Community

Not sure Issuers are being nice but there is US Government interest in making it legal for Issuers to go electronic standard. Time line for the US for the legal route is tough to call but i have heard 2012 as a good date. I think this is simply to allow time to get through the legal hoops. I hope this can be alot faster if the industry supports it and gives the Government a mandate to force through.

I think the Global markets will follow very quickly the US model and it become much faster.

I hope the industry will come together on this creating a ground swell. Supporting the DTCC would be a good start

Gary 

Yes Gerrard your spot on. I prefer to take one step at a time to solve this age old problem. First standardise issuer data. I think XBRL is well suited for this as it provides so much flexibilty through its XML centre. Once there is an electronic standard that can be verified at source and has security built arround it. See Codel as a potential solution in this area. The market/ industry can go straight to source to get totally accurate data. After this as you point out its market practice. Here i am expecting the DTCC through its own XBRL project to swing the USA and i beleive other major markets will copy into their own markets. The small local markets could be brought into line by themselves or either by Global Custodians stepping into the Issuer space by offerinf it as a service, a network provider or some other commercial offering?

I do start to see a glimmer of hope with XBRL but have to accept its a long road we look down

Gary 

YES but it is as independent as it has ever been or likely to be. Clearly the Treasury and Government policy has a big influence on the BofE but to all purposes they can implement interest changes and QE as they see fit.

Gary

This situation is no suprise to those who warned of the consequences of MiFID years ago. The baby is now with the dishwater on the floor. Many experts have called for a consolidated tape from day one and its looking more likely as we move on. Hopefully Brussels and Governments will see the chaos they created and put into place rules to to bring back normal and transparant markets

Gary  

Are they living in the real world? Once again SWIFT shows itself oblivious to the needs of the industry. A survey with loaded questions to get the answer SWIFT wish is not a great way of benchmarking the market. It will not be a suprise if attendences are hit with Banks having to cut costs and reduced budgets already hurting software vendors.

Its more likely that e-advertising will become more attractive to vendors along with more foccussed smaller events that provide more measurable returns. Fact

Gary

Great news and lets hope for more ventures to shake up the banking sector. Maybe bankers will be more concerned with plenty of new competition and saving their jobs than paying vast bonuses!

The first of many with the traditional Stock Exchanges needing to react to losing volume and revenue. I think most people could see the outcome from MiFID and its just a little suprising that the Stock Exchanges were so easily shoved aside. Well done to those people and firms that invested in Dark Pool technology and bussiness they are now reaping financial rewards.

My bet is the LSE to mop up their target soon with Turquiose clearly the one in they are looking at 

The LSE systems down time is very unfortunate and the reasons must be found and made public as soon as possible to retain confidence in the LSE. Its a little rich any MTF taking the high ground when the next system failure could be theirs. Systems do fail from time to time. The issue for the market and the regulator is to have an agreed process and responce when this occurs to minimise investor dissruption.

The impact on the LSE of this problem is potentially a disaster but it might push ahead the rumours concerning a Turquiose deal?

Just when EMXCO and Euroclear were beggining to bring the industry together and build a end to end solution we now have this initiative and the fragmentation and costs that will go with it. There are some things that competition actually will not help and this is one. Its very short sighted if people only see the imediate cost saving without looking at the big picture. You can almost despair sometimes

Thanks Jeremy

I am really trying to refect what so many people have been telling me for years about SWIFT. There is a general uncomfort about SWIFT beeing the ISO Agent and the network supplier. I beleive SWIFT should divorce the two. SWIFT could be a conduit for ISO by including other commercial networks onto a Global council. As a non profit making organisation this should not be a concern for SWIFT and allow the standards to be really run for the benefit of all

SWIFT should then run their network that i think should be privatised putting it on the same commercial footing as the rest of the networks

As you say ISO20022 is able to be carried over any network and hopefully this will be the case

SWIFT has lost revenue recently i am reliably informed and are looking at replacing those losses and like any other network has to keep increasing its users and traffic. Its my and others contention they are batting at two ends of the wicket and they need to split the ISO responsibilities and network