No action sometimes better course of action

Implementing pan-European financial regulation is no easy feat. Finding agreement across 28 member states and translation into vastly differently legal systems is a true challenge. It comes as no surprise that those projects are regularly subject to delays. Against that backdrop, it is most welcome that ESMA is again requesting the power to issue a no-action letter like their international peers (think CFTC). This instrument would allow them to not enforce selected rules, if they... Read More

Not all tails wag the dog

Modern atomic clocks tick along much more consistently than the earth manages to rotate around its own axis, which varies due to climatic and geological events. Thus, every so often the global masters of time insert a leap-second in order to align atomic clocks and earth rotation. Unlike changes in winter/summer-time, humans don’t really notice it. Even most software applications don’t care about it. However, trading platforms do care, because unique timestamps and... Read More

Two for one

If nothing else, we know the new regime in the US likes a good punchy sound bite. As many of us predicted, President Trump and his team have their sights firmly set on loosening the burden of Dodd-Frank and other regulatory sets that they feel make for a hostile business climate. The tagline of Trump’s executive order for regulatory reform is “two for one” – for every new regulation issued, two must be identified for elimination. Sounds like a simple “yeah... Read More

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