EU to Drill Into “Dog’s Dinner” of Share Trading Data

By Huw Jones January 14, 2021, Reuters The European Union will complete a fresh study of share trading data before drawing conclusions from a comprehensive review of market rules, an EU official said on Thursday, as exchanges demand more...

Trading Heads Call for Reform of Double Volume Caps

By Luke Clancy January 12, 2021, Risk Leading investment firms in the UK and Europe are calling for a revamp of the European Union’s regime for trading on unlit venues, after the UK financial regulator relaxed rules on dark...

Reflecting on Attempts at MiFID II Reform

By Hugo Bromley January 4, 2021, Practice Insight from IFLR The art of regulation is the management of private interests. Any regulator will be faced with a thousand interested parties, all seeking some rule change or other. A repeal...

UK Offers Unlimited Dark Trading on Lost EU Stocks

By Will Hadfield and Luke Clancy January 8, 2021, Risk UK regulators are allowing banks and trading venues to carry out almost unlimited dark trading in the shares of companies with primary listings in the European Union, as conversations...

Brexit Allows UK to Reform MiFID to Boost Advice Sector

By Michael Klimes January 11, 2021, Money Marketing Brexit could pave the way for more tailored regulation for advisers, PIMFA suggests.The trade body is lobbying the government, which is in early discussions with the EU about the future relationship...

The Lonely Londoners: Doubts Plague UK Quest for Equivalence

By Samuel Wilkes January 12, 2021, Risk Four years, six months and nine days after the UK voted to leave the European Union, the country finally, practically speaking, left the single market. A transition period that had treated the departing...

Brexit: Here’s What We Know So Far About What’s Next for the City

By Bérengère Sim January 6, 2021, Financial News The approval from Parliament of the free trade agreement between the UK and European Union just before the end of the transition period was cause for celebration for some, but...

Blast From the Past: Worth the Cost? EU Rethinks MiFID Disclosure Rules

By Samuel Wilkes January 29, 2020, Risk If at first you don’t succeed, give up or provide an option to give up. This might just be the European Commission’s take on a financial markets rule on cost disclosures that has...

MiFID II: Market Demands Position Limits Revision

By Alice Tchernookova January 30, 2020, Practice Insight from IFLR Trading platforms and industry associations have called for a review of position limits to commodity derivatives trading under MiFID II on the grounds that this would restore liquidity to certain...

Blast From the Past: MiFID II’s Best Ex Reports Still Hindered by Divergence

By Hugo Bromley January 27, 2020, Practice Insight from IFLR MiFID II’s best execution reports are being underutilized and firms do not understand how to comply with a recent update to the regulations, several sources have told Practice Insight. The...

Blast From the Past: France’s Financial Watchdog Looks to Revive Declining Research Market Under MiFID II

By Hayley McDowellJanuary 28, 2020, The Trade The Autorité des Marchés Financiers (AMF) has published a new damning report on the impact of MiFID II’s rules on the unbundling of research in Paris, and has provided recommendations on how the...

Blast From the Past: Exchanges Lose Ground as MiFID II Fails to Move Trades From Dark to Light

By Samuel Agini January 27, 2020, Financial News Europe’s grand plan for stock trading is not working. The revised Markets in Financial Instruments Directive, known as MiFID II, was meant to improve transparency by shifting more equities trading...

Blast from the Past: Trading venues decry disruptors as MTF battle heats up

By Ben St. Clair January 14, 2020, Risk Imagine, for a moment, a trading tool that allows buy-side users to send quote requests to multiple dealers in one click. The tool collects responses and then displays the quotes on the...

Blast from the Past: Mifid II creates ‘existential threat’ for small research groups

By Siobhan Riding December 8, 2019, Financial Times Boutique research providers’ business models are coming under increasing pressure two years on from the introduction of EU markets rules, in what an industry association describes as an “existential threat” to the...

Blast from the Past: EU regulator says Mifid II rules have failed on market data costs

By Philip Stafford December 5, 2019, Financial Times European exchanges will face closer monitoring of the prices they charge customers for basic data, after regulators ruled that the Mifid II markets revamp had not delivered on its aim of cutting...

Blast from the Past: Why Europe’s markets might need Mifid III

By Samuel Wilkes December 5, 2019, Risk Whispers of a review of Europe’s almost two-year-old trading and transparency rules have become full-throated talk. Disquiet among dealers and buy-siders over the provision of data on new bonds and derivatives is fuelling...

Blast from the Past: How Mifid II is slowly killing the trade

By Alice Tchernookova November 14, 2019, Practice Insight from IFLR Although recent reports showed Mifid II has helped make savings and improve conditions for end investors, many argue its impact on their activity and the EU market as a...

Fines against financial institutions hit $10.4B in 2020

By Jaclyn Jaeger December 22, 2020, Compliance Week Financial institutions have been hit with $10.4 billion in global fines and penalties related to anti-money laundering (AML), know your customer (KYC), data privacy, and MiFID (Markets in Financial Instruments Directive)...

ESMA opens consultation on impact of algorithmic trading under MiFID II

By Annabel Smith December 18, 2020, The Trade European watchdog ESMA has released a consultation paper seeking feedback from market participants on the impact of algorithmic trading requirements set out by MiFID II and MiFIR regulations. The consultation explores...

Mifid transparency battle pits dealers against non-banks

By Philip Alexander December 17, 2020, Risk Swap dealers and non-bank market-makers are lining up on opposite sides of what is shaping up to be a contentious debate over reforming the European Union’s transparency rules for financial markets. Banks...

FCA Sets Out MiFID Plan In Case Of No-Deal Brexit

By Lucia Osborne-Crowley December 17, 2020, Law360 Britain’s financial regulator has told banks and financial services companies how it plans to implement the European Union’s sweeping capital markets rulebook if negotiators fail to strike a trade deal before the...

Dublin-on-Thames? City leaders debate the post-Brexit future

By Stephen Morris, Kaye Wiggins, Laurence Fletcher, and Laura Noonan December 21, 2020, Financial Times In the mid-1980s, Goldman Sachs was choosing between London and Paris for its new European headquarters. When the US bank weighed their respective merits...

‘We can make our rules simpler without compromising investor protection’: a Q&A with Steven Maijoor, ESMA

By Alice Tchernookova December 14, 2020, Practice Insight from IFLR Where are we at with the Mifid II review? Mifid II is a very broad and complex piece of legislation, which is why we divided the review into a range of different reports – some of which have already been...

Covid-19 crisis will shape Mifid II review

By Hugo Bromley December 11, 2020, Practice Insight from IFLR The Covid-19 crisis has informed EU regulators’ thinking regarding Mifid II reforms, several sources have told Practice Insight. It has done so not just for the European Commission’s...

Mifid II in Austria: an example of unintended consequences

By Markus Fellner and Martin Wallner December 15, 2020, IFLR Mifid II was passed in response to the global financial crisis a decade ago, with the aim to improve the integrity and transparency of financial markets and strengthen investor...

EU agrees “quick fix” in securities to aid recovery from COVID

By Huw Jones December 9, 2020, Reuters The European Union has agreed on “quick fix” changes to its securities rules to help the economy recover from COVID-19, the bloc’s financial services chief said on Wednesday.The aim is to make...

Swedish Credit Market Tries to Fix Itself With New Trading Rules

By Love Liman and Rafaela Lindeberg December 8, 2020, Bloomberg The industry group representing Sweden’s credit market has agreed to new reporting standards that will go beyond the scope of existing European Union rules. Financial Markets Minister Per Bolund...

Passive funds’ share of European investment market jumps to 20%

By Steve Johnson December 8, 2020, Financial Times Index-tracking funds now account for a fifth of the European investment market for the first time, following a surge that has led to passive investing doubling its share of the pie...

Regulation Won’t Address Market Data Costs

By Joanna Wright December 7, 2020, WatersTechnology European guidelines issued in November, the latest regulatory attempt to address what market participants say is the high cost of market data, might help to harmonize some existing practices at trading venues....

FCA details Mifid onshoring process post-Brexit

December 8, 2020, Central Banking The UK’s Financial Conduct Authority is testing two new systems that will be used by firms to report data related to the Markets in Financial Instruments Directive (Mifid) from January 1, 2021. Following the...