Last week we had different heads of market structure, compliance, and front office together for our regulation MiFID II breakfast. One of the many themes that was discussed was Best Execution, relevant because we had FCA representation and, whilst the Best Execution Thematic Review was published more than a year ago, it is still fresh in our minds.
What the regulators discovered in that case was a disparity of ways that banks were doing their best execution checks. The thematic review referred to the lack of standards across the industry and the fact that some banks felt like some of their activities were ‘out of scope’ and therefore excluded from the regime. It also reminded banks that a failure to obtain Best Execution is a problem that needs more focus from management, not just compliance and traders.
However, this new management focus and change of culture does not just apply to Best Execution. The event was oversubscribed and many heads of business attended, confirming that the regulators have now successfully gained the attention of upper management. Firms are more than ever conscious that there is a need to improve their current systems and controls to get ready for the implementation of future policy change. The uncertainty now is how to go about it.
Execution This is the second part in a series that explores the past, present and future of Order Management Systems (OMS) and the closely related Execution Management Systems (EMS). We cover these trading tools mainly from a sell-side perspective. As financial markets change, new demands on trading technology appear. This includes the functional requirements of the […] February 27, 2018
Risk & Compliance Jim Northey, Senior Vice President Strategy and Research at Itiviti, explores the topic of regulation in a post-globalization environment. In the wake of Brexit and the US election, are we moving away from unified regulatory equivalence to regulatory arbitrage, with single countries taking advantage of regulatory changes to attract market share? February 5, 2018
Execution What sets Itiviti solutions and technology apart from the rest? Itiviti staff explain in their own words. Go to Itiviti solutions January 9, 2018
Risk & Compliance Johannes Frey-Skött, VP Apps Engineering at Itiviti, discusses the data collection and retention challenges presented by MiFID II and tackled by Itiviti Analyst – winner of “Best New Technology Product – Regulatory Reporting” at the FOW International Awards 2017.* MiFID II has far-reaching and multi-faceted implications for European market participants, but if one were to […] December 21, 2017