The FCA and Bank of England (Bank) have appointed members to their Transaction and Post-trade Reporting Harmonisation Taskforce.
The taskforce will inform our long-term approach to harmonising transaction and post-trade reporting requirements across UK Markets in Financial Instruments Regulation (UK MiFIR), UK European Market Infrastructure Regulation (UK EMIR) and UK Securities Financing Transactions Regulation (UK SFTR).
The taskforce comprises 3 separate working groups: a main Policy working group, supported by a Strategy working group and an Architecture working group. The objectives of the working groups were set out in the terms of reference.
The Policy working group is chaired by Helen Packard (head of market oversight data & intelligence at FCA) and Julia Giese (head of financial markets infrastructure analytics at the Bank). The members of the Policy working group are:
- Giulia Pecce (head of secondary capital markets & wholesale investor protection at AFME)
- Adam Jacobs-Dean (managing director, global head of markets, governance and innovation at AIMA)
- Andy Leonard (regulatory reporting lead SME at Barclays Bank PLC)
- Hussain Abdullah (director, data & regulatory operations at Citigroup)
- Karen Stretch (partner at Dechert LLP)
- Emma Kalliomaki (managing director at ANNA & DSB)
- Paul Sedgwick (head of DDRL at DTCC)
- John Graham (senior director of regulation at Futures Industry Association)
- Greg Stevens (reporting operations director at ICE Futures Europe)
- Andrew Bayley (senior director, regulatory reporting transformation at ISDA)
- Tony Holland (director of market practice & regulatory reporting at ISLA)
- Stuart Cosgrave (operations director at J.P. Morgan Chase)
- Tim Hartley (global head of SME team & director, EMIR reporting at Kaizen Reporting Ltd)
- Zach Johnson (director at Kroll)
- Mark Burnal (managing director, head of fund regulatory reporting and infrastructure at Man Group)
- Ayo Fashina (executive director, shared services compliance at Morgan Stanley)
- Rav Saidha (director at Retail Derivative Forum)
- Will Williams (director, regulatory services at RBC Capital Markets)
- Rajan Mawkin (senior manager, compliance advisory, credit & equities at TP ICAP Group)
- James Southwick (trade & transaction reporting senior specialist at Vanguard Asset Management Ltd)
- Richard Young (industry affairs, regulation and symbology strategist at Bloomberg LP)
The Strategy working group is chaired by Dominic Holland (director, enforcement & market oversight and wholesale sell side at FCA) and Nicholas Butt (head of market based finance at the Bank). The members of the Strategy working group are:
- Adam Conn (director, head of trading at Baillie Gifford Overseas Ltd)
- Alison Vickers (global head of trade and transaction reporting at BlackRock)
- Michelle Bedwin (group chief compliance officer at Capula Investment Management)
- Tanuja Sharma (chief compliance officer, EMEA at Citadel & Citadel Securities)
- Dawd Haque (market initiatives, regulatory transformation and strategy at Deutsche Bank)
- Mike Hsu (advisor, speaker, former acting comptroller of the currency at Independent)
- Luke Taylor (managing director, global banking and markets head of regulatory reporting at Goldman Sachs International)
- Suzanne Calcagno (global head of regulatory response and oversight, MSS operations at HSBC Bank Plc)
- Jonathan Armitage (head of regulatory reporting at LCH)
- Susan Heinrich (EMEA head of non-financial regulatory reporting at Macquarie Group Ltd)
- Gary Chia-Hsing Li (head of regulatory affairs, EMEA & APAC at MarketAxess)
- Sana Houari (head of UK compliance, technology and operations at Societe Generale)
- Dan Chambers (head of regulatory operations at Standard Chartered)
- Uwe Hillnhütter (regulatory affairs at Tradeweb Europe)
- Karen Miles (head of non-core legacy regulatory services at UBS)
The Architecture working group is chaired by Richard Cutress (manager, data engineering & technology at FCA), Khalid Ledgister (manager, regulatory, business, enterprise & technical architecture team at FCA) and John Aveson (senior data scientist, financial market infrastructure data team at Bank). The members of the Architecture working group are:
- Andy Hughes (head of technical services at Derivatives Service Bureau)
- Mihir Trivedi (head of global regulatory change at Deutsche Bank)
- Alexander McDonald (CEO at EVIA)
- Eric Odotei (group head of regulatory reporting at Finalto Group)
- Stephen Mogie (director, business intelligence & regulatory reporting at ICE Clear Europe)
- Zeynep Shields (global regulatory reporting product owner at J.P. Morgan Asset Management)
- Michelle Zak (founder & CEO at Qomply)
- Christopher Hall (head of operations, technology AI strategy at Morgan Stanley)
- Miguel Munoz Royo (domain architect at SIX Group)
- Ashish Karandikar (director, regulatory change management at CIBC Capital Markets)
- Sumeet Agarwal (global lead of trade and transaction reporting technology at Citadel Securities)
- Pierre Khemdoudi (CEO & co-founder at Gentek AI)
- Catherine Ahnoff (product director, LSEG regulatory reporting at London Stock Exchange Group)
- Leo Labeis (founder & CEO at REGnosys)
The working groups are supported by the Transaction & Position Reporting Team at the FCA and the Financial Market Infrastructure Data Team at the Bank.
Members have been appointed in a personal capacity. Some of the firms listed above are authorised and/or regulated by the Bank, the Prudential Regulation Authority (PRA) and/or the FCA. Please see the Financial Services Register for further details.
Facts Only
The FCA and Bank of England appointed members to a Transaction and Post-trade Reporting Harmonisation Taskforce.
The taskforce aims to harmonise reporting requirements across UK MiFIR, UK EMIR, and UK SFTR.
The taskforce consists of three working groups: Policy, Strategy, and Architecture.
The Policy working group is chaired by Helen Packard (FCA) and Julia Giese (Bank of England).
The Strategy working group is chaired by Dominic Holland (FCA) and Nicholas Butt (Bank of England).
The Architecture working group is chaired by Richard Cutress (FCA), Khalid Ledgister (FCA), and John Aveson (Bank of England).
Members include representatives from firms such as Barclays, Citigroup, J.P. Morgan, Goldman Sachs, and HSBC.
Industry bodies including AFME, AIMA, ISDA, and ISLA are represented.
The FCA Transaction & Position Reporting Team and the Bank's Financial Market Infrastructure Data Team provide support.
Appointed members serve in a personal capacity.
Executive Summary
The Financial Conduct Authority (FCA) and the Bank of England have established a Transaction and Post-trade Reporting Harmonisation Taskforce to streamline reporting obligations under UK MiFIR, UK EMIR, and UK SFTR. This initiative seeks to create a more cohesive long-term approach to how financial transactions are reported across different regulatory frameworks in the UK.
The effort is structured into three specialized working groups—Policy, Strategy, and Architecture—each led by senior officials from the FCA and the Bank of England. These groups comprise a broad coalition of industry practitioners, including executives from major global investment banks, asset managers, law firms, and market infrastructure providers. By involving both regulators and private sector experts, the taskforce intends to align technical architecture and policy strategy with operational reality.
While the specific outcomes and timelines for these harmonisation efforts remain unspecified, the diverse membership suggests a comprehensive attempt to reduce regulatory friction. The involvement of members in a personal capacity indicates a formal separation between their institutional roles and their advisory contributions to the taskforce.
Full Take
The strongest version of this narrative is that the UK is proactively reducing "regulatory drag" by bringing regulators and the regulated into the same room to fix fragmented reporting pipelines. By aligning MiFIR, EMIR, and SFTR, they are attempting to transition from a checklist-based compliance culture to a data-driven oversight model.
This is a classic "industry-capture" surface pattern, but it is likely an efficient pragmatic partnership rather than a malicious one. The load-bearing element here is the sheer volume of institutional representation. The narrative relies on the assumption that the collective expertise of these specific firms represents the "industry" at large. The unstated paradigm is that regulatory efficiency is best achieved through a public-private partnership, effectively outsourcing the technical design of regulation to the entities being regulated.
The second-order consequence is the potential for "standardization by the powerful." When the architecture of reporting is designed by the largest global banks and infrastructure providers, the resulting "harmonised" standards may inadvertently create barriers to entry for smaller firms who cannot afford the sophisticated technology required to meet these new, "simplified" standards.
Patterns detected: none
Counterstrike Scan: A coordinated influence campaign would use this list of names to signal "inevitable" policy shifts to manipulate markets or push specific software vendors. This content is a dry administrative announcement and does not match that pattern.
Bridge Questions:
1. How will the taskforce ensure that the "harmonised" standards do not disproportionately burden smaller market participants compared to the Tier-1 banks represented?
2. To what extent does "personal capacity" appointment shield the regulators from the influence of the firms' corporate interests?
3. Which specific reporting frictions are being prioritized, and who benefits most from their removal?