Article: “What a year: MiFID II/MiFIR, EMIR RTS, SFTR and SEC SBS”

The most recent edition of the Journal of Securities Operations & Custody (Volume 9 Number 4) features an article by Lloyd Altman entitled “What a year: MiFID II/MiFIR, EMIR RTS, SFTR and SEC SBS”.  Opening by paraphrasing Heraclitus, “Change is the only constant”, the article focuses on Europe and the US, going into detail regarding all of […]

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TheTradeNews Video – The Future of RegTek

During the FIA’s 2017 IDX Conference, RegTek.Solutions CEO Brian Lynch was asked his opinion regarding the impact that regulations will have on the industry in 2018 and beyond.  Lynch’s insightful response, comparing the MiFID II race to the finish line with our experiences with Dodd-Frank, is worth watching in its entirety. Watch The Full Video Here […]

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EMIR, MIFIR, and SFTR – article by Alan McIntyre in “Rocket 9”

2017 is shaping up as the year of regulatory compliance in Europe. Alan McIntyre’s article “Navigating The Waters of EMIR, MIFIR, and SFTR” in the recent edition of Rocket 9 from The OTC Space  lays out the technical and planning challenges, scope, and overlap between each of the three regimes. In addition to illuminating issues like ESMA’s decision […]


EMIR Trade Reporting at 3 Years

A year ago there were several articles and posts marking the 2nd Anniversary of EMIR Transaction Reporting, which went live on 12th of February, 2014. This year, perhaps because of all of the focus on getting ready for MiFID II/MIFIR, it seems like everyone has forgotten to say “Happy 3rd Birthday, EMIR Reporting”! This 3-year-old […]


5 Key Takeaways from the CPMI-IOSCO “Harmonisation of critical OTC derivatives data elements (other than UTI and UPI)” – second batch

by Alan McIntyre In October 2016, CPMI-IOSCO published their Harmonisation of critical OTC derivative data elements (other than UTI and UPI) – second batch  Here are our 5 Key Takeaways: Is ISO 20022 the standard? Risk Focus are enthusiasts regarding the benefits that a clearly defined data schema such as ISO 20022 can bring to improve […]


Marking the 3rd Anniversary of MAS Derivatives Reporting

by Lloyd Altman, Partner, Risk Focus On October 31, 2013, three years ago today,  the mandatory reporting regime for OTC derivatives contracts  in Singapore went into effect. The mandatory reporting requirement applies to each “specified person” who is a party to a “specified derivatives contract”,  unless such specified person is exempted. A “specified person” is […]


SFTR Shorts, Part 4 – Country Codes for Identifying Location of Branches

This is the fourth and last installment in Alan McIntyre’s informative and well-received “SFTR Shorts” series. The latest consultation paper has a lengthy section around the proposal to use the ISO Country code to identify the location of branches. The alternative would be to use the LEIs of the actual branches, as per the ongoing […]


SFTR Shorts, Part 3 – Is ISO 20022 Still Being Mandated?

The Third in the “SFTR Shorts” Series by Alan McIntyre The short answer to the question in the title is “Very much so”. ESMA is determined to increase the quality and usefulness of reported data by baking-in a strictly controlled ISO 20022 schema from the outset: A common XML schema enables also to embed basic data quality validations […]


SFTR Shorts, Part 2 – Why is EMIR mentioned and what’s changing under EMIR?

The Second in the “SFTR Shorts” series By Alan McIntyre In order to reduce the cost and burden on the industry, ESMA is mandated to minimize overlaps and avoid inconsistencies between the technical standards implemented for SFTR and EMIR. Accordingly, for pragmatic reasons they look to utilize, or at least provide the opportunity to utilize, as much of the existing […]


So what is this latest SFTR paper that ESMA have published?

The First in a series “SFTR Shorts” By Alan McIntyre In March this year ESMA published a Discussion Paper (ESMA/2016/356) ‘Draft RTS and ITS under SFTR’. In ESMAs words this Discussion Paper was: published as part of ESMA’s consultations on Level 2 measures under the Securities Financing Transactions Regulation. Within the European regulatory framework Level […]