UK Government to review UK’s regime for wholesale capital markets

UK Government to review UK’s regime for wholesale capital markets

The UK Government is carrying out a review of the UK’s regime for wholesale capital markets.  This consultation will run from 9am on 2 July to 11:45pm on 24 September.

HM Treasury has launched a consultation to consider how the UK’s regime for wholesale capital markets can be reformed to deliver a framework that is fair, outcomes-based and supports openness and competitiveness, whilst maintaining the highest regulatory standards. Read more [UK Wholesale Markets Review: a consultation - GOV.UK (www.gov.uk)]

The consultation considers a number of areas of interest to firms with Trade & Transaction reporting obligations under MiFID II as the Government’s response to the feedback from the consultation may lead to change which could impact these reporting obligations for firms.

  • Questions on determination of SIs
  • Questions on determination of who should make a trade report public
  • Questions on the definition of ToTV
  • Questions on the duplicative nature of reporting obligations
  • Statement as to the FCA’s intention to consult on potential amendments to the transaction reporting regime later this year
  • The FCAs consultation follows ESMAs Transaction Reporting consultation and response earlier this year

Accurate and complete transaction reporting helps underwrite market integrity and allows FCA to supervise firms and markets. In particular, transaction reports help the FCA identify potential instances of market abuse and combat financial crime.

UnaVista will actively follow the outcomes of these consultations so we are able to position ourselves to respond to changes made either in the UK or the EU to the reporting obligations of our clients.

UnaVista offers regulated ARM services in both the UK and in the EU, that help over 1,500 firms fulfil their reporting obligation for MiFIR. Firms can rely on UnaVista to help improve the accuracy and completeness of their MiFIR reporting through the use of UnaVista’s reference data, reconciliations and analytics which helps mitigate regulatory risk. For firms wishing to proactively monitor their transaction reporting, they can do so via the UnaVista portal and an upgrade module which includes interactive dashboards and alerts.  

Please visit our Analytics - Data Accuracy page or contact unavista@lseg.com for further details.