The purpose of the European Central Bank’s T2S project is ill-defined and taking so long to deliver that it is being pushed aside by other projects according to speakers at the Swift Business Forum in London.
Nearly three months after the European Commission’s 12 February deadline for trade reporting, market participants are still not ready to report their derivative trades and serious problems remain with understanding the rules.
The European Parliament has approved MiFID II, bringing to a close the political debate over the future of Europe’s trading infrastructure and ushering in a period of focus on finer technical details. The final vote will reflect a much more sensible approach than many had feared, according to Anne Plested, head of regulation change at trading technology specialist Fidessa.
Banking Group Santander has added m-commerce to its mobile banking and payment app, in a development it is claiming as the world’s first ‘superwallet’.
More than half a million UK consumers have switched their current accounts since September, according to new figures released by the UK Payments Council. The figures have been described as positive, but market observers remain cautious over whether or not they can be sustained and whether the UK authorities are doing enough to promote innovation.
Swift’s Innotribe innovation spin-out has named the European semi-finalists for its 2014 Startup Challenge, which seeks to find the most innovative start-up companies in financial services.
The European Commission’s MiFID II legislation has produced a disappointing outcome for those hoping for a consolidated tape of post-trade data, while exchanges continue to bear the brunt of participants’ anger over the price of market data.
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.
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 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.
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.
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’.
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.
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.
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 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.
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.
The complexity of regulatory reforms in Europe and the US are placing pressure on the industry and may catch some participants unawares.
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 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.
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.
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.
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.
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.
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 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.
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.
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 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 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 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, […]
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.
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.
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?
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.
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.
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.
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 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.
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.
