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In 2012 the industry managed to postpone a lot of the regulatory implementation workload (such as that relating to MiFID II, Dodd-Frank and Target2-Securities) into 2014. This means that much of this year will be spent preparing for the regulatory implementation overload that will confront us in 2014.
Some headway has already been made. This year a real global standard for identity management the Global Legal Entity Identifier System will start to be implemented, and the finance sector is also looking hard at how it can allow for and take advantage of the worldwide adoption of mobile phones.
In the EU the need for firms to be able to play back electronic transactions was addressed by MiFID I, and in November 2011 the UK's FSA introduced a requirement for voice recording. Across Europe, the recording of voice, IM and email is now being considered for MiFID II, and it's also being addressed by the Dodd-Frank Act in the USA, although regulators in Asia Pacific are only just beginning to consider the issue.
We started preparing early. In August 2011 we launched a network-based recording service for mobile devices which records and stores mobile voice and SMS messages, that are routed through, and recorded in a cloud-based network service. The BT and Teleware solution has already been shortlisted for the Financial Compliance Project of the Year by the Financial Services Technology Awards 2013. Winners will be announced in April - so watch this space
Robin Farnan, MD, BT Financial Technology Services, BT
Read more about our BT Unified Trading and BT Radianz portfolios, or contact julie.5.scott@bt.com to arrange an appointment.
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BT Radianz Venue Interconnect goes from strength to strength |
BT Radianz Venue Interconnect (RVI), has been shortlisted for the Cloud Computing Innovation of the Year at the Financial Services Technology Awards 2013 and is continuing to extend its low latency connectivity solution for algorithmic traders across the globe.
BT Radianz Venue Interconnect creates the fastest possible network between two points including fibre from other suppliers where they have faster connectivity than BT.
"Previously, you would have to piece that together yourself from different suppliers, or go direct to each exchange. Now we offer that as a managed service, which includes contracting with other providers if they are faster or fill a gap," explains VP global banking and financial markets at BT Global Services Marc Carletti (pictured). Marc Carletti talked to Inside Market Data about BT's expansion plans for BT Radianz Venue Interconnect.
Read the full interview here |
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ASX chooses BT Radianz Services for enhanced global network connectivity
The Australian Securities Exchange (ASX) has launched a low-latency network through BT to improve global connectivity to its trading platforms.
ASX Net Global, which is powered by BT Radianz Venue Interconnect, will allow ASX's clients in Asia, Europe and North America to connect to the ASX and ASX 24 trading platforms and to the full range of services located in the ASX Australian Liquidity Centre (ALC).
ASX Net Global links the ALC with the financial communities located in Asia (SGX Singapore), Europe (Interxion London) and North America (Equinix Chicago). The enhanced service will provide a leading connectivity solution for international customers wanting to trade on ASX markets and access the growing Australian financial community located in the ALC. The service also supports ALC customers wanting to connect into the international financial communities at the offshore hub sites.
BT Radianz Venue Interconnect is specifically designed to provide financial market users with best-in-breed technology and low site-to-site latency between financial centres. BT Radianz Services allow easy connectivity into ASX Net Global for ASX customers...read more |
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QuantHouse leverages BT Radianz to expand Asian distribution capabilities
QuantHouse, S&P Capital IQ's real time operation and the global provider of next generation trading solutions, is expanding its core services to Asia by teaming-up with BT. The company will be using BT Radianz Services to distribute its low-latency European and American market data feeds into the Asia/Pacific region.
QuantHouse will be connecting to the BT Radianz Cloud to make its services available to its customers across the Asia/Pacific region and will also be using BT Radianz Venue Interconnect, to offer QuantHouse customers optimised low-latency connectivity between three key routes: London/Singapore, Singapore/Tokyo and Tokyo Chicago...read more
Download the BT Radianz Venue Interconnect brochure |
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The Future Delivered checks into Paris
Following events in New York, London, Hong Kong, Singapore, Madrid, Toronto, Tokyo, Sydney, Frankfurt, checked into Paris on 15 January. More than 50 Paris-based financial markets professionals from across the industry joined BT experts and Emmanuel de Fournoux of the Association française des marchés financiers (AMAFI) at the event at the Shangri La Hotel, where the impact of regulation on the business operations of investment banks was top of the agenda.
ITPro.fr: BT brings unified communications to traders (French language)
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National Bank of Abu Dhabi selects BT to connect global operations
Following an earlier contract with The National Bank of Abu Dhabi (NBAD) for BT Radianz Cloud services at the bank's trading floor in the UAE, NBAD has selected BT to connect its expanding network of regional and global operations.
Under the terms of the contract, BT will leverage its BT Connect portfolio of managed network services to link NBAD's centralised IT services from the data centre in the United Arab Emirates (UAE) to its network of 12 international branches worldwide
...read more |
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Honours for BT Radianz CTO |
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BT shortlisted for Financial Services Technology Awards 2013
The FST Awards recognise excellence and innovation in the field of information technology within the UK and EMEA financial services sector. BT has been shortlisted in four categories:
Compliance Project of the Year BT/TeleWare
Outsourcing Partnership of the Year - Standard Life/BT
Cloud Computing Innovation of the Year BT Radianz Venue Interconnect
Technology Provider of the Year BT
The winners will be announced at the FStech Awards Gala Dinner and Ceremony at London's Lancaster Hotel on the 17 April 2013...read more |
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Gartner puts BT ahead of worldwide rivals
New Gartner research reveals BT has beaten a number of rivals to win a top leadership position.
In its latest Professional Services Magic Quadrant report on the communications outsourcing and professional services market, the research group has positioned BT Global Services in a prime leadership spot in a crowded field of 21 worldwide providers...read more
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BT Global Banking and Financial Markets highly commended in Banking Technology Best Industry Infrastructure Initiative
The 13th annual Banking Technology Awards, which reflect excellence across a range of IT activities in banking and financial services, were announced at a gala dinner at the Grand Connaught Rooms in London on the 5 December 2012...read more |
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UK Prime Minister welcomes Post-Olympic business confidence
UK organisations are reporting a growth in business since the London 2012 Olympic and Paralympic Games. According to a new survey published by BT, they say they boosted revenue by an average of 14 per cent.
The BT study, which surveyed 600 large private and public sector organisations, is one of the largest barometers of business experience and targets as a direct result of London 2012...read more
London 2012 Legacy Survey infographic
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BT contact: customer service fit for the "omnichannel generation"
BT has announced innovative new capabilities for its BT Contact portfolio, designed to make organisations easier to do business with, while removing costs and complexity from their contact centre operations and enabling "omnichannel" customer service, driven by demand for simpler and more consistent interactions via online, social media and video channels...read more
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Next-generation data centres
Data centres are evolving and becoming more cost- and energy efficient, said Mark Akass, chief technology officer at BT Global Banking & Financial Services (pictured) in an interview with Waters magazine.
The future of the data centre in financial markets will revolve as much around connectivity as housing data and applications with co-location, low latency and financial ecosystems set to become mantras throughout the first quarter of the 21st century.
A critical mass of exchanges, alternative trading systems, sell-side and buy-side firms, market data vendors, clearing houses, as well as technology and connectivity vendors are coagulating within data centres to form 'financial ecosystems'. "The last generation of data centres focused on saving money per square foot to deliver continued reductions in operating costs," he said. "The current generation of data centres
have massive amounts of bandwidth going in and out and within."
Power consumption will also come down. "Kit runs hotter, reducing the need for cooling which helps save power and reduce carbon footprints," Akass says. "In terms of next-generation data centres, their resilience model will leverage communications infrastructure better, using high-speed, low-latency communications to link physically separate locations to give virtual resilience."
More about data centres from BT Compute |
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The Clearing & Settlement Working Group Agenda for 2013
Since its inauguration in March last year, the Clearing and Settlement Working Group within the Financial Services Club has made significant headway in mapping the impact of new regulations. BT is a lead sponsor of CAS-WG, which has established itself as a strong presence and provider of thought leadership. There are three specialist CAS-WG Subject Groups which all held meetings in January.
- The Market Infrastructure Subject Group is mapping the relationships between trading venues and operators
- The Regulations Subject Group is mapping the regulatory structures and how they impact the venues and operators
- The Technology Standards Subject Group is developing a map of the technical requirements to implement the changes required, and how to resolve or highlight those areas where there are gaps or issues.
The last CAS-WG plenary session was held on 11 December 2012 (read the full report here) and the next plenary will take place in late February or early March. CAS-WG is free to join and attend email Chris Skinner for more information. |
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Dodd-Frank, MiFID II and regulatory mobile voice recording
We all spend so much time talking on mobile phones that we forget how much they have become part of the normal work environment, particularly for providing service to customers.
During Hurricane Sandy in the USA, a large number of staff from many firms either couldn't get into their offices due to disruptions in the transport system on the US eastern seaboard, or even if they could reach their office then key elements of their systems were down due to flood damage. "Dealer at home" systems helped to keep some investment firms alive in the market until their core systems could be brought back up...read more |
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Proving best-execution compliance for all trades
Despite the growth of automated electronic trading, voice trading is still a key element of markets in most asset classes, and in particular where trades need to be negotiated. And when your firm uses voice trading, how do you prove best execution?...read more |
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Who pays a transaction tax?
The consequence of taxing transactions will be that those additional costs get passed on by financial institutions to their customers and as always in commerce, the customer will pay...read more |
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Consolidated Audit Trail and really BIG Data
Organisations are interested in bidding to provide and run CAT NMS the Consolidated Audit Trail system for the National Market System of the USA. This will not be just a "consolidated tape" project, but much, much more
...read more |
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Risk and identity a new global standard
The ministers of finance of the G-20 countries have agreed the creation of a new global system for identifying legal entities the Global Legal Entity Identifier System (GLEIS)...read more |
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Identity management a key topic for 2013
It looks like 2013 is the right time for bringing to life a real global standard for identity management the Global Legal Entity Identifier System...read more |
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Vote for FIX for LEIs and CAT NMS
Many of the business processes that are going to need to be changed in order to make use of the new Legal Entity Identifiers are already included in the FIX Protocol that many thousands of investments firms use around the world...read more |
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Ultra-low latency clouds horses for courses
The largest firms are now starting to use private managed clouds that work at a layer below the IP in order to meet their ultra-low latency requirements...read more |
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Stock exchanges and sharing infrastructure
Major banks and investment firms are recognising how their world has changed since stock exchanges started to go electronic back in the 1980s, and are starting to raise the issue that the industry must re-learn how to share infrastructure...read more |
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Has the IT revolution come to an end? Or has it just started?
According to some economists the rate of innovation - and its impact on productivity - has been slowing down for decades...read more |
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World Economic Forum: on digital business, math men and the CIO
Many business strategies, processes and models are based upon old paradigms that aren't fit in this digital economy any more...read more |
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