About JWGJWG-IT is an independent think-tank, established in January 2006 in the belief that the European Union¡¯s Financial Services Action Plan (EU¡¯s FSAP), like most regulation, could be implemented quicker, cheaper and better through collaboration across the technology value chain. It works with trusted technical experts from its membership to identify the gaps in the way that financial services firms operate and defines new ways of creating advanced technology capabilities to bridge them. By making these requirements evident, it facilitates the identification of appropriate, affordable and advanced IT solutions to changes driven by regulation in Financial Services by bringing the banks, regulators and vendors together.
Market opportunity
The capital markets have some of the most digitally intensive and data hungry business models of all industries. In aggregate, the industry spends over €100 billion per annum across hundreds of thousands of technologists and their suppliers.
There is a compelling market for services related to FSAP driven change:
► FSAP is re-regulating the capital markets and will result in a long cycle of investment with firms spending over €10 billion on changes to comply with the Directives
► Tier-1 market players have established change the bank programmes and are spending an average of €10 million per annum with external suppliers
► The industry¡¯s change programmes will continue to be extended and expanded as new regulatory changes are introduced by competing and collaborating global regulators who are getting tougher with a strong G20 mandate.
Membership
There is no commercial entity today quite like JWG-IT. JWG-IT has developed a methodology which is used to translate hundreds of pages of legal text across multiple pieces of legislation into practical operating requirements and identify the strategic impacts on the technology supply chain. In conjunction with legal experts, JWG-IT has built a membership business model that protects members' intellectual property (IP) while allowing collaboration, without the risk of non-member infringement. Unlike associations, consultants and research houses, JWG-IT has an effective and neutral approach to solving the financial service challenges and is recognised for its thought leadership in the industry.
The founder is a recognised expert in banking technology strategy, having managed over €1 billion in spending. Since start up, JWG-IT has worked with over 100 financial institutions and 40 technology vendors to help them understand the capabilities required to operate in the changing Financial Services arena.
JWG-IT¡¯s reach is global, as demonstrated by over 800 registered members of their website, which has received 24,000+ hits from 113 countries since 2006.
Who is JWG?
JWG seeks to be recognised by regulators, financial institutions and technology firms as the independent analysts to help determine how the right regulations can be implemented in the right way
We are unique.
Our independence permits us to collaborate with regulatory and industry bodies, financial institutions and technology firms without serving the interests of any constituent over another.
What does JWG do?
Our collaborative, analytical and practical approach enables us to help the financial services industry figure out how to respond to - and implement - the required changes; and to act as an impartial industry voice.
Summary of our approach:
- Mirroring the detailed compliance requirements specified by the regulatory bodies into business rules and standards with the industry
- Shaping feedback for the regulatory bodies to help define what ¡®good looks like¡¯
- Defining best practice industry frameworks and methodologies which align requirements to operating models.
Since 2006 we have analysed 20,000 pages of regulatory text from across the globe and assessed the impact on our banking reference framework. We have produced over 400 documents including 20+ analysis reports.
Membership
To date, JWG has worked with over 100 financial institutions, 12 trade associations and 50 technology vendors and consultants. We have over 1,000 members.
Heritage
In 2006 we built a think-tank that brought together the regulators, firms and vendors to better understand and prepare for the FSAP MiFID agenda.
In 2007 we built a comprehensive reference operating model for EU regulatory compliance in the best execution, transaction reporting and record keeping arenas.
In 2008 we launched the Customer Data Management Group (CDMG) to develop industry guidance that meets the requirements of MiFID and Anti Money Laundering legislation.
In 2009 we established the global Liquidity Risk Action Network, whose website has so far attracted over 7,000 visits from 103 countries.
PJ Di Giammarino (CEO, JWG)
JWG-IT Group Limited
Mailing address:
2nd Floor, 145-157 St John Street, London EC1V 4PY
Office location:
Room 12-13
2 London Wall Buildings
London Wall
London EC2M 5UU
Telephone: +44 20 7870 8004
Fax: +44 20 7900 6855
Registered in England and Wales (Registered Number 05862763), Registered Office: Matrix House, 12-16 Lionel Road, Canvey Island, Essex SS8 9DE
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