JWG's Dan Simpson on MiFID II's 'Seismic' Impact
- "A smart approach to MiFID makes achieving what is being required possible."
There are only a couple weeks remaining until the Finance Magnates London Summit and several panel participants and speakers at the event have given interviews to offer a preview of one of the year’s biggest events. Dan Simpson, Head of Research at JWG, outlines his role in the industry and his current perspective regarding MiFID II.
Don't miss your last chance to sign up for the FM London Summit. Register here!
What is your position and what does your role entail?
Head of Research – I am responsible for managing JWG’s 12-person regulatory research team. The team is responsible for all regulatory document analysis and for tracking the regulatory reform agenda in order to keep the RegDelta library up to date.
They also run JWG’s customer data (CDMG) and MiFID implementation (MIG) special interest groups. My particular area of expertise is MiFID II and I have worked on numerous such projects over the past 2 years.
This includes working closely with MiFID II implementation teams at top banks on the operational impacts of the new regime and in delivering JWG’s RegIT MiFID II implementation training sessions for industry stakeholders.
I am also a frequent author for RegTech and other financial publications who request his input and knowledge on G20 regulatory reform.
What was the single most important event or development that the market saw in 2016?
It's a broad question, but from a UK perspective, and in all fairness a much wider one too, it's hard to look past Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term in terms of both short-term impact and potential long-term consequences. The short-term market impact has been stark and the medium term structural impact in terms of relocation is clearly on the horizon.
From a regulatory perspective Brexit has meant yet more uncertainty and complexity in terms of how the web of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term will continue to apply to UK based firms.
It's hard to look past Brexit in terms of both short-term impact and potential long-term consequences.
What are the biggest challenges that the FX trading community is facing? How do they affect your field?
Speaking from a regulatory point of view the FX community is no different from others in the sense that MiFID II is by far and away the biggest challenge. MiFID II is like nothing ever seen before in European markets in terms of the breadth and depth of the requirements, it will effect huge policy change, seismic new technology builds, substantial data challenges and significant commercial decisions.
What is the main message you’d like to convey to London Summit delegates?
A smart approach to regulatory change in which new technologies and industry standards play a central role makes achieving what is being required possible.
Dan Simpson will be moderating a panel about regulation in FX ahead of MiFID II at the London Summit 2016, held on November 14-15. Learn more here
There are only a couple weeks remaining until the Finance Magnates London Summit and several panel participants and speakers at the event have given interviews to offer a preview of one of the year’s biggest events. Dan Simpson, Head of Research at JWG, outlines his role in the industry and his current perspective regarding MiFID II.
Don't miss your last chance to sign up for the FM London Summit. Register here!
What is your position and what does your role entail?
Head of Research – I am responsible for managing JWG’s 12-person regulatory research team. The team is responsible for all regulatory document analysis and for tracking the regulatory reform agenda in order to keep the RegDelta library up to date.
They also run JWG’s customer data (CDMG) and MiFID implementation (MIG) special interest groups. My particular area of expertise is MiFID II and I have worked on numerous such projects over the past 2 years.
This includes working closely with MiFID II implementation teams at top banks on the operational impacts of the new regime and in delivering JWG’s RegIT MiFID II implementation training sessions for industry stakeholders.
I am also a frequent author for RegTech and other financial publications who request his input and knowledge on G20 regulatory reform.
What was the single most important event or development that the market saw in 2016?
It's a broad question, but from a UK perspective, and in all fairness a much wider one too, it's hard to look past Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term in terms of both short-term impact and potential long-term consequences. The short-term market impact has been stark and the medium term structural impact in terms of relocation is clearly on the horizon.
From a regulatory perspective Brexit has meant yet more uncertainty and complexity in terms of how the web of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term will continue to apply to UK based firms.
It's hard to look past Brexit in terms of both short-term impact and potential long-term consequences.
What are the biggest challenges that the FX trading community is facing? How do they affect your field?
Speaking from a regulatory point of view the FX community is no different from others in the sense that MiFID II is by far and away the biggest challenge. MiFID II is like nothing ever seen before in European markets in terms of the breadth and depth of the requirements, it will effect huge policy change, seismic new technology builds, substantial data challenges and significant commercial decisions.
What is the main message you’d like to convey to London Summit delegates?
A smart approach to regulatory change in which new technologies and industry standards play a central role makes achieving what is being required possible.
Dan Simpson will be moderating a panel about regulation in FX ahead of MiFID II at the London Summit 2016, held on November 14-15. Learn more here