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White Paper

Change in the European post-trade environment

 

In a world still enmeshed in the financial crisis, policy-makers and regulators are increasingly focusing on improving transparency and standardization as a means of mitigating risk.

The changes coming down the track from the Dodd-Frank Act in the USA, the European Market Infrastructure Regulation (EMIR), stronger capital requirements enshrined in the Basel III conventions, and the Volcker rule, separating proprietary trading from deposit-taking in the US, have significant implications on the market participants. It is all well and good for regulators – or indeed politicians – to enact regulations and laws, but it is the practical realities of interpreting regulations and laws – however well intentioned – that, in the eyes of some market participants, create much risk.

Large areas of the post-trade landscape will be affected by regulatory changes as trading facility rules, mandatory clearing and data repository rules all challenge incumbent technologies and players.

It is these changes in the post-trade environment that we will examine, as we look at a range of post-trade issues facing market participants, including clearing, transparency, standardization and collateral management. Whilst we cannot predict the future, what is becoming clear is that increased regulatory pressure in the post-trade space will lead to the need for increased investments in operations, especially in the middle- and back-office.

In the white paper, we discuss the following:

  • The custodian view
  • Getting on the business
  • The silver lining
  • Collateral management
  • Harmonizing the European post-trade landscape
  • A call to action

Related Video: R Vivekanand at the Mondo Visione Post-Trade Forum