Regulation News from Finance Magnates: MiFID II Timestamping: White Elephant or White Knight?
If the financial industry looks at MiFID II timestamping with fresh eyes, it might just find that it can deliver powerful business benefits.
A major shake-up in employment across financial services can be expected thanks to advanced technologies like machine learning, according to a high profile report presented at this week’s World Economic Forum in Davos, Switzerland.
Ian Salmon is a regulation expert who currently sits on the FIX Community MiFID clock sync panel and works with networks performance solution provider, Accedian. In the past, Ian has headed up global marketing for ITRS, and been Head of the MiFID programme and Global Product Marketing Director for Fidessa.
The narrative surrounding MiFID II so far hasn’t exactly been a positive one and few in the financial services industry have cast ESMA as the hero of the story. While the industry accepts the need for changes to certain practices, MiFID II represents the most far-reaching change ever to hit the industry in one fell swoop. Change of that magnitude is scary; it’s also potentially expensive and difficult. So some trepidation is understandable, however, is it possible we’re telling the wrong story? Could it be that, if approached holistically, some of the changes mandated by this impending regulation could actually result, through ‘unintended consequences’, in positives for the business?
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