The document discusses the upcoming changes from MiFID to MiFID II and the need for financial institutions to prepare. MiFID II will significantly broaden the scope of the original MiFID directive and introduce stricter requirements around areas like transparency, reporting, and investor protection. It will require major changes to infrastructure, business models, and data governance. Financial institutions should start assessing the impacts and ensuring compliance with the new regulations, which take effect in January 2017. They need to integrate preparation for MiFID II into a unified regulatory change program to avoid duplication of efforts across different regulations.
Solving Your MiFID II Challenges - Thomson Reuters & Partners MiFID II Brochure
This is an interactive informational and educational brochure that outlines all the primary MiFID II challenges, what is required to solve them and how Thomson Reuters and our partners can help you to no only comply but to thrive. Make sure you download a copy today and come up to speed.
#Risk #Regulation #MiFIDII #Banking #AssetManagement #WealthManagement See less
The new stringent MiFID II regulatory technical standards (RTS) is top of mind for Banks, venues, and participants. One of the areas of major concern and confusion are the new regulatory technical standards (RTS) for trade transaction record management and reporting for trades made to venues that support high speed trading i.e., almost all electronic trades. The new MiFID II RTS standards require all parties involved in a trade to capture, record, maintain and report all information related to the transaction life-cycle with precise time-stamps accurately synchronised to the world time standard - UTC (Coordinated Universal Time). Existing systems cannot do this.
The reason the regulator wants to do this is to be able to retrospectively recreate the sequence of market actions that led to a particular market condition (possibly abusive behaviour) and forensically verify who did what, how markets reacted, and who is to blame.
It is very difficult to meet these new MiFID II regulatory technical standards (RTS) and may cost many millions of dollars to replace or retrofit the existing trading systems with this new capability. In addition, they will incur the ongoing costs of remaining compliant amid changes in their technology and amid future regulatory requirements. The banks and venues are concerned that even if they spend this money, their implementations may not meet the requirements and intention of (MiFID II) the new regulations, and failure to be compliant may result in significant fines.
Corvil is introducing a novel new solution that addresses this problem - it is able to meet these new MIFID II requirements for UTC-synchronised trade transaction record management without requiring a retrofit or re-architecture of trading platform components.
MiFID II - investor protection - Bovill briefing feb 15Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February 2015 briefing on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
With the ‘Level Two’ advice published just before Christmas, this is the first of our 2015 series of MiFID II briefings.
This session focuses on the investor protection elements of ESMA's advice including topics such as:
• product governance to product intervention
• client assets
• remuneration
• conflicts and inducements (dealing commission)
• best execution and client order handling
• information to clients.
The briefing gives more details of our MiFID II toolkit and how this could help your project.
Bovill Briefing Introducing MiFID II September 2014Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the September briefing - the first of a series on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
MiFID brought major regulatory change to investment firms back in 2007. But technological strides and market developments since the financial crisis are now exposing weaknesses in the directive.
MiFID II is a complete rebuild – aiming to close the gaps in the regulatory framework and introduce a ‘Mark 2’. Strong enough to protect the investment industry whatever the future holds, Mark 2 will also help achieve all of MiFID’s original aims by bolstering investor confidence.
At over 200 pages, MiFID II is longer, broader and more granular than MiFID I. It increases regulatory requirements, may well bring new firms into its scope, and will require changes to the way some investment firms currently work.
The first in a series of Bovill briefings on different elements of MiFID II, this introductory session provides:
• a general overview of the directive
• detailed timelines
• the steps you need to start taking now.
This briefing is relevant for all compliance officers of firms that undertake investment business in UK and Europe including those firms that are currently exempted from MiFID I.
Solving Your MiFID II Challenges - Thomson Reuters & Partners MiFID II Brochure
This is an interactive informational and educational brochure that outlines all the primary MiFID II challenges, what is required to solve them and how Thomson Reuters and our partners can help you to no only comply but to thrive. Make sure you download a copy today and come up to speed.
#Risk #Regulation #MiFIDII #Banking #AssetManagement #WealthManagement See less
The new stringent MiFID II regulatory technical standards (RTS) is top of mind for Banks, venues, and participants. One of the areas of major concern and confusion are the new regulatory technical standards (RTS) for trade transaction record management and reporting for trades made to venues that support high speed trading i.e., almost all electronic trades. The new MiFID II RTS standards require all parties involved in a trade to capture, record, maintain and report all information related to the transaction life-cycle with precise time-stamps accurately synchronised to the world time standard - UTC (Coordinated Universal Time). Existing systems cannot do this.
The reason the regulator wants to do this is to be able to retrospectively recreate the sequence of market actions that led to a particular market condition (possibly abusive behaviour) and forensically verify who did what, how markets reacted, and who is to blame.
It is very difficult to meet these new MiFID II regulatory technical standards (RTS) and may cost many millions of dollars to replace or retrofit the existing trading systems with this new capability. In addition, they will incur the ongoing costs of remaining compliant amid changes in their technology and amid future regulatory requirements. The banks and venues are concerned that even if they spend this money, their implementations may not meet the requirements and intention of (MiFID II) the new regulations, and failure to be compliant may result in significant fines.
Corvil is introducing a novel new solution that addresses this problem - it is able to meet these new MIFID II requirements for UTC-synchronised trade transaction record management without requiring a retrofit or re-architecture of trading platform components.
MiFID II - investor protection - Bovill briefing feb 15Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February 2015 briefing on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
With the ‘Level Two’ advice published just before Christmas, this is the first of our 2015 series of MiFID II briefings.
This session focuses on the investor protection elements of ESMA's advice including topics such as:
• product governance to product intervention
• client assets
• remuneration
• conflicts and inducements (dealing commission)
• best execution and client order handling
• information to clients.
The briefing gives more details of our MiFID II toolkit and how this could help your project.
Bovill Briefing Introducing MiFID II September 2014Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the September briefing - the first of a series on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
MiFID brought major regulatory change to investment firms back in 2007. But technological strides and market developments since the financial crisis are now exposing weaknesses in the directive.
MiFID II is a complete rebuild – aiming to close the gaps in the regulatory framework and introduce a ‘Mark 2’. Strong enough to protect the investment industry whatever the future holds, Mark 2 will also help achieve all of MiFID’s original aims by bolstering investor confidence.
At over 200 pages, MiFID II is longer, broader and more granular than MiFID I. It increases regulatory requirements, may well bring new firms into its scope, and will require changes to the way some investment firms currently work.
The first in a series of Bovill briefings on different elements of MiFID II, this introductory session provides:
• a general overview of the directive
• detailed timelines
• the steps you need to start taking now.
This briefing is relevant for all compliance officers of firms that undertake investment business in UK and Europe including those firms that are currently exempted from MiFID I.
MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready. Read the corfinancial guide to find out how MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems.
MiFID II - Data Governance - Closing the Chasmexpertechnix
At the ‘Practical Data Governance – Preparing now for the future‘ event held on 8th June 2016 run jointly by the BCS Data Management Specialist Group and DAMA UK, Ian Chapman presented on ‘MiFID II – Data Governance – closing the chasm’.
MiFID II: Data for transaction reportingLeigh Hill
Markets in Financial Instruments Directive II (MiFID II) is complemented by Markets in Financial Instruments Regulation (MiFIR), which builds out transaction reporting requirements with a number of new reporting obligations. The data and data management challenges of reporting include an increase in instruments that must be reported and the addition of several new fields to transaction reports. The Legal Entity Identifier (LEI) is also mandated for use in reporting.
Join the webinar to find out about:
-Transaction reporting
-Data requirements
-Data management
-Inclusion of the LEI
-Best practice approaches
EXTENT-2015: MiFID II Projected Impact on Trading TechnologyIosif Itkin
MiFID II / MiFIR: Projected Impact on Trading Technology and QA Challenges
Pavel Sigov, Exactpro, Moldova
11 Nov 2015
EXTENT Trading Technology Trends & Quality Assurance Conference in St.Petersburg, Russia
EXTENT-2015: Quality Assurance in Russian NSDIosif Itkin
Quality Assurance in Russia's National Settlement Depository (NSD)
Pavel Andrianov, National Settlement Depository
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2016: MiFID 2 Compliant Fixed Income SOR SystemIosif Itkin
EXTENT-2016: Software Testing & Trading Technology Trends
22 June, 2016, 10 Paternoster Square, London
MiFID 2 Compliant Fixed Income SOR System
Ferdinando La Posta, Co-founder and CEO, GATElab
Would like to know more?
Visit our website: extentconf.com
Follow us:
https://www.linkedin.com/company/exactpro-systems-llc?trk=biz-companies-cym
https://twitter.com/exactpro
#extent2016
#exactpro
Impact 2013: How Technology is used for real-time monitoring of Dodd-Frank Tr...jKool
Presentation delivered at IBM IMPACT 2013
Dodd-Frank Trade Reporting regulations were enacted to ensure improved transparency and accountability for trade execution and reporting. However, there are key challenges such as: how do swap dealers ensure compliance and how can this be done in real-time as the windows for course correction are small.
-Real-time trade surveillance across the lifecycle of a reportable trade
- NACK Management
- How to provide visibility in real-time to actual or potential breaches in responsibility with the flexibility to change as the regulation evolves
- See the video at: http://www.nastel.com/dodd-frank-webinar.html
A presentation at The 2015 Copenhagen Business School Symposium on High-Frequency Trading. Bjørn Sibbern, President of Nasdaq Copenhagen, Senior Vice President and Global Head of Nasdaq’s Commodities business
MoneyWare FundWare™ enables organization to rapidly comply with the AIFMD requirements in respect of leverage, liquidity monitoring, risk management and regulatory reporting, without implementation costs or delay. The cost of compliance is significantly reduced through plug-and-play functionality, integrated data availability, automated report production and through availability as a hosted software as a service solution.
WIth the go-live date of MiFID II just around the corner, I take the liberty to offer you an overview of regulations coming in the next period and which should have your focus.
Also, I take the opportunity to wish you all a Happy, Successful and Healthy 2018!
The enclosed presentation covers a number of the most important regulatory topics to hit the financial markets as of 2018.
FinfraG: Opportunities & Challenges for Global Trading PlatformsCognizant
The Swiss Financial Market Infrastructure Act (FMIA), commonly known by its German name, FinfraG, spells out regulations for global derivative trading platforms and central clearing parties, including reporting, clearing, platform trading and risk mitigation. The act also incorporates laws pertaining to insider information/market abuse and shareholdings/public offers.
The MiFID II: Operational Compliance at The Shard training course is a unique and highly personalised training course that seeks to provide attendees with a blend of new strategic and operational insights into the new MiFID II framework. The sessions are highly tailored to the individual attendees as there are a limited number of places available the course allows more interactive discussions between the experts and the attendees. The pre-event MiFID II questionnaire allows us to more precisely identify areas of interest and to increase focus on their particular areas.
MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready. Read the corfinancial guide to find out how MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems.
MiFID II - Data Governance - Closing the Chasmexpertechnix
At the ‘Practical Data Governance – Preparing now for the future‘ event held on 8th June 2016 run jointly by the BCS Data Management Specialist Group and DAMA UK, Ian Chapman presented on ‘MiFID II – Data Governance – closing the chasm’.
MiFID II: Data for transaction reportingLeigh Hill
Markets in Financial Instruments Directive II (MiFID II) is complemented by Markets in Financial Instruments Regulation (MiFIR), which builds out transaction reporting requirements with a number of new reporting obligations. The data and data management challenges of reporting include an increase in instruments that must be reported and the addition of several new fields to transaction reports. The Legal Entity Identifier (LEI) is also mandated for use in reporting.
Join the webinar to find out about:
-Transaction reporting
-Data requirements
-Data management
-Inclusion of the LEI
-Best practice approaches
EXTENT-2015: MiFID II Projected Impact on Trading TechnologyIosif Itkin
MiFID II / MiFIR: Projected Impact on Trading Technology and QA Challenges
Pavel Sigov, Exactpro, Moldova
11 Nov 2015
EXTENT Trading Technology Trends & Quality Assurance Conference in St.Petersburg, Russia
EXTENT-2015: Quality Assurance in Russian NSDIosif Itkin
Quality Assurance in Russia's National Settlement Depository (NSD)
Pavel Andrianov, National Settlement Depository
11 November 2015
Trading Technology Trends & Quality Assurance Conference in St. Petersburg
EXTENT-2016: MiFID 2 Compliant Fixed Income SOR SystemIosif Itkin
EXTENT-2016: Software Testing & Trading Technology Trends
22 June, 2016, 10 Paternoster Square, London
MiFID 2 Compliant Fixed Income SOR System
Ferdinando La Posta, Co-founder and CEO, GATElab
Would like to know more?
Visit our website: extentconf.com
Follow us:
https://www.linkedin.com/company/exactpro-systems-llc?trk=biz-companies-cym
https://twitter.com/exactpro
#extent2016
#exactpro
Impact 2013: How Technology is used for real-time monitoring of Dodd-Frank Tr...jKool
Presentation delivered at IBM IMPACT 2013
Dodd-Frank Trade Reporting regulations were enacted to ensure improved transparency and accountability for trade execution and reporting. However, there are key challenges such as: how do swap dealers ensure compliance and how can this be done in real-time as the windows for course correction are small.
-Real-time trade surveillance across the lifecycle of a reportable trade
- NACK Management
- How to provide visibility in real-time to actual or potential breaches in responsibility with the flexibility to change as the regulation evolves
- See the video at: http://www.nastel.com/dodd-frank-webinar.html
A presentation at The 2015 Copenhagen Business School Symposium on High-Frequency Trading. Bjørn Sibbern, President of Nasdaq Copenhagen, Senior Vice President and Global Head of Nasdaq’s Commodities business
MoneyWare FundWare™ enables organization to rapidly comply with the AIFMD requirements in respect of leverage, liquidity monitoring, risk management and regulatory reporting, without implementation costs or delay. The cost of compliance is significantly reduced through plug-and-play functionality, integrated data availability, automated report production and through availability as a hosted software as a service solution.
WIth the go-live date of MiFID II just around the corner, I take the liberty to offer you an overview of regulations coming in the next period and which should have your focus.
Also, I take the opportunity to wish you all a Happy, Successful and Healthy 2018!
The enclosed presentation covers a number of the most important regulatory topics to hit the financial markets as of 2018.
FinfraG: Opportunities & Challenges for Global Trading PlatformsCognizant
The Swiss Financial Market Infrastructure Act (FMIA), commonly known by its German name, FinfraG, spells out regulations for global derivative trading platforms and central clearing parties, including reporting, clearing, platform trading and risk mitigation. The act also incorporates laws pertaining to insider information/market abuse and shareholdings/public offers.
The MiFID II: Operational Compliance at The Shard training course is a unique and highly personalised training course that seeks to provide attendees with a blend of new strategic and operational insights into the new MiFID II framework. The sessions are highly tailored to the individual attendees as there are a limited number of places available the course allows more interactive discussions between the experts and the attendees. The pre-event MiFID II questionnaire allows us to more precisely identify areas of interest and to increase focus on their particular areas.
MiFID II will impact not only a very large number of Financial Services firms who operate in the European Union but is likely to have a significant impact on their business and operating models, processes and IT systems. MiFID II comes into effect from 1 January 2018 and there is much work to be done to be ready.
Sound governance and effective institutions are essential to achieve shared prosperity and sustained reductions in poverty.
Public accountability and proper governance contribute to better delivery of public services, support competition and growth, including through cooperation with private sector.
Quality information helps the government properly analyze risks and play their essential roles in resolving the complex and interconnected challenges in variety of sectors, including in health, social protection and education.
This is not meant to be an exhaustive guide, rather it is a guide for executives who need to come up to speed quickly on MiFiD II and its effective implementation
The purpose is to make MiFiD II simple so that executives can develop a thought framework by understanding at a high level:
the legislation and what it wants to achieve
the likely impact and what needs to be done
Potential steps necessary to mobilise effective delivery
From this, provide an ability to formulate a view and ask the right questions on MiFiD II delivery. This should not be regarded as a comprehensive guide to this complex legislation.
Report on standard-setting activities - Mary Tokar, IASBOECD Governance
This presentation was made by Mary Tokar, IASB, at the 17th Annual Meeting of OECD Senior Management Officials held at the OECD, Paris, on 2-3 March 2017
sbo-accruals-march-2017
This webinar explains the many facets of Dodd-Frank rules and regulations and what companies, such as Producer companies, need to know now in order to be compliant. Our seasoned Compliance and Commodities experts describe exactly how the Dodd-Frank rules and rule changes affect Producer companies and what you can do now to mitigate these challenging risks:
--Producers’ Exposure to Dodd-Frank
--Clearing and End-User Exception
--Recordkeeping and Reporting
--Duties of SDs to Non-SD/MSPs – Counterparty Documentation
--Policies, Procedures, and Training
--Exchange Position Limits
--Achieving Compliance
The European Banking Authority (EBA) launched a consultation on its draft Regulatory Technical Standards on assessment methodology for internal ratings-based approach. These draft RTS are a key component of the EBA's work to ensure consistency in models outputs and comparability of risk-weighted exposures and will contribute to harmonize the supervisory assessment methodology across all EU Member States. The consultation runs until 12 March 2015.
NO1 Uk Divorce problem uk all amil baba in karachi,lahore,pakistan talaq ka m...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...
CH&Cie - MiFID II - CIB - Teaser
1. MiFID II | Time to get prepared
March 2015
Stephanie Baruk sbaruk@chappuishalder.com
2. 2
MiFID II | Time to get prepared
A step closer to the reality
The revision of the Markets in Financial Instruments Directive represents one of the centerpieces of financial markets reform across a multitude
of areas, requiring not only major implementation efforts, but also a re-assessment of business models. With the intention to boost competition,
promote transparency and encourage financial stability, MiFID II is the cornerstone of multiple regulations that are being implemented at a
global, European or national level.
Beyond the extension of most of the requirements to other asset classes, we can notice the following evolutions between MiFID and the
reviewed directive:
Market Structure | Introduces new market structures with the addition of Organized Trading Facilities (OTF), limitation on trading on
dark pools, eligible derivatives to be traded on regulated trading venues only
OTC Derivatives | Move to exchanges or electronic trading platforms where appropriate, OTC Derivatives subject to EMIR clearing
obligations
Transparency and Reporting | Expands the needs for transparency and reporting with the inclusion of other asset classes and new
reporting requirements tailored to asset classes
Investor Protection | Aims to enhance investor protection through upgraded selling rules and the use of pre-contractual
documentation
Organizational requirements | Stipulates the make up of boards and management committees, and their organizational
responsibilities, strengthens internal compliance functions
Third Country Access | Sets out rules for those outside the EU to do business with it
Position Limits | Lays out restrictions and position limits as well as details on sanctions
Within this complexity and broad scope, financial institutions need to start assessing impacts to determine efforts, budgets, roadmaps and
ensure that their strategy and organization are aligned for compliance by January 2017
Financial institutions should think about integrating MiFID II under a unique regulatory change program allowing to manage extraterritoriality
impacts, ensure consistent and efficient implementation and avoid duplication of efforts
3. 3
2-Jul-14
• Entry into force of MiFID II/MiFIR
19-Dec-14
• Publication of Final Technical
Advice (implementing rule)
Jul-15
• Deadline for ESMA to submit
draft Regulatory Technical
Standards (RTS) to the EC
Jan-16
• Deadline for ESMA to submit
draft Implementing Technical
Standards (ITS) to the EC
Jun-16*
• EU Members States to
implement MiFID II/MiFIR in
their national legislations
Jan-17*
• Application of MiFID II/MiFIR
*Expected date
20-Mar-15
• Deadline for answering ESMA
amended consultation paper
(incl. proposal for liquidity
definitions and size thresholds)
MiFID II | Time to get prepared
Main impacts
Market Structure
Introduce Organized Trading Facilities
Align RM, MTF and OTF organizational and
market surveillance requirements
Eligible derivatives are to be traded on
regulated trading venues
Limitation on trading on dark pools
Open access to trading venues
Transparency
Improve pre and post-trade transparency by
expanding scope for Equity instruments and
including Non-Equity
Improve post-trade quality and availability
with European Consolidated Tape approaches
Launch Approved Reporting Mechanism for
transaction requirements
Public firm price quoting requirements for
liquid instruments
Reporting
Additional reporting requirements to
regulators
External circuit breakers for High Frequency
Trading
Position limits and public reports with
aggregate positions for Commodity
Derivatives
Governance & Internal Controls
New selection criteria and appropriateness
with respect to the management body
Limitation on the number of directorships
allowed to members of management bodies
Increased scope and role of Compliance
Implement recordkeeping solutions
4. 4
MiFID II
EMIR
Dodd Frank
Market Abuse
CRD IV
AIFMD
UCITS
MiFID II | Time to get prepared
A consistent approach across different regulations is required to avoid duplication and ensure cost efficient
implementation
• EMIR | OTC Derivatives
• Trading on exchanges or electronic trading platforms
• Clearing through central counterparties
• Reporting solutions need to be aligned
• Dodd Frank| OTF and SEF, recordkeeping requirements
• Cross-territoriality requirements across OTF trading and
swap execution under Dodd Frank needs to be taken into
account in each jurisdiction
• Ensure that the platform is flexible enough to cater for
each set of requirements
• Ensure consistency across recordkeeping requirements
and leverage as much as possible existing solutions
• MAD II | Reporting requirements
• Common trade and transaction reporting requirements
• Similar audit trail and data infrastructure enhancements,
notably reference data and unique identifiers
• CRD IV | Corporate Governance
• MiFID II incorporates the corporate governance
requirements within the Capital Requirements Directive
• Limits the number of directorships of members of
management bodies at the same time
5. 5
MiFID II | Time to get prepared
Key Takeaways
• With the migration to trading venues and increased transparency requirements, financial institutions
will face an increased competition coupled with a reduction of spreads:
⇒ Opportunity to capture market shares through investments in scalable platforms and reduction
of operational complexity for your clients
• Implementation costs which may be much higher than expected and increased capital and liquidity
requirements will call for:
⇒ Products simpler to disclose, fungible and liquid and transactions with more streamlined clients
Changes of Business
Models
Front-to-Back
infrastructure &
Organization
Data Governance &
Reporting
1
2
3
• Develop connectivity with key market infrastructures such as CCPs and trading venues
• Streamline existing system architecture and processes to ensure extension of trade reporting to
other asset classes and to reinforce the control framework
• Enhance capabilities for efficiently processing market and reference data
• Align the Corporate Governance with requirement with the rationalization of management bodies
• Redefine scope and role of Compliance functions
• Align MiFID II and EMIR reporting solutions
• Set-up a robust data governance framework aiming to identify reporting requirements (from 24
fields in MiFID I to 93 fields in MiFID Il), ensure data quality and accuracy and document origination-
to-report lineage
• Implement audit trail and data architecture enhancements notably for reference data and unique
identifiers
• Leverage and strengthen existing recordkeeping solutions
• Take advantage of public information to analyze trading behaviors and market trends
5
6. 6
MiFID II | Focus on a robust Data Governance - Objectives & Approach
Beyond the need to meet regulatory requirements, opportunities remain for banks to benefit from such an exercise
Data
Requirements
Data Dictionary
Data Quality
Data
Remediation
1
2
3
4
1 2
34
Identify Regulatory data requirements for reporting purpose
Analyze and interpret Regulatory requirements and leverage existing regulatory
reporting
Ensure consistency in the delivery of data requirements
Act as a bridge with IT with regard to the sourcing of the data
Assess on an ongoing basis data quality employed within the bank
Establish and maintain operating directives and related procedural guides
Develop and maintain data quality framework and operating directive
Establish data quality processes and metrics, and act as an escalation point for quality
issues
Ensure data meets the stringent requirements from the regulator
Set-up a robust issue and remediation tracking process
Coordinate data remediation initiatives within the bank and handle transversal
remediation actions
Provide metrics on remediation progress
Provide additional comfort to decision makers on risk and regulatory challenges
Understand the data from a business perspective and its impact on the organization
Define standards for Key Data Elements
Support the creation of a central data dictionary and document origination-to-source
data lineage
7. 7
MiFID II | Focus on a robust Data Governance - Key Roles and Responsibilities
An efficient set-up starts by establishing common vision and goals at the Executive level
Provide leadership for Data
Governance program
Responsible for maintaining, rolling out
and monitoring Data Governance
policies, standards, and tools
Coordinate data quality and regulatory
compliance efforts across the bank
Chief Data Officer
Implement priorities
established by the Exec
Steering Committee
Financial Management and
monitoring adherence
Act as an escalation point for
resolving critical issues
Provide strategic direction
for Data Stakeholders (Data
Stewards, Data Owners and
Data Custodians)
Provide support to Data
Governance:
Technical Metadata
Mapping
Technical Requirements
for DG tools
Data Quality Rules
Configuration
Data Quality Reporting
Data
Governance
council
IT
Executive Committee
Data Communities
Monitor adherence of
policies and standards
across Data Domains
Establish data quality
processes and metrics
Train staff and
communicate data policies
Monitor and coordinate
any regulatory or internal
policy changes
Data Requirements
Analyze and interpret
Regulatory requirements
Ensure consistency in the
delivery of data
requirements across the
different stakeholders
impacted
Act as a bridge with IT with
regard to the sourcing of
the data
Data Quality
Establish and maintain
operating directives and
related procedural guides
Develop and maintain data
quality framework and
operating directive
Establish data quality
processes and metrics, and
act as an escalation point
for quality issues
Data Remediation
Set-up a robust issue and
remediation tracking
process
Coordinate data
remediation initiatives
within the bank
Handle transversal
remediation actions
Provide metrics on
remediation progress
Business Glossary & Data
Lineage
Understand the data from a
business perspective and
its impact on people,
process, and technology
Define standards for Key
Data Elements
Support the creation of a
central data dictionary
Document origination-to-
source data lineage
8. 8
MiFID II | Time to get prepared
What’s next - Key Success Factors and Priorities
Ensure buy-in of the stakeholders and involvement at the executive level to implement changes as
early as possible
1
Align with the cross-regulatory reform agenda and ensure that MiFID II is jointly managed with other
regulatory initiatives under a unique regulatory change program
2
Implement effective and streamlined post-trade infrastructure as well as robust data governance
framework
3
Redefine precisely roles and responsibilities in the control framework and enhance regulation
awareness
4
Benefit from public trade information and pre-trade price publication requirements to analyze
trading behavior and market trends
5
10. 10
MiFID II | Time to get prepared
Appendix - MiFID II significantly broadens the first MiFID scope
Organizations
• Equities
• Equities (extended scope)
• Derivatives
• Fixed income
• Commodities
• Structured products
• Emission allowances
• Reception and transmission of orders in
relation to finance instruments
• Execution of orders on behalf of the client
• Dealing on own account
• Portfolio management
• Investment advice
• Underwriting of financial instruments and/or
placing of financial instruments on a firm
commitment basis
• Placing of financial instruments without a
firm commitment basis
• High Frequency Trading
• Safekeeping and administration of financial
instruments for the account of clients,
including custodianship and related services
such as cash /collateral management
• Investment firms
• Credit institutions
• Portfolio managers
• Broker-dealers
• Stock brokers
• Corporate finance companies
• Commodity firms
• Market operators
• Central counterparties
• Data service providers
Activities Instruments
MiFIDMiFIDII
11. 11
PRE TRADE
• Equity and Equity-Like instruments: Largely
unchanged from MiFID I. Widening to equity-like
instruments
• Investor protection: pre-contractual
documentation, stringent rules of conduct,
upgraded selling rules
• Systematic Internaliser (SI) Regime : Obligation to
make public firm quotes on specific instruments
traded on a trading venue for which the firm is SI
and for which there is a liquid market (up to
specific threshold)
• Introduction of Position Limits for Commodity
Derivatives
• Connection to trading platforms
• A volume cap is introduced for use of the
negotiated transaction and reference price
waivers
EXECUTION
• Equity and Equity-Like instruments trading
obligation on Regulated Market (RM), Multilateral
Trading Facility (MTF) or SI
• OTC Derivatives subject to EMIR clearing
obligation
• Introduction of a new trading venue - Organized
Trading Facility (OTF) - for non-equities
• Operators on trading venues will be subject to
enhanced requirements in relation to market
surveillance
• HFT | Enhanced information requirements, e.g.
information on algorithmic traders’ strategies
• Stricter control on direct electronic/sponsored
access to trading venue systems
• Appropriate systems and controls for market-
making activity
• Best execution principles with strengthened
disclosure requirements for investment firms
POST TRADE
• Widening scope of MiFID transaction reporting
obligations to:
‒ Financial instruments which are admitted to trading or
traded on a trading venue or for which a request for
admission to trading has been made
‒ Financial instruments where the underlying is a financial
instrument traded on a trading venue
‒ Financial instruments where the underlying is an index or
a basket composed of financial instruments traded on a
trading venue
• More stringent reporting requirements: complete
and accurate details of trades; report no later than
close of the working day following the trade
• Commodities: Position reporting
• Open access to CCPs
• Consolidated Tape Providers required to
consolidate data into a continuous electronic data
stream
• Internal organization requirements regarding boards and management committees and their organizational
responsibilities
• Expansion of the scope and role of Compliance functions
• Remuneration policy to encourage responsible business conduct, fair treatment of clients and to avoid conflict of
interests
MiFID II | Time to get prepared
Appendix - Key Requirements
Organization
12. MONTREAL
202 – 1819 Bd Rene
Levesque O.
Montreal, Quebec,
H3H2P5
PARIS
20, rue de la
Michodière
75002, Paris, France
NIORT
19, avenue Bujault
79000 Niort, France
NEW YORK
1441 Broadway
Suite 3015, New York
NY 10018, USA
SINGAPORE
Level 25, North Tower,
One Raffles Quay,
Singapore 048583
HONG KONG
905, 9/F,
Kinwick Centre 32
Hollywood Road,
Central, Hong Kong
LONDON
50 Great Portland Street
W1W 7ND, London, UK
GENEVA
Rue de Lausanne 80
CH 1202 Genève,
Suisse