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Monthly Archives: February 2015

Bank of England speech to Association for Financial Markets in Europe

26 Thursday Feb 2015

Posted by LEENBROEKHUIZEN in FEMR, Regulations

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Regulation, Surveillance

Yesterday’s speech on the Fair and Efficient Markets Review (FEMR) by Andrew Hauser of the Bank of England presents a useful introduction to the topic, and provides some early insight into the direction of conclusions.

The FEMR is a BoE and FCA initiative designed to reinforce confidence in Fixed Income, Currency and Commodity markets (FICC) and is beginning to close a fact-finding stage.  In the speech Mr Hauser begins to crystallise the evolution of future best practice in terms of individual, firm and market best practice in resolving the issues experienced in the financial sector.

Mr Hauser wisely recognises that individual professional training, culture, and technology all have a role to play, and that each has its deficiencies in the present state.

For those wondering ‘what does this mean for me?’ at the firm level Mr Hauser develops an argument summarised in three quotations

  • Firms have primary responsibility for their own conduct
  • Firms needed to do more to catch, and act upon, unacceptable behaviour at an earlier stage
  • The SCMR (Senior Managers and Certification Regime) should concentrate minds in this area

While at pains to say no policy decision have been made, this would appear to indicate that the BoE at least expects firms to develop greater capabilities to understand, influence and control behaviour, and that it expects this responsibility to be vested in “those closest to the front line: heads of trading or business”. That should open some eyes and ears.

Full Speech to be found here.

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ESMA Recommendations to European Commission for MAR

03 Tuesday Feb 2015

Posted by LEENBROEKHUIZEN in MAR, Regulations

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MAR, Regulation, REMIT, Surveillance

ESMA today published its “technical advice on possible delegated acts concerning the Market Abuse Regulation’ this morning.  This constitutes advice to the European Commission on further detailed legislation to support MAR.  While it is early days in the overall process, a quick glance at the content contains many terms familiar to all who have been grappling with EMIR and so forth for the last few years, e.g. benchmarks, thresholds, inside and physical information disclosure, emissions, orders to trade, reporting.  Familiar terms, but no doubt new implications for the Compliance workplan.

More bed time reading.  See here.

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