Regulatory system holds up under coronavirus pandemic

By Andy Pettit May 28, 2020, FTAdviser The market turbulence caused by Covid-19 in recent weeks has stress-tested the rules governing investment products. A degree of confidence that they will stand up to the tests gives investors one less...

Trade associations call for MiFID II unbundling exemptions

By Sophie Baker May 26, 2020, Pensions&Investments Bond research should be exempted from Europe’s trading rules, which have caused unintended problems, trade associations said. The recommendations and warnings were made in responses by European trade bodies to the European...

MiFID II: European Commission reviews collide

By Hugo Bromley May 28, 2020, Practice Insight from IFLR The European Commission’s initiatives to boost the growth of sustainable finance and improve liquidity after the coronavirus pandemic may be impacting its response to the recent consultation on MiFID...

MiFID II and lit exchanges: LIS waivers only?

By Hugo Bromley May 26, 2020, Practice Insight from IFLR MiFID II’s drive to push trading onto lit exchanges is harming the market and it may be end investors who bear the ultimate cost, according to several sources. A...

Failed Trades During Pandemic Prompt Calls to Overhaul EU Rule

By Silla Brush May 28, 2020, Bloomberg Big banks and money managers are ramping up a lobbying campaign against looming European trading regulations, arguing that they would have exacerbated market stress during the peak of the coronavirus outbreak. The...

European lawmakers urged to prevent CCP contagion risk

By Samuel Wilkes May 28, 2020, Risk Rules to resolve ailing central counterparties must change to ensure tools used by a CCP to allocate losses don’t force another over the cliff, Europe’s watchdog for systemic risk has warned. “Having...

Coronavirus highlights risk-free rates advantages for corporates

By Thomas Helm May 27, 2020, Practice Insight from IFLR From a derivatives perspective, trading platforms such as Tradeweb say they have recorded no dip in the focus of banks, which continue to migrate portfolios and build liquidity in...

Consolidated tape a “failure” of MiFID II – ISDA

By Wendy Lisney May 27, 2020, Global Investor Group Europe’s MiFID II regulation has failed to deliver a consolidated tape for all asset classes including derivatives, the International Swaps and Derivatives Association (ISDA) has said. “It’s seen as a...

French regulator says SIs contribution to transparency is very limited

By Hayley McDowell May 26, 2020, The Trade Systematic internalizers (SIs) have limited impact on transparency in European markets as the bulk of transactions are not subject to pre-trade transparency requirements, a study from the regulator in France has...

U.K. and E.U. fund managers at odds over MiFID II revamp

By Siobhan Riding May 25, 2020, Financial Times Asset managers in France and Germany are pushing for a change to European rules on investment research payments, setting the stage for an early post-Brexit clash between U.K. and E.U. financial...

Asset managers’ group renews demand for E.U.-wide market data system

By Emily Horton May 22, 2020, Financial News Europe’s trade body for the asset management industry has renewed the sector’s call for a single, mandatory electronic system that collates stock prices and other information across the continent, helping to...

EFAMA calls for changes to investor protection rules

May 22, 2020, Institutional Asset Manager EFAMA has submitted its response to the European Commission’s consultations on the review of the MiFID II/MIFIR regulatory framework, where it has outlined its recommendations on investor protection and capital markets and infrastructure....

European commodities “stagnated” under MiFID II

By Luke Jeffs May 18, 2020, Global Investor Group The European MiFID II reforms have led to “stagnation” in European commodities markets and forced trading out of Europe to less tightly regulated markets, a trade body has claimed....

Open Access and Market Data Cost Noted in MiFID II Review

By Shanny Basar May 20, 2020, Markets Media Open access to clearin ghouses and trading venues and the high cost of market data in the European Union have been highlighted by trade associations in their responses to the review...

MiFID Rollback Weighed by Lawmakers Aiming to Jump Start Economy

By Silla Brush May 15, 2020, Bloomberg European policy makers are taking early steps to relax one of their signature pieces of securities legislation as a way to help the economy recover from the coronavirus. Authorities in the European...

ICI Global: Changes needed to European trading rules

By Sophie Baker May 15, 2020, Pensions&Investments A number of changes to European trading rules are necessary to ensure money managers can maximize best execution and to enhance pre- and post-trade transparency, ICI Global said. The international arm...

MiFID II leaving European managers behind U.S. peers?

By Charles McCrath May 14, 2020, Pensions&Investments It’s possible. Research from Evercore ISI shows European managers lagging U.S. managers in nearly every major equity fund category, pointing to research spending as the chief differentiator. U.S. managers outperformed in 13...

ESMA Reminds Firms of Conduct of Business Obligations Under MiFID II

By Julia Bahr May 6, 2020, Finance Magnates The European Securities and Markets Authority (ESMA), today announced that is has issued a Public Statement on the risks for retail investors when trading under the highly uncertain market circumstances...

MiFID II: Fragmented E.U. Distribution Rules Bubble Up Again

By Adrian Whelan, Brown Brothers Harriman Originally published at the On the Regs blog A lot of water has passed under the bridge since the Markets In Financial Instruments Directive (MiFID II) was implemented at the start of 2018....

Open access may “never come into effect” – FCA

By Luke Jeffs May 6, 2020, Global Investor Group The European legislation to spur competition between exchanges known as open access “may never come into effect” amid opposition from member states, a manager at the UK regulator has warned....

Key MiFID Derivatives Rule Change Could Succumb to Pandemic

By Viren Vaghela and Silla Brush May 5, 2020, Bloomberg Law The coronavirus pandemic could delay efforts to open up the $1.5 trillion-a-day market for exchange-traded derivatives in Europe. German officials have asked policy makers across the European Union...

Spot FX shies away from regulatory yoke

By Rebekah Tunstead May 12, 2020, Risk The $2 trillion-a-day foreign exchange spot market underpins a huge array of basic economic activity, from going on holiday, to cross-border trade and investment. This vast market has also given rise to...

ESMA warns firms amid ‘surge in trading by retail clients’

By Mike Sheen May 7, 2020, InvestmentWeek Pan-European regulator ESMA has warned investment firms they face “even greater duties” as waves of retail investors have flooded into the market since the start of the year at a time of...

Warning of ‘highly disparate’ advice service

By Rachel Mortimer May 7, 2020, FTAdviser Advisers have been warned of “highly disparate” levels of service after it emerged a quarter of clients claimed they had not heard from their adviser during the recent market downturn. The latest...

E.U. ‘non-paper’ reveals new effort to delay CCP open access

By Samuel Wilkes May 4, 2020, Risk The debate over whether to delay a European Union rule that gives listed derivatives participants the freedom to choose where they clear their trades has found its way into negotiations on an...

DSB focuses on MiFID II lessons

By Wendy Lisney May 4, 2020, Global Investor Group Changes based on lessons learned since the revised Markets in Financial Instruments Directive (MiFID II) are a key focus of a new consultation launched by the Derivatives Service Bureau (DSB)...

MiFID II influence spreads beyond E.U. borders

By Owen Walker May 3, 2020, Financial Times MiFID II, European market rules introduced two years ago, are having a significant impact on fund managers’ use of investment research around the world. More than two-thirds of investment groups have...

How the FCA is handling crisis

By Ima Jackson-Obot April 30, 2020, FT Adviser In mid-March as the likely impact of COVID-19 started to hit home, the Financial Conduct Authority was faced with the major task of looking at ways to prevent consumer and market...

MiFID II rules on ESG a timebomb for some advisers

By Natalie Kenway May 4, 2020, International Adviser Research from Square Mile Investment Consulting and Research has concluded considerable educational work needs to be carried out in the adviser community as nearly half of those surveyed at its events...

Sell-Side Questions Need To Limit Dark Trading

By Shanny Basar April 28, 2020, Markets Media MiFID II aimed to increase trading on lit venues in the European Union but the sell-side argue this will harm best execution and want the share trading obligation and double volume...