FIX Trading Community, the non-profit, industry-driven standards body at the heart of global financial trading, says it has formed six new sub-groups focused on MiFID II regulation for the industry to collaborate on the most critical issues in this time of regulatory change.
In May 2015, the EMEA Regulatory Subcommittee met to discuss how the FIX Trading Community could best address specific areas of up-and-coming regulation. This meeting, in addition to meetings with certain European regulatory authorities provided the basis for the formation of the following important sub-groups: Clock Synchronisation; Reference Data; Transparency; Best Execution; Microstructure; Order Data and Record Keeping.
Each has held its own initial meeting and decided on the specific terms of reference and goals going forward, which will include addressing the relevant regulatory technical standards (RTS) as proposed by the European Securities and Markets Authority (ESMA).
Rebecca Healey, CEO, Incisus Group and Co-Chair EMEA Regulatory Subcommittee, FIX Trading Community commented: “With under 18 months to go, and at a time of such regulatory change, industry collaboration is vital. Shared ideas and experience will not only establish tangible guidelines but will enhance compliance through the implementation of industry standards. By working together, the cost of regulatory change can be reduced, both from a human capital perspective as well as unnecessary IT spend.”
Matthew Coupe, Director, Barclays and Co-Chair EMEA Regulatory Subcommittee, FIX Trading Community noted: “The FIX Trading Community believes that the application of appropriate standards can help to reduce the cost of regulatory change. With the addition of these new subgroups, the Community will directly target specific MiFID II/MiFIR regulatory technical standards and provide tangible guidelines that we believe will assist both the regulators and market participants.”
