Tesco cyber-attack provides regulatory food for thought

Every little helps when it comes to controlling the financial system, but Giles Kenwright of Delta Capita explains why the Tesco cyber-attack will hopefully trigger banks and regulators to look at the bigger compliance picture .

A cyber-attack that wiped £2.5 million from a major supermarket’s client accounts in just a few hours, should ring alarm bells across the boardrooms of Britain’s biggest banks. While the damage to Tesco’s brand reputation may be substantial, more significant still is that this attack could be a sign of things to come for the wider banking sector.

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Clock synchronisation…time is ticking

MiFID II’s clock synchronisation rules have given the buy-side plenty to think about, Hayley McDowell looks at the challenges and how technology is helping.

In August this year, UBS signed an agreement with the National Physical Laboratory in the UK to implement its time accuracy technology, ahead of regulatory synchronisation reporting requirements. The technology was described as ‘atomic’, with the laboratory currently operating two of the world’s most accurate clocks – accurate to one second every 158 million years.

The global co-head of equity electronic agency trading at UBS, Chris McConville, said at the time the clock would “provide UBS infrastructure with a stable, accurate and resilient time signal, whilst simplifying the MiFID II time synchronisation traceability requirements.”

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