global custodian
sibos special
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www.globalcustodian.com
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FALL 2018
END OF THE GREAT
RE-REGULATION
THE RELENTLESS STREAM OF REGULATIONS POST-LEHMAN IS OVER,
NOW IT’S TIME TO START FOCUSING ON BUSINESS DECISIONS.
moke is beginning to appear
from the old regulatory acronym
generator after the implemen-
tation of MiFID II, AIFMD, PRIIPS,
EMIR, GDPR, and the list goes on.
These G20-led regulations have come
to fruition thick and fast, as regulators
look to live by a new mantra of YOFCO
(you only financial crisis once).
But consider this, SFTR, CSDR and
SRD II are coming into force further
down the line towards 2019/2020,
while regulations on ESG and revisions
in EMIR II, AIFMD II and MiFID III
are all years away. This means a huge
gap in the regulatory calendar, end of
the great re-regulation and the start
of a time where resources, time and
money can be spent on business-led
decisions and innovation.
S
cont. page 22
banks and broker-dealers looking at the
cost of custody, clearing and settlement.
Finally, changes in investor behaviour,
regulations, and technology are having
a rippling effect on the operating and
outsourcing models that service providers
will offer. We dive into all these topics and
more in our client focus features.
Survey
iversification at hedge funds has seen
the rise of new asset classes, meaning
new challenges and a change of gameplan
for service providers. At the same time
MiFID II has encouraged firms to look
closer at their pre-trade and execution
costs through total cost analysis. This is
now evolving with more asset managers,
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MAJOR CLIENT CHANGES AHEAD
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