The Bank of England is setting up a loans enabler task force as awareness of the transition from Libor remains low outside of large corporations.

The UK central bank published the November minutes of the Working Group on Sterling Risk-Free Reference Rates, led by Barclays’ Tushar Morzaria, on its website last month. The working group is made up of experts from large sterling swap dealers and discusses the development of sterling risk-free reference rates.

After the financial crisis there were a series of scandals regarding banks manipulating their submissions for setting benchmarks across asset classes, which led to a lack of confidence and threatened participation in the related markets. As a result, regulators have increased their supervision of benchmarks and want to move to risk-free reference rates based on transactions, so they are harder to manipulate and more representative of the market. The UK has chosen the sterling overnight index average, Sonia, as its new risk-free rate. The UK Financial Conduct Authority said two years ago that it will not compel panel banks to submit to Libor beyond 2021.

The working group minutes said there was a presentation on initial findings on appropriate use cases for term rates in sterling markets

“This estimates that 90% of Libor lending in sterling by value could be moved to compounded in arrears,” added the minutes.

This share covers all lending to mid-to-large corporates and public-sector institutions while the remaining 10% by value, consisting of smaller corporates and retail clients, could use a range of other options.

“These included Bank Rate, a fixed rate or a Sonia term rate,” said the minutes. “A term rate was also thought to be a cost-efficient solution for legacy Libor loans with a term that extends shortly past end 2021.”

A loans enabler task force is being set up to bring together communications, infrastructure and documentation expertise in order support the working group’s target of ending new issuance of sterling Libor-linked cash products by the third quarter of this year 2020.

“It was noted that awareness of Libor transition remained low outside of large corporations,” added the minutes. “Significant effort would be needed to educate these users due to the large numbers of smaller borrowers.”

Some progress has been made in the loan markets with the first conversion of a loan from Libor to Sonia between NatWest and South West Water.

In the bond market, Associated British Ports successfully converted  a floating rate bond from Libor to Sonia in June via consent solicitation and the FCA has supported market participants in identifying candidates for further conversions.

“The results have been encouraging, with over £4bn ($5.2bn)of sterling securities now converted to Sonia,” said the minutes.  “Lessons learned in this process will be shared with the bond market sub-group and included in the working group’s planned paper on legacy sterling cash products.”

The Bank of England and the FCA have also jointly sent letters to large liquidity providers to confirm commitments to streaming executable prices in overnight indexed swap markets.

“From February 2020, market making firms had committed to stream executable quotes for 1, 3 and 6 month Sonia OIS, supporting the beginning of a testing period for forward-looking term rates using these quotes,” added the minutes. “The timing for live production of these rates would be kept under review and was initially expected to commence around the third quarter of 2020. The potential administrators and the platforms had been informed of these developments and the letter would be made available publicly.”

FSB progress report

The Financial Stability Board has also highlighted that good progress on the transition from Libor has been made in many derivatives and securities markets, but progress in lending markets has been slower, and needs to accelerate.

The FSB last month published its annual progress report on the move to new risk-free reference rates and said the continued reliance on Libor poses risks to financial stability.

FSB report sets out need to reduce risks to financial stability from #LIBOR transition #ibor https://t.co/r3KdU0VM83 pic.twitter.com/DTID8aVaMC

— The FSB (@FinStbBoard) December 18, 2019

The report called for significant and sustained efforts by the official sector and by financial and non-financial firms across the globe to transition away from Libor by the end of next year. The FSB continued that given the degree of risk arising from the continued reliance on Libor, regulated firms should expect increasing scrutiny of their transition efforts as the end of 2021 approaches.

Andrew Bailey and John Williams, co-chairs of the FSB Official Sector Steering Group, said in a statement: “It is essential that both firms and national authorities around the world take steps now to ensure a smooth transition. As a matter of priority, authorities should discuss with financial institutions, and financial institutions with their clients, the transition process and agree on the steps needed.”

The FSB announced last month that it will conduct a survey of exposures to Libor and supervisory measures being taken to address benchmark transition issues as part of its 2020 work programme. The regulator will then deliver a report to G20 finance ministers and central bank governors in July this year.

Jonathan Clark is CEO at Luminex.

What were the key themes for your business in 2019?

This year, block trading continued to be a cornerstone of the industry, but as with all parts of the capital markets, you need to stay current to compete.

The numbers are somewhat deceptive: since FINRA began publishing ATS Data, Block Trade Volume (10k+ shares category) has seemingly been a mere sliver of ATS trade activity – just .08% of overall ATS trades. But that “sliver” actually represents 11-12% of ATS share *volume*; block trading is as relevant as ever.

To maintain the engagement of our subscribers, in January we rolled out “Luminex 2.0” upgrades to our buy side-only ATS, greatly improving the user experience and rebuilding our UI architecture with OpenFin technology to streamline workflows and speed implementation of future enhancements. In November, we announced additions to our sales and technology teams in response to growing engagement with our platform.

What was the highlight of 2019?
Looking beyond Luminex, this year seemed like the rise of the outsourced trading desk. While these providers have existed for a long time in various forms, this year they were certainly in the spotlight. This is a development to watch. Will these services grow and gain share versus the more traditional buy side constructs? We’ve seen many new entrants this year: will there be a shakeout in favor of specific providers?

What are your customers’ pain points and how have they changed from a year ago?
While talk of regulatory uncertainty still seems to dominate industry conferences, this year what we’ve heard most from clients is a back-to-basics complaint about the need to streamline workflow for traders. Now, trader “workflow” can include anything from how orders are raised and sent to the desk, to how they are received and ultimately managed. But while Luminex is neither an OMS or EMS, we have done our part in 2019 to upgrade and improve our front end product to make interaction with our platform easier and more seamless.

Tony Barral has joined Citi as a Director Electronic Execution Sales Trader. Barral will focus on platform sales and the firm’s wholesale business as well as sales and business development. He spent the last 10 years at JP Morgan, most recently as an Executive Director. Earlier in his career he worked at Direct Edge and NYFIX.

If you have a new job or promotion to report, let me know at jdantona@marketsmedia.com

Andreas Mitschke will take over as Head of the Trading Surveillance Office (TSO) of the Frankfurt Stock Exchange and the derivatives exchange Eurex as of January 1, 2020. He succeeds Michael Zollweg, who will leave this public position after 20 years.

Mitschke has been working for TSO since 2000. He started as an analyst monitoring trading at Eurex, before specialising in the technological development of surveillance. He also  played a key role in merging the trading supervision of Xetra and Eurex, due to their similar market models, and subsequently became head of the Trading Surveillance Electronic Markets team.

Dilip Khandelwal will join as Managing Director and Head of Technology Centres, based in Pune. Khandelwal will oversee the development of the bank‘s Technology Centres globally to create one, consistent strategy while continuing to work with our businesses on developing technology to improve the client experience. He will also become Head of Technology, Data and Innovation for Asia Pacific and Chief Information Officer for Human Resources, Legal and Communications. Khandelwal joins from SAP where he led large scale transformation to accelerate customers to the cloud. Under his guidance, SAP Labs India became one of the top contributing Technology Centres at the company, with highest employee engagement.

Also, Gil Perez will join the bank as Managing Director and Head of Strategy & Innovation. Perez will oversee innovation strategy, thought leadership, and technology innovation partnerships, ensuring that the bank continues to evaluate and match business demand with appropriate third-party technology solutions. Perez joins from SAP, where he spent 8 years working with enterprise companies guiding them through their respective digital transformation journey.

BTIG Australia landed Andrew Dalgleish as its new Chief Executive Officer. Dalgleish will be based in BTIG’s Sydney, Australia office, and will focus on fueling new growth across all lines of business. He has spent more than 20 years helping to lead several successful financial services institutions throughout the U.S., Europe, Asia-Pacific and Africa. At BTIG, he will assume day-to-day leadership of its Australian-based affiliate and will work collaboratively with the firm’s existing Sydney team and other global counterparts to strengthen its offering across the continent and surrounding regions. His mandate includes continuing to build out BTIG’s product suite across equities, equity derivatives, convertible bonds, event-driven, outsource, and global portfolio and ETF trading. Prior to BTIG, Dalgleish was the Global Head of Portfolio Trading and Beta Solutions at UBS in New York. Previously, he was the Head of Institutional Client Solutions and Head of Institutional Funds Group at UBS in Sydney, where he supported the needs of institutional clients across cash execution, prime brokerage, swaps and derivatives.

Tier1 Financial Solutions named David Cotten its Senior Vice President of Client Services. Cotten, a certified Salesforce Technical Architect, will be tasked with ensuring that clients are receiving the most value out of Tier1’s Application suite. Before Tier1, Cotten worked for Bluewolf, an IBM company, as the Managing Director of North American Delivery. During the 10 years he worked at Bluewolf, Cotten helped build the Company’s managed services practices in the Midwest and Southeast regions of the United States. He will report to Tier1’s COO and co-founder Phil Dias and will be based out of Tier1’s New York office.

Northern Trust appointed two senior business development executives to its Global Foreign Exchange Solutions practice in North America – David Byne and William Hartnett. Both will be responsible for driving growth across the full range of FX solutions at Northern Trust, including algorithmic trading, CompleteFX™ (outsourced end-to-end FX dealing service), and Currency Management. Based in New York City, Byne brings almost 15 years of foreign exchange experience to Northern Trust. Before joining Northern Trust, Byne held a number of FX-related positions at Credit Suisse and Citi, among others.

Hartnett, based in Chicago, has more than a decade of foreign exchange experience, serving in several trading and sales roles before transitioning to business development. Prior to Northern Trust, Hartnett served as an FX options trader on the Chicago Board of Trade and at Fifth Third Bank.

Robin Grant joins Tabula Investment Management as CFO, taking on responsibility for the company’s finance function and its compliance duties. Previously, Grant has held several senior roles within the investment management sector, including variously COO, CFO and Partner at Quantmetrics Capital Management, Fairwater Capital and RS Platou Asset Management. Prior to these roles, Robin was CFO of GLG Multi-Manager Investments, the Fund of Funds division of GLG Partners.

Charles River Development snagged Spiros Giannaros as its new president. In this role, Giannaros will be responsible for day-to-day operations of the company including product, development, sales and services for the Charles River Investment Management Solution. Most recently, he was executive vice president and head of Platform Strategies at State Street, where he reported to Lou Maiuri, chief operating officer. Prior to that, he served as the Global Head of Enterprise Data Management (EDM) and thinkFolio serving as a Partner at IHS Markit (formerly Markit). In this role, he was responsible for the firm’s data management, warehouse, reporting businesses, software managed services, and the thinkFolio business, an order management and portfolio modeling system. Before joining IHS Markit, Spiros spent 15 years at Charles River Development where he was a managing director for the Americas and responsible for sales, strategic account management and product marketing. He will report to John Plansky, who remains chief executive officer of Charles River and leader of State Street Global Exchange^® and State Street Alpha.^.

“I’d like to buy the world a Coke,” and try some CBD – “that’s the song I sing…”

No, that’s not an official remake of the old Coke jingle but the musings of some on the Internet who thought the beverage maker was considering making a CBD-infused derivative of the popular beverage.

According to a statement from the beverage maker to Bloomberg, it isn’t going to happen.  

Speculation surged after a video posted to YouTube — since deleted — by a user with the screen name “Gabor the Blind Guy” showed a Coca-Cola can with a childproof lid. The man in the video says that his father is a head engineer for a company that “produces bottling and capping machines for many major pharmaceutical and food companies.”

The video then goes on to say that Coke is readying a new CBD-infused drink for the Canadian market – with hopes of selling it and tapping into the CBD phenomena.

“These rumors are untrue,“ Coca-Cola said in an emailed statement to Bloomberg News. “As we have stated many times, we have no plans to enter the CBD market.”

A saved copy of the video was posted on Reddit Inc.’s WallStreetBets forum.

By the standards of most technologies, blockchain ought to still be in its infancy. The modern computer, for example, has been around for over 80 years. Cloud computing is still gaining market share in many industries, despite having been around since 1996.

Yet the blockchain industry has matured at an unprecedented rate. After an explosion of interest and innovation in the first few years, business leaders are now becoming familiar with the technology’s strengths and are clarifying their ideas about where and how to implement it.

In response, the industry is consolidating as it becomes clear which models are meeting the enterprise need. 2020 is going to be an important year for enterprise blockchain to capitalise on this consolidation via real-world network deployments. We at R3 are organising ourselves around one mantra to help make this a reality: “simplify, connect, transact.”

Simplify

Complexity is the enemy of adoption in enterprise technology. For blockchain to be practical and scalable across many different organisations with very different goals and pre-existing technologies, the underlying platforms need to strive for simplicity and flexibility.

Organisations want to simplify how they launch or join blockchain networks. Business sponsors do not want deployment and operations to delay their time to demonstrable value, and will want their blockchain nodes to ‘live’ where their current infrastructure lives.

This means that deploying a blockchain node needs to be as simple as booting up a laptop for the first time, and connecting to peers on a network should be pain-free, regardless if the node is deployed on-premises or across a single- or multi-cloud environment. The leading blockchain platforms in 2020 will need to be able to ‘deploy anywhere’ with the fewest clicks, allowing customers to focus on business value, not deployment headaches.

Enterprise blockchains will also gain a simplicity edge over public blockchains in 2020. The currently-leading public blockchains have injected ever-increasing complexity into their delivery roadmaps for 2020 and beyond, as they grapple with working backwards to achieve the privacy and scalability needed for enterprise buyers.

Organisations will move their attention away from the question of whether a chain is public or private and, instead, start asking ‘who are the validators of transactions?’ and ‘how future-proof is my platform choice?’

Connect

The second big trend in 2020 will be a re-focus on network effects. This will include bootstrapping net-new networks as well as the reemergence of interoperability as a priority to allow those networks to have increased reach.

Just as with deployment, customers will demand a simplified and low-friction experience for starting or joining consortium networks. This enhanced user experience will not be limited to technology considerations but also focus on streamlined governance and ‘consortium economics’ that will allow for enterprises to make better and more informed business decisions about which blockchain networks to join.

This may finally deliver the initial adoption by the to-date mythical ‘fast followers’ within the corporate world, and we are already seeing evidence of this within supply chain and trade networks, such as Marco Polo, which recently brought together over 70 institutions to trial a recievables financing solution on Corda.

Smart contract decoupling will create a lot of buzz, as senior executives do not want to be tied to any one underlying platform, but the market remains too immature and abstracted for this buzz to translate to reality.

Instead, the big steps forward in terms of interoperability will be blending the worlds of “on-chain” and “off-chain” as platforms and projects drive through integration with established business networks. For example, cross-payment rail interoperability, which can harness the best of incumbent rails and emerging blockchain settlement and asset networks.

As a result, participants in the blockchain ecosystem will start thinking about how their software can drive market-level (in addition to firm-level) connectivity and transformation. This is a cultural, as well as technological, change and so will take time to become a reality. However, this is one of the big promises of enterprise blockchain platforms, such as Corda, which enables controlled information sharing and workflow between different organisations without compromising on privacy.

Transact

Blockchain is unique in it’s ability to deliver market- and industry-wide networks centered on provably scarce digital assets and value being transacted directly and with finality. 2020 will reveal the demonstrable value of blockchain networks over traditional centralised databases as we move into the ‘transact’ phase.

Key to this will be the continued adoption by regulated institutional exchanges for high-quality digital assets. Such token initiatives were a significant part of the story of 2019 with a number of high-profile projects, such as SDX in Switzerland, making major steps forward.

Many of those projects have set robust goals for adoption and first transactions in 2020. For a new technology to have progressed from the fringes of the development community to underpin regulated exchanges, built by some of the biggest names in institutional finance, in just over a decade is astonishing.

Regulated asset network deployments will be coupled with an increased pace of innovation in digital value, especially for regulated or central bank backed digital currency. The current reactionary movement against private or crypto stablecoins will pick up pace, as the public sector will look to regain the march against cryptocurrency by fast-tracking experiments (and in some cases deployments) of digital currency.

2020 is going to be something of a coming of age year for blockchain. We’ve been part of an incredible wave of innovation and experimentation over the past few years, with firms putting forward many different models for how to best deploy and govern blockchain networks in the enterprise context.

Many of those debates, however, are becoming settled now as the industry consolidates around the most suitable models. Under the exciting pressure of deployments planned for 2020, the players that emerge as leaders will be those with a pinpoint focus on simplifying the blockchain journey, fostering connections and enabling live, seamless transactions.

The California Consumer Privacy Act goes into effect on January 1, which gives Californians similar data privacy protections that the General Data Protection Regulation affords EU citizens.

In a few short days, Californians will have the right to access their personal information held by companies, to have their personal data deleted, and to opt-out of companies selling their personal information to third-parties.

Unlike GDPR, the CCPA does not wield the same massive club when it comes to penalties for violating the Act. Instead of imposing a fine for a single data breach, which could be as much as 2% to 4% of a firm’s annual revenue, CCPA would calculate the penalty based on $7.500 per affected record.

“Start doing the math on the California law, and it could very quickly get right up to the same level of fine as we have seen with GDPR,” Drew Schuil, president at Integris Software, told IntelAlley.

In a study regarding data privacy conducted by Integris Software, the financial services firms appear to have taken the necessary preparations to ensure they have appropriately addressed data-privacy concerns. Of the firms surveyed for the study, nearly all of the respondents (96%) had data privacy and awareness programs in place, while 90% of those polled also had dedicated data privacy teams. Approximately half of those teams (48%) consist of 25 or more employees, which is more than twice the size of teams outside of the financial services vertical (23%), according to the study’s authors.

The authors also found that 92% of the respondents had dedicated budgets to address data privacy issues. The majority of those polled (60%) allocated more than $1 million to their data-privacy budgets in 2018, while 28% allotted more than $5 million to their budgets.

Not surprisingly, 92% of the firms also said that they would increase their respective budgets in the coming year, with 23% of them planning to increase their budgets by 25% or more.

The numbers present an optimistic picture, but they do not tell the entire picture where approximately two-thirds of the firms (64%) access 50 or more data sources in which sensitive data resides, said Schuil.

Nearly a quarter of the respondents (24%) said that they only updated their personal information inventory once a year.

“Even more concerning is that 13% only compile personal information when audited or to comply with regulations,” he added. “It is not a matter of having a checkbox on the days that the auditor came to see the firm. If there is a data breach, have you done enough to be defensible? Have you done enough to protect individual data?”

Personal information goes beyond that of Social Security and credit card numbers to include first names, last names, email addresses, IP addresses, geo-locations, and behavioral data.

CCPA’s regulatory mandate also includes data that could be used to reverse-engineer an identity, which is a significant big data problem for the industry, according to Schuil.

“A Carnegie Mellon University study found that they could re-identify 87% of the US population with an individual’s gender, birth date, and zip code,” he said. “A study done Equifax data, which tracked 15 attributes, found that it could re-identify 99% of individuals.”

With data-collecting firms gathering more than 3,000 attributes on individuals, packaging it, and selling it, it is not surprising that 74% of the respondents felt that they were “not at all confident” or “not so confident” in their firms’ ability to accurately define what constituted personal information.

“I think this is where the industry will be caught by surprise,” said Schuil. “Even when they are collecting the information and de-identifying elements, the more mature companies realize that they have collected a lot of data on individuals.”

Dominick DeAlto is Chief Investment Officer and Head of Fixed Income at BNP Paribas Asset Management.

What were the key themes for your business in 2019?

As an asset manager, the paramount theme at BNPP AM in 2019 was to find innovative ways to deliver the return yields that our institutional and individual clients around the world continued to demand. This task has become more challenging over the years as fixed income yields around the world have smashed through their once presumed lower bound of zero. Today, over $15 Trillion of sovereign debt trades with a negative yield! Our solution to own risk in the corporate, emerging and southern European debt space allowed us to sustain those yield needs in 2019. We expect, the combination of profound liquidity and accommodation postured central banks will continue into 2020.

What are your expectations for 2020?
After a decade where financial repression, risk complacency, and low volatility have driven the investment tide and all its asset class boats higher, we believe that investors will finally become more discerning as 2020 unfolds. It has almost become cliché for investors to call for higher return volatility and greater dispersion at the start of each year. What makes 2020 different, and why we call for this for the first time, is that central banks are nearing the end of their useful influence in this, the longest expansion in history. As a result, we expect both macro and micro fundamentals to weaken under the pressure in general; and in particular, for there to finally be discernible winners and losers.

What trends are getting underway that people may not know about but will be important?
We have finally crossed the Rubicon where the cost of producing sustainable energy has fallen below that of fossil fuels. This will not only influence the economic decisions of energy users, but will also begin to transform the entire energy production complex. The impact of this transformation will mean new industries, massive change to the industries that we know, and a death knell to those industries that can’t keep up. As investors, we envision countless opportunities that will arise from this next revolution. We believe a combination strategy of investment and avoidance will allow us to take full advantage of this trend, and will help us to deliver on our commitment to sustainability.

Platometrics, a quality metrics tool has been launched for European equity markets, as European regulators said MiFID II has failed to lower the cost of market data in the region.

The new service has been created by Plato Partnership, the not-for-profit company working to improve the European equities marketplace, and BMLL Technologies, the data engineering and analytics firm. Platometrics provides an aggregated picture of trading data from all European venues. The data is free of charge on a transaction date plus one day basis (i.e. up to the end of the prior trading day) with up to six months of historical data.

Johannes Sulzberger, chief executive of BMLL, told Market Media: “We have been talking to Plato for a while as they wanted to solve a problem for the community and shed light on the complexity of European market microstructure. It is very complicated to get answers to simple questions as there are 13 exchanges, in addition to multilateral trading facilities and systematic internalisers.”

Delighted to launch Platometrics with @bmlltech. Platometrics provides market participants with a complete picture of trading data and trends from European venues, entirely free of charge

— Plato Partnership (@PlatoMarkets) December 3, 2019

Mike Bellaro, chief executive of Plato Partnership, said in a statement: ”Whilst trading data from different venues is available, it is disparate and spread across multiple platforms for different exchanges and regions. Platometrics offers the first viable solution to this market-wide challenge, and we are delighted to be able to offer this tool to all participants, free of charge.”

Sulzberger continued that Platometrics includes data on consolidated liquidity, the European best bid offer and allows investors to compare quality metrics across venues. The metrics cover European equities and equity like instruments, including shares,  exchange-traded funds, depository receipts and certificates. Users can view the aggregated data or drill down to explore multiple metrics by market, venue or specific security.

“Our new intellectual property is providing classifications of liquidity and showing what is addressable,” added Sulzberger.

BMLL has constructed four liquidity buckets in consultation with the Plato working groups:

– lit addressable with transparency on a pre-trade and post-trade basis;

– grey addressable with post-trade transparency only;

-bilateral addressable from SIs;

– and non-addressable, which consists of technical trades and post market-close trade reports.

Platometrics is a unique dashboard that answers 3 questions: Where is the true liquidity? What is the best price across every venue I trade? How is the market quality on each venue changing the way I trade? Elliot Banks explains https://t.co/6pNKlMGXUQ @PlatoMarkets

— BMLL (@bmlltech) December 16, 2019

“We hope the Platometrics classifications take hold as the buy side finds this gives them superior information to create their own insights and strategies,” said Sulzberger. “It is a showcase for BMLL’s capabilities and is an extremely important stepping stone for showing how derived data works, how the industry benefits and how it can solve client problems.”

He told Market Media in September that BMLL provides access to Level 3 data, which displays all individual messages in the limit order book at each venue. The firm’s derived data capability can typically process hundreds of billion messages in a matter of hours rather than days. BMLL  normalises and compresses all messages from the full order book so the data can then be easily analysed by clients.

Consolidated tape

The European Securities and Markets Authority said this month that MiFID II, the regulation which went live at the start of last year, has not met its objective of reducing the cost of market data for users. The regulator also recommended the establishment of a real-time consolidated tape for equity instruments across the region.

📣ESMA recommends real-time consolidated tape for equity

ℹ️ ESMA publishes 1st #MiFIDII Review Report – recommends an EU consolidated tape for equity instruments and finds that #MiFIDII has not delivered on reducing the cost of market data

📄https://t.co/s1NcoZi7OV pic.twitter.com/yjm022erlb

— ESMA – EU Securities Markets Regulator 🇪🇺 (@ESMAComms) December 5, 2019

Bellaro said in an email that elements of Platometrics align with Esma’s  proposal in their consultation on cost of market data and consolidated tape but there are some notable differences.

“Platometrics is broader than an equities consolidated tape in that it provides 13 market quality metrics, allowing users to perform performance comparisons between different trading venues on a T+1 and an historical basis, while an ECT would only cover two metrics – price and volume – and would be more focused on real-time trading decisions,” added Bellaro.

Rebecca Healey, co-chair EMEA regional committee and EMEA regulatory subcommittee at FIX Trading Community and head of EMEA market structure and strategy at Liquidnet, told Markets Media earlier this month that there will be operational challenges in establishing a consolidated tape, but the first step is to ensure FIX MMT typology is used in a standardised manner in equities by market participants.

She said: “There has been progress and we are 90% there.”

The MMT (Market Model Typology) initiative is a collaborative effort established by the broad range of industry participants in FIX to develop consistent standards for post-trade data across all asset classes subject to the MiFID II regulations.