FIX Trading Community has created new subgroups focused on six of MiFID II’s most impactful regulations.
The groups will address the relevant regulatory technical standards (RTS) as proposed by the European Securities and Markets Authority (ESMA) as the industry prepares for MiFID II, now less than 18 months away.
The groups will cover - clock synchronisation, reference data, transparency, best execution, microstructure, order data and record keeping.
“With under 18 months to go, and at a time of such regulatory change, industry collaboration is vital,” said Rebecca Healey, CEO, Incisus Group and Co-Chair EMEA Regulatory Subcommittee, FIX Trading Community.
“Shared ideas and experience will not only establish tangible guidelines but will enhance compliance through the implementation of industry standards. By working together, the cost of regulatory change can be reduced, both from a human capital perspective as well as unnecessary IT spend.”
Each of the subgroups has held its own initial meeting and decided on the specific terms of reference and goals going forward.
FIX is welcoming new participants to the different subgroups and these are open to members and to non-members for a limited period.