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The industry world does not want SWIFT as the centre network for ISO20022 as it will be beyond all but a few large corporates. The answer is to get SWIFT and the commercial network providers agreeing to offer ISO20022 over their networks providing interoperability and choice to the corporate. The SWIFT route smacks of monopoly and is not in the interests of all corporates or in keeping with open markets. Central structures in the European financial dream

This has to be a welcom move by Bloomberg and should shake this stagnant practice out of the hole its been stuck in for decades. However if all code issuers do the same thing we will be left with so many multiple identifiers that it will be a cause of cost and confusion. Surely once these firms realise that there is no point controlling identifiers to lock in customers now that Bloomberg has blown the door open they will work towards standardisation 

To little too late. The industry does not need more venues but consolidation. All these Stock Exchanges and MTFs are going to bleed each other dry

Thanks for the comment and i concurr with your view. I think people should look at the alternative style of finance and almost forget the word Islamic. For some people this style of banking would fit their financial profile. I assume the rates your talking of is not interest but the fee charged

The explosion of Dark Pools was a certain reaction to MiFID. The market has worked best with Dark Pool type market operations and the MiFID objective of transparancy was never a starter. We now find the securities markets turning a full circle back to pre MiFID type trading.

The future solution to what the market wants and what the Government/Regulators want is some hybrid or middle ground structure. Its time that those creating the markets sat down with the Banks and other market users to understand and build a market in Europe that acheives the bussiness and investment goals alike. This might mean some comprimise by all parties

The impact of MiFID was always going to be most felt by the Stock Exchanges and they must quickly find other revenue streams beyond their existing. They are in prime position to develop related services although the obvious responce will be to mop a few MTFs 

Without knowing the details for sure i can only guess at the problems. However surely any concerns over margin arrangements between clearing houses could be solved by standarising the margin conditions. Perhaps the EU should provide a clearing house for clearing houses . A sort of clearing house of last resort?

In any case the EU market desperatly needs to tidy up the clearing house picture as with so many trading venues the likely rather than possible default of major firm could have a disastrous systemic impact. Hopefully this situation with LCH will be recitified soon and interoperability will move forward  

Yes Elizebeth, hopefully through these Blogs awareness will be raised as this is a real deal. I spoke with the DTCC yesterday and they are steeming ahead. They are beggining to find solutions to the identity and security questions and dead on time to implementation. Be sure that the rest of the world will follow if the DTCC acheive their goals. The legacy ludites that still talk about standards and ISO will have a shock as this will be open and have more a FIX quality. Although version control will be managed better with a organisation managing the despository. We dont know yet who but could it be DTCC as Andrew mentioned in earlier comment?

Thanks Alan

But i disagree with you on many points. XBRL has ISO20022 imbedded and does not produce a conflict between USA Corporate or European. Getting the Data right first time and with a security layer preventing change or enrichment as you put will create the Golden Copy at source. The Custodians buys the data once. The buyside can buy the data once in total confidence

The security layer arround XBRL is already being tackled with solutions already out there.

This bussiness and Data problems are finally being tackled and change is on the way. The USA is leading the way and the DTCC are totally committed to implementation.

I recomend any firm that is involved with Corporate Data to get behind the DTCC and be prepared to implement solutions. XBRL bypases the laborious Standard committees that have slowed to a crawl at best development. The solution is simple and cheap and easy to understand and implement. Times are a changing! 

Agreed Lee, we need Tesco and others to be a success in FS and regenerate the sector. My best wishes are certainly with them