MiFID II: Systematic Internalizers Face Uneven Playing Field Outside E.U.

By Lizzie Meager October 18, 2018, Practice Insight from IFLR Banks with systematic internaliser (SI) status are disadvantaged when trading in non-E.U. markets, according to heads of market structure at major London banks. The SI regime has been one...

SI Regime Brings No Benefits

By Shanny Basar October 18, 2018, Markets Media The systematic internaliser regime introduced in the European Union this year has not made it easier to trade cash bonds, has not increased competition or improved liquidity according to a survey...

European Dark Trading Roars Back to Life

By George Bollenbacher, TABB Group Originally published on the TABBFORUM Traders got back to work in September, with average daily notional in European equity markets increasing after the summer lull, from €73.1 billion in August to €85.3 billion. But...

ESMA Delegates “Burdensome” Third Country Assessments

By Louisa Chender October 15, 2018, Global Investor Group The European Securities and Markets Authority (ESMA) envisages a “significant administrative burden” due to a high number of assessments with respect to third country venue obligations it is required to...

FCA Brexit Prep Changes Market’s Relationship with ESMA

By Louisa Chender October 12, 2018, Global Investor Group The Financial Conduct Authority (FCA) is set to gain responsibility for a number of E.U. rules as it proposes to delete references to the E.U. financial watchdog in preparation for...

MiFID II: Banks Diverge on Target Market Reviews

By Lizzie Meager October 11, 2018, Practice Insight from IFLR MiFID II’s product governance framework continues to confuse legal and compliance teams across the E.U., with significant divergences in approach. As the first year of MiFID II draws to...

Gloomy City Stockbrokers Struggle with MiFID II Fallout

By Hannah Murphy October 12, 2018, Financial Times As City stockbrokers gathered on Thursday for the glitzy annual Aim awards, a celebration of London’s junior stock market, one prize that had always been handed out in the ceremony’s 20-year...

CM18: There Will Be No Third MiFID Anytime Soon

By Jenna Lomax October 12, 2018, Securities Lending Times There will be no third Markets in Financial Instruments Directive (MiFID) anytime soon, affirmed a representative of the European Fund and Asset Management Association (EFAMA) at this year’s’ Annual Collateral...

French Regulator Says MiFID II Data Quality ‘Difficult’

By Amelia Axelsen October 11, 2018, Waters Technology The chairman of the Autorité des Marchés Financiers (the French Financial Markets Authority, or AMF) says there are lingering problems with the implementation of MiFID II and has warned about data...

Opaque Markets Get a Little Clearer After E.U. Rule Change

By Saikat Chatterjee and Simon Jessop October 11, 2018, Reuters Ten months after new European Union rules designed to boost market transparency kicked in, the initiative appears to be working, having fueled a dramatic jump in electronic trading across...

Lenders to Seek Out-of-Scope Borrowers Under SFTR – Panelist

By Andrew Neil October 10, 2018, Global Investor Group Lenders of stocks and bonds will look to do business with borrowers who fall outside of an upcoming set of reporting rules in Europe. Speaking at a Risk Management Association...

MiFID II Authorization Rules Remain Ambiguous – Legal Expert

By Louisa Chender October 10, 2018, Global Investor Group MiFID II requires a wider scope of firms to be authorized if they want to do business the in the E.U. but in some cases the rules are still not...

Brexit: Listed Derivatives Face OTC Mutation

By Helen Bartholomew October 9, 2018, Risk Swaths of the U.K.’s listed derivatives would be redefined as over-the-counter instruments following a no-deal Brexit, hiking costs for European Union end-users and potentially tipping them into a compliance minefield. OTC and...

DSB Announces New Services, Fee Discounts for 2019

By Amelia Axelsen October 8, 2018, Waters Technology The Derivatives Service Bureau (DSB), the utility created by the Association of National Numbering Agencies (ANNA) to generate International Securities Identification Numbers (ISINs) for OTC derivatives, has announced new service improvements...

Regulation: MiFID II Starts to Bite

By Philip Moore October 5, 2018, Euromoney Promise a child unlimited pocket money and let him loose in a sweet shop and the results are likely to be indiscriminate gorging and extensive wastage. Until very recently, that is more...

Decision on Tightening of Periodic Auctions Due in Coming Months as MiFID II Loophole Concerns Linger

By Hayley McDowell October 5, 2018, The Trade The head of the European markets watchdog has said a decision will soon be made on whether to tighten rules for periodic auctions, as concerns around their use to circumvent MiFID...

Market Would Benefit from MiFID II Reporting Simplification – Expert

By James Thursfield October 8, 2018, Global Investor Group Market participants would benefit from several changes to MiFID II reporting requirements, an expert told FOW. Dario Crispini, chief executive officer of Kaizen Reporting, suggested MiFID II reporting requirements could...

Watchdog Investigates Firms Over Hidden Fees

By Harry Brennan October 8, 2018, The Telegraph A number of financial services firms that have failed to transparently declare what they charge their customers are being investigated by the industry watchdog, the Financial Conduct Authority (FCA). The regulator...

End of the Line for Buy-Side OMS?

By Rob Daly October 8, 2018, Markets Media Buy-side order management systems may have reached an evolutionary dead end as trading automation and multi-asset trading continues to grow. “The OMS has evolved into a sort of all-in-one system that,...

E.U. Regulators Prepare for No-Deal Brexit with MiFID II Back-Up Plans

By Mike Sheen October 4, 2018, Professional Adviser Pan-European regulator European Securities and Markets Authority (ESMA) is in the process of drawing up memorandums of understanding (MOU) between the Financial Conduct Authorities (FCA) and the 27 other E.U. regulators...

Rees-Mogg: E.U.’s MiFID II Is ‘Sheer Bureaucracy’

By Ollie Smith October 2, 2018, New Model Adviser Leading Brexit MP Jacob Rees-Mogg has described as ‘sheer bureaucracy’ as he outlined plans for changes to financial services regulation after the U.K. leaves the E.U. MiFIDII regulations designed to...

Dealers Sour on MiFID’s Systematic Internalizer Label

By Samuel Wilkes October 4, 2018, Risk Europe’s MiFID II trading rules have thoroughly shaken up the financial industry, but one of the biggest changes – an explosion in the number of so-called systematic internalizers (SIs) – may be...

ESMA Withdraws Guidelines on Auto-Trading Venues, Updates Investor Protection Q&As

By Aziz Abdel-Qader October 3, 2018, Finance Magnates Europe’s financial markets watchdog on Wednesday canceled its MiFID guidelines regarding the organizational requirements in automated trading environments. The ESMA’s guidelines were issued in 2011 and were applied to the trading...

MiFID II Needs Fixing Where It Has “Gone Too Far” – AMF

By Louisa Chender October 2, 2018, Global Investor Group MiFID II may require a number of fixes after triggering a major restructuring of E.U. markets, in some cases to circumvent the rules, according to the French regulator. During a...

Brexit Prompts E.U. Push to Tighten MiFID Rules for Foreign Firms

By Silla Brush October 1, 2018, Bloomberg The European Union is looking at tightening the screws on the City of London – again. The European Securities and Markets Authority called for stricter oversight of how banks and investment firms...

MiFID II Starts to Weave Its Influence Through Markets

By Philip Stafford and Hannah Murphy October 1, 2018, Financial Times For more than seven years the shadow of Europe’s mammoth markets legislation, the Markets in Financial Instruments Directive II, hung over trading executives in the region. By the...

London’s Online Trading Groups Hit Hard by European Crackdown

By Hannah Murphy September 30, 2018, Financial Times Platforms that allow speculators to bet on financial markets online have been one of the City of London’s success stories, bringing trading to the masses and making millions for pioneers such...

Trading Venues Face Increased Scrutiny on “Unsatisfactory” MiFID II Data Submissions

By Hayley McDowell September 27, 2018, The Trade European trading venues are set to face increased scrutiny on the delivery of data for MiFID II requirements, after the E.U. regulator announced plans to publish timeliness and completeness indicators. The...

MiFID II: What Buy-Side Really Thinks of Systematic Internalizers

By Lizzie Meager September 25, 2018, Practice Insight from IFLR Nine months on from implementation of MiFID II, traders have told Practice Insight that they see no real benefit to executing with a systematic internalizer (SI) over other types...

Consolidated Tape Headed for a Regulation Delegation

By Jamie Hyman September 25, 2018, Waters Technology Time is running out for an industry-led consolidated tape solution in Europe. The revised Markets in Financial Instruments Directive (Mifid II) introduces the concept of a consolidated tape provider (CTP). According...