London financial firms are grappling with a host of changes after their first week operating under post-Brexit rules. "The hardest thing is the day-to-day communication. I can't speak to EU-based clients without one of my EU-based traders also on the phone or in the chatroom," said one London-based trader.
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The European Commission has approved London Stock Exchange Group's $27 billion takeover of Refinitiv. To gain approval, LSEG agreed to offload its interest in Borsa Italiana and made concessions on data access and derivatives trading and clearing.
Some senior London bank executives say they anticipate Brexit will cause more financial sector jobs and functions to move to the EU, since it may be years before there is an agreement concerning financial services. The relocations are expected to be incremental.
The recent surge of retail trading has brought new popularity to online platforms where individual investors swap information and ideas, including Twitter, Facebook, TikTok, YouTube, Reddit, Instagram and Discord. These sites have become the remote, online equivalents of Wall Street trading desks.
The Reserve Bank of New Zealand is investigating a data breach in which hackers might have accessed commercially and personally sensitive information in a third-party file-sharing service. The system affected has been taken down and secured while the central bank investigates, Governor Adrian Orr says.
The Federal Reserve is considering how it should oversee banks' use of artificial intelligence to evaluate consumers' creditworthiness and to prevent fraud, Fed Governor Lael Brainard said. "We must understand the potential benefits and risks and make clear our expectations for how the risks can be managed effectively by banks," Brainard said.
IHS Markit has broadened the range of its regulatory reporting services with the acquisition of the regulatory compliance company Cappitech. IHS Markit is one of several companies moving to fill the void left by the withdrawal of CME Group from the regulatory reporting business.
As the securities industry works towards the final implementation of the Consolidated Audit Trail (CAT), join us for a two-part webinar, Feb. 18 from 12 to 2 p.m. ET, on the remaining milestones that must be completed prior to the July 2022 deadline. The first part of this webinar will bring together key stakeholders to discuss the current state of the CAT, what lies ahead, and the impacts to broker dealers. Following a brief break, the second part will describe how firms should prepare for the upcoming phases of the implementation. Sign up today!
A recent survey found that the pandemic accelerated the speed of a shift to digital interaction, with 53% of firms saying they plan to increase the pace of implementation of their next-gen technology strategies. Mark Schlesinger at Broadridge Financial Solutions explains how firms continue to double down on innovation and this increasingly means that doing nothing is not an option for firms that wish to stay relevant in the more demanding post-pandemic landscape.