Financial Conduct Authority (FCA)
New working group to create open framework for managing rising market data costs
Substantive Research is putting together a working group of market data-consuming firms with the aim of crafting quantitative metrics for market data cost avoidance.
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European exchanges turn to dark trading in battle for flow
The EU’s two biggest exchanges are launching dark pools this year. The apparent change in their stances on dark trading reflects a profound shift in equities markets.
European firms prime for lopsided settlement in North America and at home
With T+1 imminent in North America and increasingly likely to traverse the Atlantic, operations and trading professionals in Europe are fighting on two fronts.
The IMD Wrap: Blowing tires, engines and budgets in F1 and financial data
There are many similarities between Formula One and financial data—except when it comes to how much you can spend and how much spend contributes to success.
FCA declines to directly regulate market data prices
A year-long investigation by the UK regulator to determine whether competition is hindered in the wholesale data markets has concluded with its decision not to directly regulate much-maligned data pricing and licensing structures.
The IMD Wrap: Market data budgeting for 8-year-olds
Balancing a market data budget is challenging enough, but it’s even harder when cost pressures are tight, and when fees and discounts create extra confusion.
Price gouging? New study finds market data providers consistently inconsistent in pricing, discounts
As the industry awaits the FCA’s findings from its Wholesale Market Data Study, end-users pin their hopes on the prospect of relief. But a new study from Substantive Research details the enormous pricing disparities that must be tackled.
Waters Wrap: A glimpse of 2024 through the looking glass of 2023
Anthony examines some of the biggest stories from the past year to preview what might be ahead.
Waters Wrap: On EMSs, regulation, and (among others) BlackRock Aladdin
Regulators in the US and Europe have turned their sights on execution management system providers. Anthony examines some of the questions the industry is trying to answer.
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UK pushes financial firms to adopt privacy-enhancing technologies
Lawmakers and vendors are set to usher in an era of mutualized data insights. Are banks ready?
The IMD Wrap: Price you gotta pay
With regulators taking aim at data providers in the ongoing war over data fees, Max says that data doesn’t need to be free, but it should be transparent, that price increases should accompany increases in value, and that technology already exists to…
What firms should know ahead of the DSB’s UPI launch
Six jurisdictions have set deadlines for firms to implement the derivatives identifier, with more expected to follow.
Europe’s AI Act is taking shape. How will the UK respond?
As the EU pushes through a historic AI Act, its neighbor is left wondering how to keep up.
Banks call for direct oversight of cloud providers by US regulators
Tri-opoly of cloud vendors “poses systemic risk” to financial sector, say risk managers
Shall we compare thee to a multilateral trading venue?
As regulators confirm that perimeter guidance applies to tech firms, the focus shifts to enforcement.
Institutions see everything to play for in UK’s DLT sandbox
Industry welcomes flexible issuance limits, but rues derivatives’ exclusion as a missed opportunity.
Clients versus compliance: banks hung up over WhatsApp fines
Most opt for outright ban, but some seek technological solutions to monitor private messaging.
FCA may offer its market data to surveillance tech start-ups
The regulator is concerned that rapid AI adoption will favor incumbent vendors; it aims to launch a sandbox.
French regulator turns up the heat with spot checks on market data providers
The AMF’s move has left industry observers wondering if this will lead other regulators in Europe to follow suit.
Waters Wrap: Regtech hype evolves—for better and worse
As fines levied by the FCA and SEC rise, so too has spending on 'regtech.' But Anthony warns that for the regtech space to evolve further in the future, it must first initiate changes to its ecosystem.
Market data consumers buy the same products at massively different price points
A new study finds that asset managers are paying several times more than their peers for the same services—but why? And can it be fixed? Does it need to be?