UK to Lose More Swap Trades When FCA Brexit Powers Expire

By Samuel Wilkes May 18, 2021, Risk London will face further loss of swaps trading activity unless stop-gap powers conferred on the Financial Conduct Authority can be made permanent before they lapse at the end of next year, market...

PIMFA Chief: New Post-Brexit Regulation Supports FSCS Reform

By Liz Field May 18, 2021, Money Marketing Now that we have left the European Union (EU), HM Treasury, the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) are bringing forward new post-Brexit regulations in the areas...

Asset Managers Demand Better Data for Product Governance

By Nicholas Pratt May 12, 2021, Funds Europe A lack of accessible product data is the leading governance concern among asset managers, according to a recent study. The research, jointly conducted by IT services consultancy Idea Group and financial...

Post-Brexit Regulatory Divergence Is Imminent

By Alice Tchernookova May 13, 2021, Practice Insight from IFLR Four full months have now passed since the end of the Brexit transition period, and settings in the financial regulation space are about to change significantly, sources have claimed.  While EU and...

CCP Open Access Meets a ‘Disappointing’ Death in UK

By Samuel Wilkes May 12, 2021, Risk The UK Treasury’s decision to scrap rules that allow market users to clear listed derivatives at a central counterparty of their choice has been met with disappointment among a coalition of the...

The UK’s Chance to Define Europe’s Best Execution Blueprint

By Anish Puuar May 6, 2021, The Trade With the Financial Conduct Authority (FCA) poised to scrap MiFID II’s so-called RTS 27 and 28 reports, the UK has an opportunity to set Europe’s gold standard for best execution monitoring....

FCA’s MiFID II Proposed Changes Could Save Asset Managers £6.7m in Compliance Costs a Year

By Pedro Goncalves May 7, 2021, Investment Week The Financial Conduct Authority (FCA) proposed changes to the MiFID II reporting rules could see asset managers save up to £6.7m in compliance costs a year, research suggests. Asset managers in...

Green Transition Potentially Damaging for SMEs

By Thomas Helm May 6, 2021, Practice Insight from IFLR With the Sustainable Finance Disclosure Regulation (SFDR), the EU taxonomy, the election of Joe Biden, the European Green Recovery and a furious investor appetite for ESG products, the green...

Can Brexit Put the MiFID House in Order?

By Jon Yarker April 30, 2021, Money Marketing As a journalist covering financial advice, I like to think I have a solid understanding of what advisers do and don’t like. In fact, here’s a brief list. Likes: Building a...

Clearing Post-Brexit: What Happens Now?

By Joe Parsons May 7, 2021, The Trade When the UK and EU announced their last-minute post-Brexit agreement and there was little to no mention of financial services, the eventual divergence on trading regulation was inevitable.  Early signs of...

Gensler Sits Down to a Full Plate

By Adrian Whelan, Brown Brothers Harriman Originally published at the On The Regs blog We explain some of the top issues likely to ensure Mr. Gensler doesn’t get a whole lot of a “honeymoon period” when he takes his...

UK Regulator Proposes ‘Quick Fixes’ for MiFID Rules

By Chris Flood April 28, 2021, Financial Times The UK’s financial regulator has proposed several “quick fixes” to rules covering investment research and reporting requirements for share trading to ensure that asset managers are not at a disadvantage to...

ESMA Plan ‘Won’t Help’ Fix MiFID Swaps Data Problem

By Samuel Wilkes April 26, 2021, Risk European transparency rules for over-the-counter derivatives have given regulators a Gordian knot of a problem: how to make sure firms understand when their off-venue trades must be publicly disclosed? And just as,...

Regulators to Examine Crypto Exchange Binance’s Foray Into Equities

By Adam Samson, Philip Stafford, and Olaf Storbeck April 22, 2021, Financial Times European regulators are examining whether Binance, one of the world’s biggest cryptocurrency exchanges, has complied with securities rules over its launch of trading in stock tokens....

Should the FCA Scrap the 10% Drop Rule?

By Damian Fantato April 23, 2021, FTAdviserThe Financial Conduct Authority should scrap the 10% drop rule during its upcoming review, according to guests on the latest edition of the FTAdviser Podcast. Earlier this year the FCA announced plans to...

Navigating the Post-Brexit Trading Landscape

By Mike O’Hara April 22, 2021, A-Team Insight It’s now almost four months since the UK exited the EU, and from a trading and market infrastructure perspective, a clearer picture of the post-Brexit landscape is starting to emerge, although...

Brace for Reporting Changes Under ESMA’s Review

By Simon Appleton April 16, 2021, Global Investor Group It may seem just like yesterday when we were all grappling with the sweeping changes being brought by the introduction of MiFID II. But we all need to brace...

UK Scraps MiFID II Requirements in Ambitious Capital Markets Reform

By Annabel Smith April 19, 2021, The Trade Chancellor Rishi Sunak has set out plans to scrap certain MiFID II requirements in an ambitious plan to reform the UK’s capital markets regime following Brexit.  The proposed changes announced by...

MiFID II Quick Fix: No Material Impact on SME Research

By Thomas Helm April 15, 2021, Practice Insight from IFLR The worrying situation of SME research in Europe has not seen any improvement under the MiFID II “quick fix” package, according to sources. Nor do the majority of buy-side...

Blast From the Past: Scrutiny and Frictions Follow EMS Vendors Into Fixed Income

By Luke Clancy June 2, 2020, Risk Trading systems of the type used in foreign exchange to aggregate prices from multiple dealers and venues are increasingly sought after in fixed income markets, where direct streams and upstart execution platforms...

Blast From the Past: 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 legal...

Blast From the Past: EU ‘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...

MiFID II Review to Look at Systematic Internalizers

By Thomas Helm April 8, 2021, Practice Insight from IFLR The MiFID II review – or MiFID “R” as it sometimes known – will aim to harmonize transparency obligations among trading venues and systematic internalizers (SI), according to sources. Since...

Blast From the Past: EU Tells Traders Working From Home: Take Notes if You Can’t Record Calls

By Huw Jones March 20, 2020, Reuters The European Union’s markets watchdog has told stock and bond traders working offsite because the Coronavirus has shut their trading floors to take notes if they can’t record telephone conversations with customers....

Blast From the Past: EU Watchdog to Nudge Bond Trades Closer to Real-Time Transparency

By Huw Jones March 10, 2020, Reuters The European Union’s markets watchdog has proposed making it harder for traders to obtain “waivers” from transparency rules for bonds. The bloc’s MiFID II securities rules introduced just over two years ago...

Blast From the Past: Traders Across Europe Face Up to the Cost of Failure

By Philip Stafford January 9, 2020, Financial Times Banks and asset managers will soon be grappling with a revolution in European securities markets that could push up the cost of trading by billions a year. New European rules are...

Blast From the Past: Passive Investing Boom Reaches Europe as Assets Hit $1 Trillion

By Chris Flood January 5, 2020, Financial Times Europe has rushed to join the passive investing boom, with the assets held in exchange traded funds surging beyond the $1 trillion mark for the first time as disenchantment with stockpickers...

Brexit Highlights Need for Consolidated Tape

By Thomas Helm March 31, 2021, Practice Insight from IFLR While Tradeweb supports a consolidated tape, it believes any future project should leverage the existing infrastructure and framework rather than create something from scratch. “APA providers have significantly invested...

PIMFA Warns on Post-Brexit Regulation Wave

By Jon Yarker April 6, 2021, FT Adviser PIMFA has specifically identified the Investment Firm Prudential Regime as one for firms to be aware of, due to its similar size and complexity to MiFID II.  IFPR is designed for...

Asset Managers Have a Huge Hole in Their Platform Data

By Bella Caridade-Ferreira and Kevin Okell April 6, 2021, Money Marketing The FCA recently completed a review of product governance across a sample of eight asset management firms. Ironically, given the UK has just left the European Union, its...