Community

This looks like a replay of SEPA with the important people being users being left on the side. The result will be like SEPA a system with no volume! Steve Lomas is dead right and the ECB should deal with widening the scope of users involvement with imediate effect. I fear that any cut backs on testing will be a disaster as anyone who has built systems knows. The in-house development is really bad idea with a great chance of moving goal posts and rising costs of the project. The chances are that the end result will be nothing short of an embarrasment. For someone who has been arround a long time like me this looks very TAURUS like

Gary 

Good comments, which I believe are shared by a growing number of people. It would be great if SWIFT was not treated as some sort of protected species and had more life breathed into it. SWIFT's future has to include more vibrant implementation and developments that match the needs of bussiness. This can only be acheived if more business people and innovators are included. But I doubt that this will happen as the people at SWIFT are bound to be protective of their positions and loathed to bring into play anything that looks like a risk.

There is no doubt the markets are now more complex and require more technology to be able to take part. The big players have the systems and financial clout to play but at the detriment of tier two and three or smaller players. Its doubtful that the whole market is benefiting from so many electronic venues that appears to favour the great if not so good

The authorities should be working harder to create a level playing field and make the market order execution simple and transparant. This should not be by increasing the investment in technology by FS firms to take part 

Finally!

My White paper published two years ago made the exact point. White (SEPA against the tide)can be requested for free from www.bissresearch.com

It was not rocket science for me to produce this paper as i did the mind blowing thing and talked to the users. Something that all those involved in SEPA appear to not to do.

I think the penny has now dropped that SEPA is in grave danger of falling apart. Again something i have said for years and that now looks certain unless action is taken. No crystal ball just plain common sense with a semblance of bussiness nouse

Gary

No doubt we will now end up with umpteen matching systems all needing new technology and adding higher costs. Surely the industry needs a single solution that is not for profit and allows as many firms on the service with low cost connectivity.

Hi Paul

That just about sums it up! The FS industry can not change itself so big sticks are needed. The SEPA fiasco is another example of change by directive that provides the FS community with so much leeway it allows slow progress. There is simply no point passing laws unless there are significant sanctions for non compliance.

The EU commisioners do not understand the market and the market takes advantage. The SEPA consultation questions should have been drafted by people steeped in knowledge of market process, practice and culture and be more forthright than what they came up with.

It looks like another long delay is in the offing when imediate action is required.

Gary

Well said Keith

SEPA as i have said so many times is weak and uninforcable without sanctions. Is Europe together or really fragmented. Sanctions or not against the French would prove the answer

Gary

Thanks for your comment Graham

I am reluctant to go down the route of laws against exesive remuneration and hope that Banks could be brought into line with greater shareholder involvment. However it appears that Banks are refusing to acknowladge their responsibility and faults so perhaps the stick needs to be taken out of the cupboard!

Gary  

Thank you for your comment

I am not sure simply becoming more conservative will solve the risk problem. The existing risk models and ability to manage risk has fundementally broken down internationally and we are sure to see the regulators beef up and lay down more draconian bussiness and operations risk managment requirements

Thank you for your comment

I agree entirley with what you say and hope that firms begin to look at the overall costs of boom bust in the employment market. However i am afraid that firms boards and HR are just too reactive and look at short term rather than long term prospects. We can keep pushing for common sense