Try to front run, i relation to all the regulatory changes that keep flowing in. And prepare, budget and organize. These were the closing thoughts from Emma Johnson, director for securities regulation and market reform with Deutsche Bank, who gave an overview at PostTrade 360° Stockholm on Thursday morning.
Brexit done, China emerging as a heavyweight, “and what Donald will do is a question mark for us all”.
“Refit” could become a new buzzword, Emma Johnson predicts, noting the current “refit” of EMIR, the European Market Infrastructure Regulation.
Any timeframe would set a limit to how deep a conference session could go into each of the many, many regulations that are still moving parts in the EU-driven building of the new securities system after the crisis more than a decade ago. But Emma Johnson gave it a very good shot.
“Brexit is not a regulation but a key theme that will influence regulation heavily,” she noted also.
CSDR is her own favourite
SFTR’s article 4 requires reporting of Securities financing to repositories, similar to the reporting requirements for derivatives under EMIR. SRD 2, serving to improve stockholders ability to make use of their voting rights, causes further challenges to post-trade operations. The list goes on.
Yet as Emma Johnson announces her personal favourite, it is CSDR that comes out as winner. With implementation due in a year (after a recent six-month postponement) it is still seeing many organisations repeatedly press snooze rather than face their implementation struggles.
Going forward, the EU is lining out a digital finance strategy, which could – in concert with the technical progress in areas including distributed ledger technology (DLT) – cause further important change. Indeed, Emma Johnson sees them adding up to no less that “a new order”, which she expects to see taking shape over the next two to three years.
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