"Regulators Becoming Proactive And So Should You"

The Finance Magnates London Summit is set to kick off in less than a week, and ahead of the event several of the upcoming speakers have lent their insight on the current state of the market and their respective role in the industry.

In its latest installment, Paul Bailey, Sales Director for the Europe, Middle East, and Africa (EMEA) region at Fonetic, outlines his perspective on the future direction of the market.

Learn more about London Summit here!

What is your position and what does your role entail?

As sales director for the EMEA region my day-to-day activities include searching for new business while ensuring everything is running smoothly with existing clients and current projects. Additionally, I am involved in expanding our presence here in London so I could be interviewing potential new hires as well as strategy planning for this.

Many in FX need to catch transgressors proactively

I am part of the wider commercial team and so also work closely with the NYC office. I’m thankful that no two days are ever the same.

What was the single most important event or development that the market has seen in 2016?

The biggest impact is continued uncertainty surrounding regulatory oversight. The FX market has evolved into what we see today with minimal intervention by regulatory bodies but everyone is seeing this change. Fonetic ensures companies can proactively meet regulatory Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term while maximizing return on investment through 3 simple channels:

• Compliance - no fines
• Surveillance - reduced costs of overheads and outsourced resources – faster evaluation of false positives
• Mismatches - identify much earlier for reconciliation with back office, saving millions

What are the biggest challenges that the FX trading community is facing? How do they affect your field?

Traditionally it has been very difficult to identify the few individuals that want to get around legal processes and it has been too easy for them to achieve their aim. This is a challenge for companies on both a financial level and also on a "Regulators reputational level.

As regulatory bodies become more proactive in their approach to finding the individuals that break the rules we see many people within the FX market search for a solution that will enable them to proactively catch transgressors early and also allow them to react quickly to regulatory requests.

What would previously take weeks can now be achieved through automatic trade reconstruction

What would previously take many individuals weeks to compile can now be achieved through automatic trade reconstruction or ATR, as performed today only by Fonetic, in a fraction of the time. I’ve had many compliance directors tell me how much more straightforward their job has become since they started using Fonetic.

4. What is the main message you’d like to convey to London Summit delegates?

Fonetic is able to help you with your regulatory compliance needs, be it MiFID II MiFID II MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina MiFID II stands for the Markets in Financial Instruments Directive, and is the second iteration of a sweeping directive. As such it is known as MiFID II. The original Markets in Financial Instruments Directive (MiFID) became effective in November 2007. It was intended as the foundation of the EU’s Financial Services Action Plan, a comprehensive project to create a single European market in financial services. MiFID is intended to create a level playing field for firms to compete in the EU’s fina Read this Term or Dodd Frank or any other. We have a proven solution that enables you to continuously monitor communications and enable compliance functions within your organization while automatically reconstructing each and every deal and linking them with the associated communications including, most crucially and accurately, voice.

Fonetic will be participating in Finance Magnates' institutional product pitch, FX factor, on November 14th afternoon.