On 15 November 2016, Abide attended Finance Magnate’s annual conference, the London Summit. Over 1500 members of the fintech, retail and institutional trading industry met at the Brewery to showcase new products and services, and to examine the FX landscape.
Mark Kelly, Abide’s Director of Professional Services joined the Regulation in FX ahead of MiFID II panel moderated by Dan Simpson, Head of Research at JWG. Other panellists were David Savell, Senior Associate at K&L Gates and David Woolcock, Chair of the Committee for Professionalism at ACI. They discussed a host of regulatory issues in FX including MiFID II requirements which many FX firms fall subject to, despite not being caught by MiFID I.
A key pain point highlighted by the panel was reportability and the scope of requirements for different FX firms. Another was the ISIN requirement and the difficulty in collecting personal details from end-users.
There is also still much uncertainty around becoming an SI or even becoming one accidently, and the subsequent APA rule under MiFIR that requires a firm to publish trade data as soon as practically possible after execution.
Lastly, the technical build of a MiFID II solution was cited as a concern, with many trading firms choosing to outsource their regulatory reporting requirements.
The conference ended on a high note for Abide Financial. We were awarded best regulatory reporting provider by the hosts. We are delighted to have been recognised by the industry for the excellent service we offer.