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AFME calls out EU’s proposed capital markets integration plan citing equity market structure oversight

The TRADE

The Association for Financial Markets in Europe (AFME) has shared its response to the European Commission’s ‘targeted consultation on integration of EU capital markets in Europe’ – which closed today – highlighting several points of concern.

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FCA’s consultation period for UK consolidated tape closes with market expressing key considerations ahead of its development

The TRADE

Earlier this year, the UK’s Financial Conduct Authority (FCA) announced a consultation period with market participants on reforms to improve markets and competitiveness, including the introduction of a UK consolidated tape (CT). A CT for bonds will be the initial focus, with an equities tape following at a later stage.

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FCA moves to consult with industry on UK consolidated tape model as back and forth continues

The TRADE

The UK’s Financial Conduct Authority (FCA) has announced that it will consult with industry participants on reforms to improve markets and competitiveness, including the introduction of a UK consolidated tape. The UK tape’s revenue and sharing model and its inclusion of pre- and post-trade data have not yet been confirmed.

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EMSA to consider all possibilities for shortened settlement – including T0 – following industry feedback

The TRADE

Following feedback received from the consultation period, ESMA has confirmed that it will consider all possibilities for a shortened settlement cycle, which includes both T+1 and a potential T+0. Respondents were invited to elaborate on both outcomes, allowing ESMA to assess both situations.

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Bank of England and FCA to launch joint Digital Securities Sandbox

The TRADE

Examples of financial instruments which could be issued and traded in the DSS include equities, corporate and government bonds, and money market instruments. In order to meet the aims of the DSS, while giving fair consideration to the impact of their policy on key stakeholders, the BoE and the FCA have released a consultation paper.

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Securities industry rallies hard against ESMA’s progressive settlement penalties suggestion

The TRADE

The European Securities and Markets Authority (ESMA) published a consultation paper in December 2023 on the CSDR penalty regime seeking input on amendments which may include cash penalties that increase with the length of the settlement fail. On the latter, some associations felt the proposal would make Europe a less attractive market.

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Fireside Friday with… Google’s Rohit Bhat

The TRADE

What is the future outlook for AI use across capital markets? This year the market will see more generative AI use-cases go from pilots to production. Throughout 2023, we saw generative AI experimentation across the capital markets ecosystem. How is the industry adjusting to the increasing prevalence of the cloud?