European Union

Mobile payments success needs complete ecosystem

The public is ready to adopt mobile payments in many aspects of their lives, but service providers need to have a defined role in the ecosystem and an understanding of how they interact with other players and the consumer.

US-Europe derivatives rulemaking deal “falls at first hurdle”

Senior financial industry executives have expressed disappointment at the failure of the US and European securities regulators to realise a deal over derivatives reforms and swap execution facilities, the new category of US execution venues brought in under the Dodd-Frank Act.

“Problematic” US shutdown causes SEF blues at the EU

The European Commission has expressed concerns that the US government shutdown is preventing a deal between the EU and US regulator, just as new swaps rules come into force for firms based both inside and outside the US.

MyBank E-Mandate pilot ready to go live

EBA Clearing has signed five financial institutions, 11 European service providers and two corporates for its MyBank E-Mandate pilot, which will begin in October and will test the firm’s solution for Sepa core direct debits for reliability, security and usability.

Flurry of initiatives show confidence in ‘on time’ T2s

Momentum is building behind the European Central Bank’s (ECB’s) Target2-Securities (T2S) settlement platform. With the ECB confirming the platform will be delivered on time, further proof of the industry’s confidence in the initiative has come via a series of announcements regarding connectivity to T2S.

Payments: the final push

For those involved in European payments, the final months of this year are likely to be characterised by a frenzy of activity as the deadline for migration to single euro payments area instruments looms.

Boerse Stuttgart taps Nasdaq OMX trading engine

Germany’s Boerse Stuttgart has chosen Nasdaq OMX to provide it with a new trading engine, which it says will decrease latency and increase throughput for members on the exchange. The Stuttgart exchange is focused on corporate bonds and investment funds for private investors, and has an average volume of €370 million per day. The exchange […]

DAB Bank adopts Push tools for real-time streaming to mobiles

Germany’s DAB bank has chosen a new data distribution tool called Diffusion from vendor Push Technology, which it says will help it to deliver real time data to customers. DAB Bank is an internet bank and direct broker. Founded in 1994 and based in Munich, the bank calls itself Germany’s first discount broker. The bank […]

Italy’s ICBPI deploys Milan trading tools

Italian banking group Instituto Centrale Banche Popolare Italiane has introduced a new trading and recording system across its Milan operations, which it says will help it to better keep up with changing regulation and offer a better service for its traders.

Warsaw installs co-lo as Italy imposes HFT tax

Poland’s Warsaw Stock Exchange has introduced co-location systems designed to appeal to high-frequency traders, as Italy clamps down on HFT with Europe’s first HFT-specific tax. The moves highlight ongoing national and international divisions over the role of HFT in capital markets.

Visa Europe hires Huss as new chief executive

Visa Europe has appointed Nicolas Huss as its new president and chief executive. Huss will join Visa Europe from investment management firm Apollo Group, where he is chief executive for credit card and customer servicing business Avant Spain and Ireland.

Former UBS MTF chief Robert Barnes to join Turquoise

Robert Barnes, former chief executive of UBS MTF, is to take up a new role at Turquoise, the MTF owned by the London Stock Exchange. Barnes, who had been advising in a consultancy since he left UBS in February, will replace outgoing Turquoise chief Natan Tiefenbrun, who is understood to be leaving for his own reasons.

Dutch regulator okays Amazon Web Services for financial sector

De Nederlandsche Bank (DNB), the Netherlands’ national banking regulator, has cleared Amazon Web Services for use in the country’s financial sector, clarifying key supervision criteria for Dutch organisations looking to move infrastructure or services to the AWS cloud.

Data protection compliance: the biggest hurdle facing the back office?

In an effort to improve the protection offered to consumers, and to harmonise data practices, the EU is currently in the process of passing two pieces of legislation: the Cybercrime Directive and the General Data Protection Regulation (GDPR). Few people have given much thought to how these will align with international financial regulation.

RBS prepares for SEPA with Canada’s CGI Group

The Royal Bank of Scotland has chosen Canadian IT firm CGI Group to help its corporate clients manage the transition to SEPA, the European Union project to simplify bank transfers denominated in euros.

CaixaBank targets Brazilian payments market

Spain’s CaixaBank is planning to target Brazil’s payments industry via a new joint venture with US transaction processing firm Global Payments that builds on the bank’s experience of digital channels its home market.

Here algo again: MiFID II will require your attention in 2014

For firms who remember MiFID I, and those that don’t, round two is almost upon us. This month, the Council of the EU agreed their general approach, meaning that the draft of MiFID II/MiFIR is free to advance to the European Parliament. If all goes according to the current plan, the new combined legislation will be with us in time for 2015 implementation.

Kalixa NFC mobile wallet targets Europe

A mobile wallet offering built by Kalixa Group claims to be able to turn just about any phone – including the iPhone – into an NFC payment device. The toolkit has launched in the UK, marking the first step in the firm’s plans for Europe-wide NFC mobile payments.

Slovakia shapes up as centre of excellence for mobile payments

The on-going turf wars that have held back the adoption of using mobile phones as a payment device at the point-of-sale will soon be a thing of the past if the progress made in Bratislava over the past year is any indication. The success of a project involving Visa Europe, Tatra Bank, Telefónica Slovakia’s O2 operation and a substantial number of retailers makes the Slovakian capital a showcase market for contactless technology.

BNP Paribas goes with Swift for T2S link

BNP Paribas Securities Services is to use Swift’s value added network service to connect to T2S, the single European settlement platform due to roll out in 2015-16.

NYSE Euronext opens SME market in Netherlands

NYSE Euronext has launched EnterNext, a market for small- and medium-sized companies, in the Netherlands for the first time – a move the exchange says will help local SMEs to get the financing they need.

Licuos named Spain’s best startup at Next Bank Madrid

Spanish business to business payment platform Licuos has been named as the winner of Innotribe Startup Disrupt, a competition to find the most innovative financial services startups in the Spanish and Portuguese speaking world.

A pro-fund change? Good news for AIFs

The Alternative Investment Fund Managers Directive threatens to have a significant operational impact on the industry. Fund managers will soon be subject to a host of new requirements including increased KYC and due diligence, better risk and liquidity monitoring, and new reporting and disclosure requirements. However, in the UK the transition looks to be particularly […]

MTS unveils European swaps trading platform

Fixed income trading venue MTS is to launch a new platform called MTS Swaps designed for buy-side firms that want to have more control over how they trade interest rate swaps.