Good morning ladies and gentlemen. I would like to thank Compliance Ireland for inviting me here today to talk to you about transaction reporting which has been, and continues to be, a very ambitious EU level project. While it occupies only a few lines of the MIFID regulations, the idea behind it is striking - namely that regulators would be able to monitor all the many billions of transactions across the EU to spot inappropriate behaviour. One thing you can be assured of is that this vision for how regulators will monitor the market will not be fully implemented with ease. It will take years to get this right and it will be a constant process of development and refinement of the system. That will in turn mean that your firms will be called upon from time to time to develop and add to the reports you make to us...
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