Two-and-a-half weeks after European trade reporting kicked off, several European trade repositories (TRs) attended a London breakfast briefing to provide an update on the current state of play. Despite offering useful insight into how everything has panned out, the overriding theme was that trade reporting in Europe is a total mess. It says it all that one TR representative felt compelled to provide a blooper reel detailing how certain reporting firms were trying to recycle and reuse unique trade identifiers (you’d think the clue would be in the name), while others were evidently having calendar malfunctions as they struggled to work out T+1 for trades executed on Fridays.
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In September of last year, we blogged on major international wealth managers reshuffling their businesses in order to bring increased focus and resources to their core markets. At that time, the two newsworthy examples, Credit Suisse and Barclays, had declared major strategic pullouts from a large number of international markets in order to redirect resources. Such is our belief in the ongoing need for overstretched international wealth managers to refocus their business on core markets that we also included this trend in our annual top 10 trends report.