SIPUG Swiss Information Providers User Group ’s Post

The recent UK Financial Conduct Authority’s (FCA) Wholesale Data Market Study, although complemented on the depth and detail, was also criticised for a lack of action on anti-competitive behaviour. However, with the shift to electronic trading and process automation over the last two decades along with seismic changes in market structure, the issue is perhaps not quite as simple as the FCA’s study suggests. The sources, types, volume and granularity of data has changed beyond recognition, as has how data is used by financial organisations. This is a complex issue. This insightful article by Mike O'Hara on TradingTech Insight, from A-Team Group delves into the report interviewing industry experts Mike Carrodus, CEO and Founder of Substantive Research Ltd, Mike Powell, CEO of Rapid Addition, Suzanne Lock, CEO of EOSE, Tobias Sproehnle, CFA, an angel investor and recognised thought leader, Rudolf Siebel, Managing Director of BVI, the German investment fund industry association. #trading #data #tradinginsights #tradingnews #traders #dataflow #financialservices #financialinstitutions

Find out what UK regulatory compliance updates you may have missed last month. This Regulatory Update includes – FCA publishing Business Plan 2024/25 to the HM Treasury Policy Paper: Building a Smarter Financial Services Regulatory Framework in the UK and more key developments. Read the full report here: https://lnkd.in/g7n4zp4x #compliance #assetmanagement #FCA

📑 The latest report from the Financial Conduct Authority on its Wholesale Market Data Study was published yesterday. This looked at CRAs, benchmark providers and market data vendors. Headline findings will come as no surprise: - These markets are concentrated - Most key providers are highly profitable - Data from key providers is essential - Key providers face limited competition from challenger firms The FCA rules out the use of competition law powers to drive change, but instead commits to review relevant rules as part of the Smarter Regulatory Framework review, including the hopelessly ineffective #MiFID requirements that data from trading venues be priced on a "Reasonable Commercial Basis". Sounds positive? Maybe. The big catch, in the words of the FCA, is that "review of these regulations through the Smarter Regulatory Framework will take a number of years and, where relevant, will need consideration of international developments and the regulations in other jurisdictions given the international nature of some of these markets". AIMA - The Alternative Investment Management Association will continue to push for meaningful change to be delivered as quickly as possible. 📣 The report is open for comments until 12 April, so we will be feeding in on behalf of members. #marketdata #benchmarks #creditratings #competition #hedgefunds

Review of FCA Requirements Following the Introduction of the Consumer Duty The Financial Conduct Authority (FCA) is seeking input on refining the Consumer Dity - a set of retail conduct rules to better support and protect consumers. The focus is on simplifying areas of complexity, duplication, and over-prescription, ensuring regulations remain flexible for future changes and innovations. 🔶Key Areas of Focus: 🔹Simplifying detailed rules or guidance. 🔹Clarifying interactions between different rules. 🔹Balancing high-level and detailed rules. 🔹Assessing the benefits and costs of simplification. 🔶Views on the impact on various firms are welcome. Feedback on broader regulations is also invited. 🗓️ Deadline for Comments: 31 October 2024 https://lnkd.in/eNadJypT #FCA #ConsumerDuty #RegulatoryReview #ConsumerProtection #FinancialRegulation #Innovation

As a parliamentary inquiry raises fresh questions about wholesale investor standards, accountants continue to navigate compliance risks and client protection issues. Is it time to modernise the decades-old thresholds? https://lnkd.in/gE_KfwmY #wholesaleinvestorstandards #assets #incomelimits

'Firms need to get serious about their data and not assume they can just re-package existing information.' Once again, directly from a new article on the FCA website covering what firms have been doing well and what they could be doing better since the launch of Consumer Duty back in July 2023. Certainly an eye-opening read 👀 Check it out below: https://lnkd.in/eB_qgdkt

It will be fascinating to see what the UK Financial Conduct Authority review of the wholesale data market reports in March. For decades, the transparency and standardisation of data pricing structures have been flagged as one of the top issues for data consumers. Other industries have required some form of regulatory intervention as the catalyst to drive increased competition.   Despite many FinTech disruptors entering the data market and providing platforms to manage data consolidation and TCO, the costs to switch and limited alternative sources have enabled vendors to continue to hike prices. Competition across the data vendors, exchanges and software providers has even been reducing as the major players consolidate.   The research from Substantive shows the challenges facing firms in 2023, with 65% receiving discounts that needed adjusting and some vendors seeing price rises of up to 50% for the same use cases. #data #marketdata #capitalmarkets #rozettatechnology https://lnkd.in/ga23BcB6

The FCA have just released a publication on the Consumer Duty implementation and the good practises and areas for improvement. Under the duty, firms must act to deliver good outcomes for retail customers. Attached is their publication, where do you see yourselves regarding meeting these outcomes? #consumerduty #compliancematters

The Financial Conduct Authority wants your constructive feedback (criticisms). The fact the FCA uses 27 pages to ask for this is a great example of how they can improve their communications to their customers (UK financial firms). I suggest the FCA start by following their own Consumer Duty rules. To quote them "customers should get communications they can understand, products and services that meet their needs and offer fair value, and they get the customer support they need, when they need it." https://lnkd.in/gyC8CW3C

A really detailed guide for those firms in the final stages of their Board reporting for CD, as created by the team at S4. Have a look and let us know what you think.