FCA and BofE name taskforce members for reporting harmonisation

The FCA and BofE taskforce members have been appointed to help shape the UK authorities’ long-term approach to aligning transaction and post-trade reporting requirements. The Financial Conduct Authority and the Bank of England said the work will cover reporting under UK MiFIR, UK EMIR and UK SFTR, three regimes central to market transparency and supervisory data collection.

The taskforce has been split into three working groups: Policy, Strategy and Architecture. The regulators said the Policy group will be supported by the Strategy and Architecture groups, with objectives set out in the taskforce’s terms of reference.

What is the FCA and BofE taskforce?

The taskforce is a joint FCA and Bank of England forum designed to inform how transaction and post-trade reporting rules could be harmonised across UK markets regulation. Transaction and post-trade reporting rules require firms and market infrastructure providers to submit structured trade data to regulators, giving supervisors a view of market activity, risk and compliance.

The Policy working group will be chaired by Helen Packard, head of market oversight data and intelligence at the FCA, and Julia Giese, head of financial markets infrastructure analytics at the Bank of England. Its members include senior representatives from AFME, AIMA, Barclays Bank, Citigroup, Dechert, ANNA and DSB, DTCC, the Futures Industry Association, ICE Futures Europe, ISDA, ISLA, J.P. Morgan Chase, Kaizen Reporting, Kroll, Man Group, Morgan Stanley, the Retail Derivative Forum, RBC Capital Markets, TP ICAP Group, Vanguard Asset Management and Bloomberg.

The Strategy working group will be chaired by Dominic Holland, director for enforcement and market oversight and wholesale sell side at the FCA, and Nicholas Butt, head of market based finance at the Bank of England. Members named by the authorities include representatives from Baillie Gifford Overseas, BlackRock, Capula Investment Management, Citadel and Citadel Securities, Deutsche Bank, Goldman Sachs International, HSBC Bank, LCH, Macquarie Group, MarketAxess, Societe Generale, Standard Chartered, Tradeweb Europe and UBS. Mike Hsu, described as an adviser, speaker and former acting comptroller of the currency, was also appointed.

The Architecture working group will focus on data and technology questions. It will be chaired by Richard Cutress, manager for data engineering and technology at the FCA, Khalid Ledgister, manager in the FCA’s regulatory, business, enterprise and technical architecture team, and John Aveson, senior data scientist in the Bank of England’s financial market infrastructure data team.

Architecture group members include representatives from the Derivatives Service Bureau, Deutsche Bank, EVIA, Finalto Group, ICE Clear Europe, J.P. Morgan Asset Management, Qomply, Morgan Stanley, SIX Group, CIBC Capital Markets, Citadel Securities, Gentek AI, London Stock Exchange Group and REGnosys, according to the regulators.

The FCA’s Transaction and Position Reporting Team and the Bank of England’s Financial Market Infrastructure Data Team will support the working groups. The authorities said members have been appointed in a personal capacity, meaning their participation is tied to individual expertise rather than a formal mandate to represent their employers.

This story draws on original reporting from Finextra Research.