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Sepa takes first tentative steps
Alan Koenigsberg, JPMorgan
Sepa, the European Commission’s plan to create a domestic environment for euro payments, has launched. However, as Frances Maguire reports, the process has just begun on what will be a very long journey.
Globalisation shapes payments industry
Ian Johnston, head of Asia-Pacific at SWIFT
Today’s payments landscape is fragmented with disparate mechanisms applied in different regions and countries. Alan Duerden considers which region will emerge as the global leader in the payments space.
Integration remains elusive
Andrew Muir, Securities Market Reform Group at Swift
More than a year after the Giovannini Group’s original deadline for removal of all 15 barriers to the creation of an integrated clearing and settlement system for European securities trades, only one barrier has been fully removed. Frances Maguire reports on the delay.
Relationship management at heart of Swift’s new structure
Lázaro Campos, Swift’s new CEO
Swift’s new CEO, Lázaro Campos, talks to Frances Maguire about his plans for Swift in the immediate future and beyond, including regionalisation, courting US institutions and working on the integration of portals.
Another challenger ahoy!
Alasdair Haynes, ITG International
The US and European stock exchanges have long dealt with competition from alternative trading systems, but with the challenge from Project Turquoise, is this trend likely to go global? Frances Maguire reports.
Lost in transcription
Despite huge technological advances, firms still issue clunky, non-standardised activity announcements – that can be misinterpreted. Frances Maguire assesses the industry’s attempts to automate the process.
Breaking the mould
Allen Postlethwaite, SecFinex
The securities lending market has grown up around bilateral dealing and sealed bids. Frances Maguire asks if a new electronic trading platform will convince the industry to change.
A critical time for bonds
The European Commission is reviewing pre-trade and post-trade transparency in the bond market. Frances Maguire asks if the bond market’s self regulation could prevent mandatory transparency requirements, similar to the equities market.
Delay creates breathing space
The delay of the Payments Services Directive means that the Single Euro Payments Area will go live in a phased approach. Frances Maguire looks at the impact this will have.
Supply chain gains
Corporates that create supply chains with highly flexible supply routes will find they are part of larger global chains and reap
the economic advantages, says Dan Barnes.
Traders build their own boats as exchange benefits run dry
John Thain, NYSE CEO: the NYSE now looks clear to complete a merger with Euronext
Given that Europe’s exchanges are now run for profit – an ethos that may be compounded by prospective mergers with expansionist US exchanges – users complain that their needs have become secondary and are threatening to set up their own pan-continental multilateral trading facilities. Dan Barnes explains.
Clearing the way to competition
Matthias Ganz, Deutsche Börse
The Code of Conduct for Clearing and Settlement is being hailed as an important step in pulling down the barriers to cost-effective, cross-border clearing and settlement in Europe, writes Frances Maguire.
