report on the Future of Post-Trade. The Taskforce is made up of financial market industry individuals involved in post-trade processing activities and was set up as part of the Bank of England's response to the "
Future of Finance" report, which set out a vision for the medium-term future of the U.K. financial system and the BoE's role in supporting that. The Taskforce was mandated to:
The Taskforce was established to consider the following issues, which it suggests should be taken forward by a new industry leadership group.
- Non-Economic Trade Data
The Taskforce recommends the development and promotion a set of best practices on sharing LEIs early in trade life cycles and efficient electronic processes for sharing Standard Settlement Instructions.
2. Uncleared Margin
The Taskforce recommends that the leadership group should work alongside ISDA to design next steps to increase adoption of best practices, define, gather and publish industry-wide metrics, and investigate the introduction of a fully digitized system.
3. Client Onboarding
The establishment of forums to discuss standardizing document requirements is also proposed. In addition, the Taskforce suggests that work should be undertaken to make existing platforms more interoperable or creating a single platform.
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