions that are not in their best interests.
Europe
Algo tagging: where’s the logic in that?
When the requirement brought about by the German high frequency trading act to tag algorithms comes into force this month, market participants may well feel hamstrung by the complexity of the regime – and some might wonder whether this requirement goes one step too far …
Europe needs more competition, not more exchanges …
Europe doesn’t need more trading venues – instead, it needs more innovation, more fairness, more competition and better enforcement, according to panellists speaking at the Trade Tech conference in Paris.
EU financial markets – from fragmentation to harmony?
Consolidation of market infrastructure in Europe will continue, as firms choose post-trade service providers that meet their needs in terms of cost-effectiveness or value-added services. However, some of the real cost issues in Europe are still to be addressed.
Redesigning the retail bank, the Fidor way
Banks must take note of the way that technology is changing how customers interact with the world around them and develop products and services that address their needs rather than the banks’.
You think SEPA is over? Think again
Banks should be wary of jumping the gun and assuming that SEPA implementation is a done deal. Far from being over, the task of learning to live with SEPA is just beginning.
Vodafone launches M-Pesa in Romania
Mobile money service M-Pesa has launched in Romania, bringing an idea hugely successful in Kenya to a European Union member state for the first time.
Transparency: the new wonder drug?
While transparency may be seen as a new wonder drug that will cure all the industry’s ills, it does not come without side effects, so it was refreshing to see ESMA promoting a collaborative approach with the industry in defining the details of how MiFID II and MiFIR are implemented.
UK mobile banking doubles in a year
UK consumers have doubled the amount of transactions they make on their mobile phones over the last year, according to new figures released by the BBA.
SIA and Orange champion mobile POS in Europe
Orange Business Services and technology infrastructure provider SIA have done a deal aimed at encouraging European banks and merchants to manage more payments via mobile point of sale terminals.
If you’re not ready, the regulators will get you
The complexity of regulatory reforms in Europe and the US are placing pressure on the industry and may catch some participants unawares.
Perseus Telecom launches ‘trans-Atlantic’ microwave service
Perseus Telecom has launched what it claims is the first ‘trans-Atlantic’ microwave route between New York and Frankfurt, for use by banks, market makers, proprietary trading firms and other market participants.
EBA Clearing reports uptick in SEPA payments
EBA Clearing has reported that market participants are gradually adapting to SEPA, with peak day volumes on its Step2 clearing platform above 100 million SEPA credit transfers and SEPA direct debits.
ESMA looks for guidance on CSD technical standards
European securities regulator ESMA has published a discussion paper asking for public feedback on the technical standards that should be used for CSDs, including registration, settlement discipline, confirmation rules, acceptance or rejection of terms, as well as access to CSDs by other CSDs and market participants.
Outfoxing the fixed income fracas
Fixed income is a bit like the tortoise of Aesop’s fables, while equities is unquestionably the rambunctious hare. While equities finished the race towards an agency trading model many years ago, fixed income is just plodding onto the starting lines now. But a little outsourcing may provide the rocket boost the industry needs to push ahead, according to Carl James, managing director of dealing services UK at BNP Paribas.
Custodian bank trio cut T2S asset servicing deal with Clearstream
Post-trade services institutions Clearstream, BNP Paribas Securities Services, Intesa Sanpaolo and BBVA have formed a tie-up in Europe, which they say is aimed at better asset servicing n Belgium, France, the Netherlands, Italy and Spain under the ECB’s forthcoming T2S project.
Manual processes and bottlenecks threaten to throttle OTC derivatives reform
Regulatory change in the OTC derivatives market has produced serious problems that indicate a clear need for more automation of cleared derivatives post-trade processing, according to a new report published by research house Greenwich Associates.
Bank of England live on Swift’s MIRS contingency platform
The Bank of England has become the first central bank to go live with an implementation of the Market Infrastructure Resiliency Service contingency system it has been piloting with Swift over the past few years.
The name’s Paym – UK Payments Council names mobile service
The mobile payments system planned by the UK Payments Council will be branded Paym. The Council says that it will announce the go-live date next month and final testing is on track.
Ukraine, Turkey and Russia crises pose banking challenge
Political turbulence in the Ukraine, Russia and Turkey this year produced disagreement between senior financial industry executives at a FIX Trading Community conference in London yesterday, with some arguing that politics should not be allowed to detract from the longer-term rise of non-western economies and others arguing the opposite.
Making sense of data poses challenge for trading firms
Despite efforts to create a more transparent OTC derivatives market, market data costs have increased significantly since 2008 and the buy-side has very little to show for it, according to senior financial executives speaking at an event organised by FIX Protocol in London on 6 March.
BNP Paribas Securities Services rolls out intraday bank liquidity reporting tool
BNP Paribas Securities Services has launched a reporting tool for investment banks, which it says will help them cope with tough new financial regulations by better monitoring their intraday liquidity.
TSB to boost ATM network by 10%
TSB is increasing the size of its ATM estate by more than 10% as it works to transform its retail banking network in the wake of its de-merger from Lloyds Banking Group last year.
The man from CHAPS
The UK’s Clearing House Automated Payments System turned 30 earlier this year. It wasn’t an anniversary marked with street parties by a grateful nation, but in its quiet way it was a significant moment, for – in common with the whole payments infrastructure – the system is going through a period of change. Phil Kenworthy, […]
SIX Swiss Group prepares for T+2 settlement
Switzerland’s SIX Group will move to T+2 settlement starting on 6 October 2014, bringing Switzerland into line with the UK, France, Germany, the Netherlands and Russia.
Getin goes for biometric signature verification in virtual branch roll-out
Poland’s Getin Bank has implemented biometric signature verification in a roll-out of unstaffed remote branches using Virtual Teller Machines under its Getin Point brand. The technology allows customers to carry out banking tasks that require a signature without having to go to a traditional branch.
Banning foreign banks from the UK? What about the technology?
The Prudential Regulatory Authority has set out a series of requirements for non-EU banks who want to do business in the UK.
In addition to the regulatory system changes, what would the technological and infrastructure challenges of such a ruling be?
Raiffeisen to run regional reconciliation from Romania
Vienna’s Raiffeisen Bank International is to centralise reconciliation across six of its regional subsidiaries, in a move it says will lead to better automation and more efficient processing.
CaixaBank embraces Google Glass augmented reality
Spain’s CaixaBank has developed an application for Google Glass, the futuristic and controversial new technology that is set to bring augmented reality to the masses when it launches later this year.
MyBank Mandate SEPA direct debit scheme gears up for launch
EBA Clearing, the European payment services provider owned by 62 European banks, has reported that its MyBank Mandate pilot scheme, which allows online merchants, public institutions and utility companies in Europe to collect SEPA direct debits online, has passed the first and second phases of testing before it launches later this year.
Saxo Bank debuts retail and institutional futures spread trading
Denmark’s Saxo Bank has introduced futures spread trading onto its online trading and investment platform for retail and institutional clients, in a move the bank says will give investors access to a low-volatility trading style.
Greece’s derivatives market adopts LSE reporting service
Greece’s Hellenic Exchanges Group, which runs the Athens Stock Exchange and Athens Derivatives Exchange, has chosen to buy services from the London Stock Exchange to help it cope with tough new European trade reporting rules.
EMIR trade reporting “untrustworthy, incomplete and flawed”
Europe’s trade repositories have reported a largely smooth transition, following the deadline under EMIR on 12 February – but behind the scenes deep questions remain about the viability of the European Commission’s ambitious derivatives reform.
Orange and Visa Europe launch Orange mobile wallet in France
Orange and Visa Europe have launched a new mobile wallet service called Orange cash in the French cities of Caen and Strasbourg, making Orange the first mobile network operator in France to offer mobile contactless payments to its customers.
Barclays customer data debacle raises difficult questions
Revelations that Barclays customer data was being sold on the black market to corrupt City traders have caused the bank some embarrassment over the weekend– but the incident raises more questions than it answers, according to observers.
China’s GF Financial Markets joins LSE as RMB gains traction
Chinese broker GF Financial Markets has joined the London Stock Exchange, hoping to capitalise on international opportunities – including the dramatic rise of London as a centre of renminbi trading.
Startupbootcamp launches foray into financial services
European startup accelerator Startupbootcamp is preparing to launch a programme focused on the financial technology industry. Startupbootcamp FinTech, will be make its debut in London with support from banking group Lloyds and the Netherlands’ Rabobank.
Euronext launches foreign open-ended funds in Paris
European exchange group Euronext is planning to begin trading active open-end funds on its Paris market following a legislative decree in France allowing the funds to be traded on exchanges or MTFs.
Final countdown to EMIR underway
A week before the final reporting deadline for the European Commission’s EMIR regulation, tech firms are making a last push to get OTC trade reporting up and running.
SIX Financial Information gets ready for FATCA
Switzerland’s SIX Financial Information has begun delivering FATCA tax information to the US Inland Revenue Service, ahead of the controversial extraterritorial tax’s reporting deadline in July.
