Capital Markets Advisors

The General Data Protection Regulation, or GDPR, in Europe and distributed ledger technology are on a collision course. In its mission to secure individuals’ data, GDPR’s principles around data ownership, control and protection seemingly are in fundamental conflict with the ideals of blockchain’s distributed network, says George Bollenbacher, partner, Capital Markets Advisors. Speaking with TABB Group founder and research chairman Larry Tabb, Bollenbacher explains the complexities of regulating data on… Read More »

With all the regulatory upheaval in the recent past, present, and near future, the last thing the markets need is another fundamental change in the rules of the game, but that’s exactly what we have in the projected retirement of some (but not all) of the various interbank offered rates (IBORs) by the end of 2021. While not a change in the regulations per se, this change may actually have… Read More »

Even the rollbacks of unpopular rules can have unintended consequences, particularly as they bump up against other rules in the process of being formulated. Such is the case between the proposed revisions to the Volcker Rule and the often-delayed Fundamental Review of the Trading Book. George Bollenbacher examines the implications. Click here for the full article

The introduction of the General Data Protection Regulation in Europe raises some critical questions about Distributed Ledger Technology. At the top of the list: Does GDPR really apply to DLT, and is it even enforceable?   Click here for the full article: https://tabbforum.com/opinions/gdpr-and-dlt-whose-data-is-it

A case making its way through the Second District Court of New York may turn the CDS market, and its participants, on their respective ears. The function, and the form, of the CDS going forward are likely to change as a result.   https://tabbforum.com/opinions/the-future-of-the-cds-market-insurable-interest-and-the-gso-slash-hovnanian-quagmire

What has become clear is that almost nothing is clear about how fees and rebates impact both execution decision-making and execution quality, so the SEC’s social experiment is a worthwhile effort. We just need to make sure that it yields the most reliable results possible. In that regard, we should understand the many risks and difficulties involved in scientific experiments, particularly experiments in the social sciences. George Bollenbacher, CMA’s Head… Read More »

Participants in the world’s financial markets are facing a period of unprecedented challenges, affecting not only the markets for financial instruments but even more the markets for financial services. These challenges, while often appearing unconnected, are actually evidence of a complicated process of evolution in the markets. Capital Markets Advisors Partner George Bollenbacher’s guide to “Understanding Market Evolution: A Scientific Approach” is devoted to understanding market evolution and covers the following… Read More »

Among the regulatory requirements that have crept up to bite us,  none appear to be more troublesome than the reporting of complex trades. With global regulators attacking the issue independently, disparate requirements are complicated and often unclear. CMAs George Bollenbacher breaks down just how complicated reporting obligations can be.   Check out the full article on TabbForum here:  https://tabbforum.com/opinions/its-complicated-reporting-complex-trades-across-the-globe

The recent global hack attack using algorithms apparently stolen from the NSA should focus our attention on the safety of the electronic information floating around the world’s capital markets, particularly in light of MiFID II’s personal data reporting requirements. But the EU’s new Global Data Protection Requirement should provide some comfort, shouldn’t it? CMA’s George Bollenbacher looks closely at the rule on his latest article on TabbFORUM. Link: https://tabbforum.com/opinions/the-gdpr-in-a-hackers-world

Having trouble following and understanding all of the new market regulations coming out of Europe? Looking for a guide to MiFID? MiFID II? MAR? MAD? Download and read through CMA’s new EU Regulations Series in which George Bollenbacher explores various EU market regulations and their effects. [download id=”1837″]