Editorial: Brave new world

Author: | Published: 8 Jul 2019
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Welcome to the first ever financial regulation influencer edition of IFLR.

A feature like this is not something we've really done before in the magazine's 37-year history. But with regulation so central to everything we do – and the same being true for our readers – the editorial team thought it was time to recognise the top movers and shakers in the industry.

Regulation has fundamentally changed the dynamics of financial services. Take the EU's post-crisis magnum opus, Mifid II: consisting of 1.4 million paragraphs and 30,000 pages, it's a full-time job just reading the thing.

If you had told anyone in the industry 20 years ago that in two decades' time, it would not be unusual to see job titles like head of Mifid II compliance, or that entire businesses would be established on the basis of new rules, you might have been laughed out of the room.

Yet here we are. In-house compliance departments have ballooned, and it's now impossible to attend an industry event without at least one attendee bringing up their own personal regulatory headache. Compliance restrictions have stopped old friends who happen to work at competing banks from going for dinner together, trusted salespeople from messaging long-term customers on WhatsApp, and traders from wishing clients happy birthday – and that's just a selection of anecdotes told to our journalists in recent years.

It's in this environment that we at IFLR decided to launch Practice Insight.

Regulatory uncertainty drives everything from liquidity to banks' capital stacks. But with the scope for interpretation so broad – particularly in the EU – financial institutions and those working within them find it near-impossible to establish market consensus. For a year and a half now, Practice Insight has been doing just that. With senior sources at the world's biggest banks, asset managers and financial regulators, we uncover this regulatory-driven uncertainty, from Mifid II to benchmark reform.

For more information on the service please get in touch, or go to iflrinsight.com.

Enjoy the issue,

Lizzie Meager
Managing editor, IFLR & Practice Insight