ISITC Europe - Reference Data Initiatives

ISITC Europe Reference Data Working groups
The next meetings are:
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ISITC EUROPE - ICI WG MEETING THU, 22-MAR-12 - 15:35-16:35 (BST)

VENUE:

Fincore Ltd.

28 Great Tower Street

London EC3R 5AT

(Entrance on Lower Thames Street)

WEBINAR/TELECONFERENCE DETAILS:

https://www2.gotomeeting.com/join/832575930

Meeting Password: ISITC

Meeting ID: 832-575-930

After logging in to the web part dial in to the conference call with the following details:

Dial Number: +44 (0) 207 151 1806

Access Code: 832-575-930

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ISITC EUROPE - LEI WG MEETING–FRI, 23-MAR-12 14:00-15:30 (BST)

*** PLEASE NOTE: 1.5 HOURS DURATION ***

VENUE:

Fincore Ltd.

28 Great Tower Street

London EC3R 5AT

(Entrance on Lower Thames Street)

WEBINAR/TELECONFERENCE DETAILS:https://www2.gotomeeting.com/join/xxx

Meeting Password: ISITC

Meeting ID: 561754786

After logging in to the web part dial in to the conference call with the following details:

Dial Number: +44 (0) 207 151 1806

Access Code: 561-754-786

AGENDA

1. Previous Minutes

2. Matters Arising

3. Terms of Reference

4. FSB Deliverables

- Funding Model

- Follow-up funding questions

6. Issues Log Update

7. Next Steps

8. Next Meeting

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LEI Resources
For further information please refer to the SIFMA Legal Entity Identifier Resource Center:
http://www.sifma.org/issues/operations-and-technology/legal-entity-identifier/overview/

Sample LEI data is also available by going to:
http://www.sifma.org/issues/operations-and-technology/legal-entity-identifier/legal-entity-identifier-test-file-download-and-terms/

The next Reference Data meetings will be held on Thursday, 24th February from 15:00 (GMT). If interested in participating in any of the working groups, please contact: admin@isitc-europe.com

MiFID Forum November 2011 update

I want to bring the activities of the MiFID Forum to your attention again to make sure that its activities still meet with the approval and support of the associations that you represent and that have created and supported the MiFID Forum
With the European Commission’s announcements about MiFID and MiFIR on 20 October, and the availability of near-final draft s of this Directive and Regulation, there is renewed interest from the members of FISD, FIX Protocol Ltd and ISITC Europe in being able to get together and review the business, operational and IT impacts that MiFID and MiFIR will have on investment firms and the market as a whole. As before, this interest extends beyond the associations’ current members to the broader financial sector, not only across the EU/EEA but also globally.
There is now therefore a much stronger need to bring the MiFID Forum back to active life, and the nominees of the associations that created it and that have supported it are ready to get back to work leading the Subject Groups that do the actual work within the MiFID Forum.
Alan Jenkins, nominee of ISITC Europe as chair of the Transaction Reporting Subject Group, will be running the next meeting of this Group on 7 November, hosted by Goldman Sachs in London.
Tony Kirby, nominee of ISITC Europe as chair of the Best Execution and Transparency Subject Group, is planning the next meeting of this Group for mid-November.
As chair of the MiFID Forum, I am planning the next Plenary Meeting for 30 November, hosted by Omgeo in London.

In 2005 the associations created the MiFID Joint Working Group / MiFID Forum as a place where members of the associations could work together in a joined-up way on how to deal with MiFID.
The MiFID Forum is not an organisation in its own right – it is a joint forum of the supporting associations – FISD, FIX Protocol Ltd, ISITC Europe and TWIST.
One of the aims of the MiFID Forum was to provide an additional valuable activity for the associations’ members.
A further aim was to encourage more firms to become members of the associations once they could see this valuable work that the associations were carrying out and supporting.

I’m hoping that you all consider, on behalf of your associations, that you would like the MiFID Forum to continue as before.
But it’s always a good thing to check, rather than just assume!
Please could you let me know if you have any concerns about this, or would like to discuss any of this?

Best regards
Chris
________________________________________________________________________
Chris Pickles
Head of Industry Initiatives
BT Global Banking & Financial Markets

MiFID Forum - EC proposals for MiFID and MiFIR (Markets in Financial Instruments Regulation)

EC proposals for MiFID and MiFIR, now available.

- MiFID Review Proposal

- MiFIR Proposal

T2S Working Group

Due to holiday commitments the date of the inception meeting for this working group has not been announced.

T2S/T+2 Working Group

There will be a regulatory announcement in the New Year and as the industry doesn’t normally react until such a trigger, the working group will not be initiated until this event has occurred.

Expect a further announcement from ISITC Europe, shortly.

ISITC Europe Confirmation & Matching Working Group

The inception working group meeting took place at London Stock Exchange on the 28th July 2011. The Minutes of the meeting are now available ( Meeting Minutes ).

For further information contact admin[at]isitc-europe.com.

ISITC Europe EMIR Quarterly Meeting (June 2011)

ISITC Europe had the privilege to hold an event [Event Presentations (PDF)]with a number of high profile speakers including Andrew Douglas (Head of Public Affairs, DTCC) and John Wilson (former MD & Global Head, OTC Derivatives Clearing at RBS). They focussed on issues surrounding the topic of Market Infrastructure Regulation (EMIR), highlighting some of the complexities, shortfalls and possible consequences of its implementation.   

EMIR is the European response to the need, exposed by the recent financial crisis, to regulate the Derivatives market more stringently than before by increasing the levels of transparency and risk mitigation in this market sector. It is analogous principally to Title VII of Dodd Frank.

It can be thought of in 4 parts;

1.        Derivatives only – Clearing and reporting obligations

2.        Derivatives and cash CCPs – Prudential and conduct of business obligations

3.        Cash CCPs only – Access and interoperability conditions

4.        Derivatives only Repositories – Prudential and conduct of business obligations

Parliament currently has agreed its draft of the EMIR legislation, to be ratified by Parliament in September 2011.

Council is still currently agreeing its version of the draft, anticipated to be finalised at October 4th ECOFIN meeting.

At that point, trialogue, the 3-way negotiation on the final form of the regulation between Parliament, Council and Commission, can begin. The final form of the regulation is anticipated in Q1 2012. Implementation is scheduled for 31/12/12 according to G20 guidelines.

Current outstanding points subject to be agreed before trialogue can begin are:

1.        Scope – OTC or all derivatives

2.        Supervisory balance – national regulators vs. ESMA powers

3.        Central bank liquidity provision for CCPs

4.        Exemptions from the clearing obligation

5.        Guaranteed access to data held in repositories

6.        Extraterritoriality

Martin Sexton (London Market Systems) provided a briefing on the work being undertaken by the FpML Regulatory Reporting Working group. He examined the new functionally being added to adhere to EMIR and Dodd-Frank. The changes include providing the capability to support real-time transparency, record keeping and position reporting. The working group enhanced the standard to encompass more commodities and developed a new OTC classification to support the requirements of the regulators. Martin also described the workflow associated with reporting to the new OTC repositories, all of which was supported by a comprehensive set of slides.

[Event Presentations (PDF)]