Here algo again: MiFID II will require your attention in 2014

For firms who remember MiFID I, and those that don’t, round two is almost upon us. This month, the Council of the EU agreed their general approach, meaning that the draft of MiFID II/MiFIR is free to advance to the European Parliament. If all goes according to the current plan, the new combined legislation will be with us in time for 2015 implementation.

A road to nowhere?

The introduction of seven-day account switching in the UK in September is a fundamental pillar of UK government plans to inject more competition into retail banking. But the plan has its critics – some of whom warn it may achieve the opposite of what it intends.

Risk data: can it be both efficient and compliant?

With six months before the 4th Capital Requirements Directive comes into force, many will be asking what technological improvements will be necessary to efficiently manage risk going forward. Before they embark on a costly overhaul of their data systems, firms should look at what regulatory trends are likely to require similar changes in the future and adjust their specification accordingly.

Roundtable: the Future of Standards

Predicting the future is never easy, but trying to anticipate likely developments in a particular area is essential in order to take timely action. With that caveat, Stephen Lindsay, head of standards at SWIFT, sets a boundary on a discussion on the Future of Standards: “What we are trying to do is extrapolate a little bit from where we are now to where we might be in a few years’ time,” he says.

The battle for benchmarks: divisions in the ranks?

With lots of different regulatory benchmark efforts now underway, the industry could be forgiven for not taking a common stance. With IOSCO issuing final principles, ESMA and the EBA are simultaneously consulting on a European set of principles. Meanwhile the UK is moving ahead with its own reforms.

Stars of the south

Brazil, according to a long-standing joke, is the country of the future and always will be. Founded by a mixture of Portuguese explorers and colonists, indigenous peoples, and European and African immigrants, Latin America’s largest country boasts a population of 200 million and a GDP that eclipsed that of the UK in 2011. The country’s banking infrastructure reflects both its rapid rise in recent years and its historic status as an emerging market.

Making cross-border payments work

As the value of global cross-border payments such as workers’ remittances increases, billions of dollars are being lost to inefficient legacy systems – but that could be about to change, according to Hank Uberoi, executive director at Earthport.

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