One of the most difficult challenges companies face today is how to be more flexible and adaptive in a dynamic business environment. ‘Speed to market’ demands identifying and capitalizing on opportunities as soon as they appear and has become a major driver for the adoption of DevOps in the financial market industry. These changes have paved the way for new design approaches such as Continuous Integration and Continuous Delivery (CI/CD) and Infrastructure as Code (IaC) based on automated configuration and provisioning.
Under MIFID II, asset managers were free to use different methods for calculating transaction costs – either by interpreting the MIFID II requirements themselves or, as most firms have done, by leveraging PRIIPS methodology.
MiFID II implementation is well underway but there is no time for respite. Part 2 of this series considers how the changes involved in the MiFID II research unbundling process, particularly regarding client data, can cause the sellside to inadvertently breach the GDPR.
Following the 2008 global financial crisis and recent malpractice scandals, institutions across the financial services industry have started taking proactive measures to protect themselves from market and operational risks by improving their surveillance capabilities.
The first article in a two-part series, Johnson Oni outlines how MiFID II’s research unbundling mandates pose significant operational and tactical challenges to sellside institutions. Part 2, to be published next week, will explore how the process of becoming MiFID II research unbundling compliant may, in fact, breach the upcoming General Data Protection Regulation (GDPR).
2017 has been an exciting time for GreySpark due to the growth of our two new offices in New York and Edinburgh. Edinburgh has done extremely well, hiring three new consultants over the summer period. New York has also made some great progress and we have built a great pipe of consultants who are ready to go in 2018.
From a sales and account management perspective, there were two imperatives that permeated 2017 for the London-based business development team: the need to grow the team and open new accounts.
This past year was an eventful one for GreySpark’s thought leadership research practice. As always, we are very grateful to our loyal subscriber sponsors and readers, CMI Blog browsers and – indeed – to our subject matter expert colleagues across the capital markets industry, within GreySpark’s client base and within GreySpark as a whole for their commentary, feedback and general inputs into our now well-established research product.
In 2017, GreySpark has enjoyed a fruitful project pipeline in terms of helping its clients with many aspects of MiFID II. RTS 6 brought HFT and electronic trading very much into the spotlight, and our service offering approach has enabled us to assist many of our clients to document their governance and algorithms, which is a necessary requirement for all banks and brokers with an electronic business. We have also run significant projects working with clients to deliver their overall MiFID II programme, providing experienced subject matter experts in regulatory change, as well as seasoned project managers and programme managers. Implementing solutions for transaction reporting to provide transparency, and surveillance to capture market abuse, were also among the project themes that we were involved in throughout 2017.
Under MAR and MiFID II, firms are required to detect and report unlawful behaviour in a timely manner by putting preventative measures and solutions in place. To achieve compliance, first and second line surveillance functions need to be created that provide more holistic, forward-facing surveillance solutions.
GreySpark started eight years ago in London, with five founding Partners, a handful of consultants and ambitious plans. Only three years later, we were able to make our growing company an international one with an office in Hong Kong. We take a look back at the office’s early days and share what made the Hong Kong business a success.