Position limit issues require MiFID II rewrite – panelist

By James Thursfield April 16, 2019, Global Investor Group Issues with the MiFID II position limit regime cannot be addressed in the current framework, according to a panelist at a Futures Industry Association (FIA) forum. A panelist at the...

FCA to assess risks relating to expensive data

By Louisa Chender April 17, 2019, Global Investor Group The Financial Conduct Authority (FCA) will look at risks relating to access and use of data as one of the key priorities under its supervisory plan for the next year....

After Hours: The Rise of Europe’s Closing Auctions

By Tim Cave, TABB Group Originally published on the TABBFORUM The concentration of trading volume at the close has been a major feature of equity markets for some time, but the trend has been particularly pronounced in Europe, where...

MiFID II Post-Trade Bond Data “Unusable”

By Shanny Basar April 16, 2019, Markets Media The International Capital Market Association has created a task force to improve post-trade data in European bond markets which it said is “suboptimal and unusable.” MiFID II, which went live in...

Unpicking the research unbundling conundrum

By Hayley McDowell April 15, 2019, The Trade The endeavors of European regulators to introduce greater transparency of costs and charges – to the ultimate benefit of end investors – via MiFID II has been harder to realize than...

Large fund houses slash broker research spend after MiFID II

By Siobhan Riding April 13, 2019, Financial Times Fund houses including Janus Henderson, Amundi, and Invesco last year spent significantly less on broker research — when compared with the original forecast by an investment professional association — as the...

Buy-side bringing data and digitization projects to the fore

By John Brazier April 15, 2019, The Trade Asset managers are increasingly looking to data analytics and digitization projects in the post-MiFID II and GDPR landscape, according to a new report. In its annual Global Asset Management Survey, financial...

MiFID II: Market Not Tapping Best Execution Data Potential

By Thomas Helm April 11, 2019, Practice Insight from IFLR Data generated by Mifid II’s regulatory technical standard (RTS) 27 best execution requirements could be valuable if the market was able to use it, according to fintech, banking and...

MiFID II Boosts TCA

By Shanny Basar April 10, 2019, Markets Media Nearly all, 95%, of institutional trading desks in Europe are using transaction cost analysis but further progress is needed in fixed income and foreign exchange. Consultancy Greenwich Associates said in a...

Banks Deliver Brexit Employment Contracts

By Sharon Kimathi April 10, 2019, Practice Insight from IFLR A managing director at a major U.S. bank has told Practice Insight that his team and others have already received their new contracts for positions in the continent, waiting...

More Than 1,000 Investment Firms Fail MiFID II Transaction Reporting Requirements

By Mike Sheen April 9, 2019, InvestmentWeek More than 1,000 investment firms were found to have fallen short of transaction reporting requirements under MiFID II in 2018, while experts warn “many thousands more” could be picked up by an...

Brokers ‘Clinging On’ Amid Weak Research Spending

By David Ricketts April 9, 2019, Financial News It is more than a year since sweeping changes were waved in under Europe’s landmark Markets in Financial Instruments Directive II, and the bond between asset managers’ clients and the hundreds...

European Investors Complain Over Soaring Cost of Data

By Philip Stafford April 3, 2019, Financial Times European stock exchanges are locked in battle against some of their biggest customers, trying to fend off accusations that they are overcharging for the basic ingredient to every trade: market data....

New E.U. Rules Threaten to Lock Out U.S. Prop Traders

By Philip Alexander April 4, 2019, Risk Europe’s new Investment Firms Regulation (IFR) risks locking out U.S. proprietary traders with no legal presence in the region, market participants and lawyers warn. This could drain liquidity from European futures exchanges,...

MiFID II: Disconnect Between Issuers and Dealers Over Allocation Justifications

April 3, 2019, Practice Insight from IFLR There is a disconnect between the way banks and issuers think about allocation justifications in primary bond markets, especially in terms of where the responsibility lies, according to sources speaking to Practice...

E.U. Watchdog Told to Step Up Work on Share Price Tool to Tackle Market Fragmentation

By Huw Jones April 2, 2019, Reuters The European Union’s financial services chief has told regulators to prioritize work on an instrument to collect share prices for investors to find the cheapest deals. The instrument, known as a “consolidated...

Use-Cases for MiFID II Data Prove Elusive

By Natasha Rega-Jones March 27, 2019, Risk If Jerome Sabah had his way, any time a client changed their trading patterns, he would get a tap on the shoulder, so he could call them and find out what they...

Firms Face Sacrificing Best Execution for UMR – Expert

By Louisa Chender March 26, 2019, Global Investor Group Asset managers could find themselves caught between a rock and a hard place as they balance uncleared margin rules with MiFID II best execution requirements, an expert said. Buy-side firms...

Banks: No Single Best Practice for MiFID II Allocation Rationales

March 27, 2019, Practice Insight from IFLR No single best practice for allocation justifications has emerged in primary bond markets, banks have told Practice Insight. The consensus is that banks can shape process according to their own internal standards...

MiFID II: The Best Is Yet to Come

By Carlo Svaluto Moreolo March 29, 2019, IPE In law, the choice of words is everything. Small differences in wording, which seem negligible to the untrained eye, often have profound implications. The wording concerning best execution in the most...

Fund Charges Debate Distracting From Real Issue

By Rachel Addison March 28, 2019, FTAdviser The debate over fund charges is doing nothing to help consumer trust in the asset management market, an industry professional has warned. Speaking at a Next Wealth conference in London this week...

Conference Quick Take: Springtime in New York

By Adrian Whelan, Brown Brothers Harriman Originally published at the On the Regs blog Adrian Whelan recently spent time in New York, the first stop on the speaking trail was the UCITS & AIFMD for US Managers conference, which provided...

E.U. Swap Users Still Hope for Single-Sided Reporting, One Day

By Samuel Wilkes March 25, 2019, Risk When the European Union first revealed plans to cut back unnecessary regulation through its REFIT program in 2015, derivatives users were quietly optimistic that authorities would take the pruning shears to the...

Wall Street Says It’s Ready for MiFID-Style Changes to Come to the U.S.

By Benjamin Bain March 22, 2019, Bloomberg Wall Street brokers have taken the unprecedented step of urging U.S. regulators to let them charge clients separately for stock and bond analysis, a change that would upend the industry if it...

EVIA Calls for Open Access Revival

By Louisa Chender March 22, 2019, Global Investor Group The European Venues and Intermediaries Association (EVIA) said restricting access to central counterparties (CCPs) is one of the most “harmful outcomes” of MiFID II as it called for open access...

Industry Working Through Capital Regulation – Panel

By Luke Jeffs March 21, 2019, Global Investor Group The derivatives industry is facing uncertainty over the capital regulations that are applied to its participants as policy-makers in the U.S. and Europe move slowly towards a new methodology for...

SIs Add Value, but No Evidence for Speed Bumps – Panel

By Louisa Chender March 22, 2019, Global Investor Group Systematic internalizers are proving they add value to the market while there is no evidence to show speed bumps will do the same, according to panelists at FOW Trading Amsterdam....

MiFID II v. Brexit: Market Demands Share Trading Obligation Clarity

By Sharon Kimathi March 20, 2019, Practice Insight from IFLR Brexit and its effects on Mifid II are at the forefront of industry discussions, especially around the treatment of the share trading obligation (STO) post-Brexit. “Fragmentation of liquidity in...

MiFID II in Asia: Big Buy-Side Clashes With Regulators, Domestic Firms

By Thomas Helm March 19, 2019, Practice Insight from IFLR Although many large international buy-side firms support implementing MiFID II’s unbundling rule across the globe, various Asian regulators and smaller domestic buy-side firms are unhappy with the new dynamic,...

Europeans Try to Kill MiFID Rule in Brexit Derivatives Fight

By Viren Vaghela and Silla Brush March 20, 2019, Bloomberg The City of London is getting another reminder of how fraught post-Brexit dealings with the European Union could get in the $1.5 trillion-a-day market for exchange traded derivatives. Lobbyists...