REGnosys at the Informa Trade and Transaction Reporting Summit: Key Reflections

REGnosys had the pleasure of attending and exhibiting at the Informa Trade & Transaction Reporting Summit in London, which proved to be an insightful and engaging day focused on the evolving regulatory landscape across the EEA and the UK.  

The summit offered an invaluable opportunity to connect with industry leaders and share perspectives on the latest trends, challenges, and solutions in regulatory reporting. 

Our founder and CEO, Leo Labeis, who moderated the panel on SFTR, outlines some key themes and learnings from this event filled with keynotes, panels, and networking opportunities.​ 

Event themes 

After more than a decade of working through reporting implementation, the industry has made significant strides in regulatory reporting. With T+1 on the horizon alongside other regulations, we are seeing a broader trend of more efficient and integrated post-trade processes.  

Discussions at the summit underscored the pivotal role of the public sector in addressing collective action problems, emphasising a holistic approach to market improvements. Notably, the event highlighted the growing collaboration between UK and EU regulators, indicating a positive trend in post-Brexit relations and joint efforts to enhance market efficiency.  

Standardisation and automation emerged as central themes, with a particular focus on technologies like the Common Domain Model (CDM) and Digital Regulatory Reporting (DRR). These innovations are gaining prominence over previous emphases on artificial intelligence (AI) and distributed ledger technology (DLT). 

Finally, data quality, especially the importance of ‘data janitoring’ before analysis, proved to be a significant topic of discussion on the day.  

Utilising High-Quality Data Through Consolidated Tape 

The summit commenced with a panel discussion featuring Nathan Fenech (Deputy Head of Capital Markets Supervision, Malta Financial Services Authority), Scott Charity (Senior Market Intelligence Specialist & Regulatory Affairs, Berenberg), Chad Giussani (Independent Compliance Advisor), Hayley McDowell (Head of European Market Structure, RBC Capital Markets), and Daniel Mathews (Senior Product Manager - APA, MarketAxess).  

The panel explored the integration of data formats in trading systems, potential revenue implications for trading venues with the introduction of a consolidated tape, and the distinctions between bonds and equities tapes. The discussion also delved into the impact of a consolidated tape on UK and EU wholesale capital markets, its viability, and how it could affect market competition, particularly for smaller venues. The key takeaway was that while a consolidated tape can reduce complexity and the cost of market data acquisition, its longevity is uncertain if it fails to gain widespread adoption.​ 

EMIR Refit: Refining the Process 

This session featured Stephanie Rubizhevsky (Executive Director – Head of Product, Novatus Global), Prinz Sindac (Regulatory Reporting SME, MUFG Securities), Miki Cheung (Regulatory Program Manager, Societe Generale), Avinash Shamdasani (Global Head of Trade & Transaction Reporting, BGC Partners) and Adam Turnbull - Global Co-Head Regulatory Engineering, Goldman Sachs. 

The discussion centred on the necessity for firms to update their control frameworks and evaluate the effectiveness of their reporting processes, including the implementation of day 2 and addressing any remaining open items. The panel emphasised the importance of determining when concerns can be considered resolved and tackling ongoing challenges with back reporting and collateral valuation while developing remediation plans for outstanding issues.  

A significant insight was that delegated reporting involves outsourcing the reporting task, not the obligation itself therefore, post-implementation, there is a heightened focus on quality assurance.​ 

T+1 in 2027: Will the EU and the UK Be Ready? 

Panellists James Cunningham (European Regulatory & Market Initiatives, BNY Mellon), Gary Wright (Director, ISITC), Pablo Garcia (Manager, Post Trade, AFME), and Matt Johnson (Executive Director, ITP International Strategy and Industry Relations, DTCC) discussed the readiness of the EU and UK for the adoption of T+1 settlement by October 11, 2027.  

The conversation addressed potential exclusions for certain trading activities, the impact on settlement fails, identifying root causes, ensuring data quality, and assessing whether legacy systems require upgrades for T+1 compliance. The key takeaway was that T+1 readiness is about the preparedness of the entire market ecosystem, not just individual firms. An on-the-spot survey revealed that 85% of respondents believe the UK and EU will be ready by 2027; however, the panel cautioned against complacency as the deadline approaches.​ 

FCA Keynote Address: What’s on the Horizon for EMIR and SFTR 

Richard Kind, Technical Specialist at the FCA, delivered a keynote address outlining expectations for the end of the EMIR Transition Period. He focused on priority updates to the Schema and Validation Rules for EMIR Day 2, the need for effective project governance and change management, and future release cycles for EMIR and SFTR. The emphasis has gradually shifted from meeting compliance deadlines to addressing back-reporting and now to establishing Business As Usual (BAU) practices, highlighting the importance of knowledge transfer from change teams to BAU teams.​ 

SFTR: Addressing the Issues Around Pairing and Matching 

Moderated by myself (Leo Labeis), this session included panellists Hussain Abdullah (Director - EMEA Head of Trade & Transaction Reporting Regulatory Operations, Citi), Philip Read (Regulatory Change Europe, Divisional Controls, National Australia Bank), Tony Holland (Director of Market Practice, ISLA), and Jo Salkeld (Product Manager – SensAI & SFTR, MarketAxess). 

The discussion addressed issues around pairing and matching, emphasising the importance of data lineage and mapping, ensuring full end-to-end traceability, avoiding overreporting, and fostering greater collaboration among counterparties. The panel also explored the causes behind rejection rates, the significance of data accuracy testing, and the necessity for management information to identify and address data gaps. The key takeaway was that industry collaboration between counterparties, trade associations, and regulators is essential.​ 

MiFID Rewrite: Meeting the New Requirements for Transaction Reporting 

Panellists Dawd Haque (Global Lead Market Initiatives, Regulatory Transformation & Strategy, Deutsche Bank AG), Chad Giussani, Andy Leonard (IB Advisory, Global Operational Compliance, Regulatory Reporting, Barclays), Lavinia Ponniah (Director, Repository and Derivatives Services Product Management, DTCC), and Paul Rennison (Director, Product Management, deltaconX) discussed the changes to reporting and reference data under the MiFID rewrite.  

Topics included the relevance of conduct record-keeping, distinctions between EMIR and MiFID, the potential for a MiFID 'Critical Data Element,' transparency in transaction reporting, and the possible divergence between UK and EU regulations post-rewrite. The panel noted that divergence is not inherently negative if it leads to better outcomes within a jurisdiction; however, questions remain about the relevance of maintaining two different regimes for systemic risk monitoring (EMIR) and surveillance (MiFID) that significantly overlap.​ 

Upholding Data Governance Across Digital Assets Related Securities 

This session featured Tin Lau (CRO, Mirae Asset Securities UK), Stephan Dreyer (Managing Director, Association of Numbering Agencies (ANNA)), Matthew Harley (Manager, UK Advocacy, AFME), and Rowan Varrall (Associate Director, DTIF). The panel explored how data is only valuable once processed, raising questions about whether there is too much data and not enough meaningful information. They also emphasised the importance of avoiding overspending to obtain 'good' data. The key takeaway was that leveraging existing traditional finance standards (e.g., CFI, LEI) is crucial because tokenising an asset doesn’t fundamentally change its nature.​ 

A big thank you to Informa Connect and Surath Devage for organising the event, and to Avinash Shamdasani, Global Head of Trade and Transaction Reporting at BGC Group, for chairing.​