FCA Says MiFID II Has Had ‘Positive’ Effects

By Philip Stafford and Siobhan Riding February 26, 2019, Financial Times The U.K.’s market watchdog has vowed to examine the effects of tough new E.U.-wide standards on analyst research — but warned struggling providers that it has so far...

Bracing for Data Disruption in a No-Deal Brexit Scenario

By Josehphine Gallagher and Amelia Axelsen February 22, 2019, Waters Technology European regulators are issuing clarifications on data sharing as Brexit’s March 29 deadline draws closer, but there are still deep concerns, should the U.K. exit the E.U. in...

E.U., Singapore Agree to Mutually Recognize Derivatives Trading Venues

February 21, 2019, Regulation Asia Singapore and E.U.-based firms will be able to trade derivatives on approved platforms based in either jurisdiction following proposed equivalence decisions by both regulators. The European Commission and the MAS (Monetary Authority of Singapore)...

Asset Managers Get Creative With Post-Brexit E.U. Access

By Sharon Kimathi February 20, 2019, Practice Insight from IFLR As it stands, U.K. investment managers will lose their licenses to provide financial advice to E.U. investors post-Brexit. A London-based buy-side risk manager has some creative solutions, but the...

£3.6bn Stuck in U.K. ‘Orphan Funds’, Warns Report

By Kate Beioley February 22, 2019, Financial Times Almost £4bn of U.K. investors’ money languishes in so-called “orphan funds” — sub-scale funds with persistently low inflows and often high charges. Many of these offer such poor value they should...

MiFID II Helps Tradeweb Reach Record European ETF Volumes in January

By Hayley McDowell February 18, 2019, The Trade Exchange traded fund (ETF) volumes in Europe reached record highs at Tradeweb in January, as MiFID II rules continue to have a positive impact on the asset class. Tradeweb said that...

Big Asset Managers Cut Research Costs at Higher Rate

By Siobhan Riding February 18, 2019, Financial Times Large asset managers have been more successful than smaller rivals at controlling costs in the wake of new European rules on research payments, raising concern about inequality between investment groups. MiFID...

Brussels Rejects Plea for Dual-Listed London Shares Trading

By Jim Brunsden and Philip Stafford February 14, 2019, Financial Times Brussels has rebuffed calls from E.U. asset managers who want to continue trading dual-listed shares in London after a no-deal Brexit, in an indication of the European Commission’s...

The Evolution of the DSB Product Committee: Helping Industry and ISINs Align

By Malavika Solanki, Derivatives Service Bureau Originally published on the TABBFORUM In a continuing effort to bring greater transparency and efficiency to the over-the-counter derivatives market, the Derivatives Service Bureau is evolving yet again, this time with its Product...

No-Deal Brexit May Move MiFID II Thresholds – Maijoor

By Andrew Neil February 13, 2019, Global Investor Group MiFID II thresholds could be changed if the U.K. leaves the E.U. without a deal, according to Europe’s top securities regulator. Speaking in Dublin on February 13, Steven Maijoor, chair...

MiFID II Finds Cheerleaders Among ‘Over-Brokered’ Industry

By Kristen McGachey February 11, 2019, Portfolio Adviser A sell-side survey revealing discontent among fund managers over the detrimental effect of MiFID II on analyst research has drawn buy-side criticism claiming that the industry was already “over brokered” and...

FCA Reveals MiFID Mistakes

By Rachel Addison February 8, 2019, FTAdviser The Financial Conduct Authority has warned the absence of enforcement action under MiFID II to date does not mean the regulator is satisfied with how the requirements are being implemented by the...

MiFID Rules ‘Corrupt’ Investment Strategies

By Rachel Addison February 8, 2019, FTAdviser Cost and charges requirements under MiFID II could “corrupt” investment strategies as consumers place too much focus on transaction costs outside of the wider investment context, the Investment Association has warned. MiFID...

The Unanswered Brexit Questions for Traders

By Philip Stafford February 11, 2019, Financial Times The near-paralysis in the U.K. parliament over Britain’s exit from the E.U. has kept alive the risk that the country tumbles out of the bloc without a withdrawal agreement at the...

GDPR: MiFID Funds Struggling with SEC Approvals

By Olly Jackson February 8, 2019, Practice Insight from IFLR The U.S.’ Securities and Exchange Commission (SEC) is allegedly blocking non-U.S. investors from registering as investment advisers due to concerns centered on the General Data Protection Regulation (GDPR). This...

ESMA to Suspend Publication of Vital MiFID II Calculations in Case of ‘No-Deal’ Brexit

By Hayley McDowell February 5, 2019, The Trade The publication of several key data sets and calculations needed to comply with various MiFID II rules will be temporarily suspended if the U.K. leaves the European Union without a deal,...

Financial Conduct Authority Blasted as 48 Fund Firms Face Fees Investigation

By Ali Hussain February 3, 2019, The Times Forty eight investment companies are under investigation amid concern that consumers are not getting the full picture on charges. The Financial Conduct Authority (FCA) clampdown comes a year after the introduction...

Regulators Probe Prices Reported Under MiFID II

By Louisa Chender February 1, 2019, Global Investor Group European regulators are taking a closer look at the prices reported under MiFID II as they step up supervision one year after the requirements were introduced. Regulators have shifted their...

End the Clash Over E.U. Research Rule, SEC Urged

By Siobhan Riding February 3, 2019, Financial Times The U.S. is being called on to align its regulations on funding investment research with those of the E.U.’s MiFID II as the Securities and Exchange Commission, Wall Street’s watchdog, examines...

Investors Fret About Dual-Listed Shares Under a Hard Brexit

By Philip Stafford February 3, 2019, Financial Times European investors are urging regulators to protect their ability to buy the London-listed shares of several major companies, including Royal Dutch Shell, Unilever, and Ryanair, should the U.K. leave the E.U. abruptly at the...

MiFID II SI Regime for Derivatives Delayed for a Second Time Until 2020

By Hayley McDowell January 31, 2019, The Trade The systematic internalizer (SI) regime for derivatives under MiFID II in Europe has been postponed by the E.U. markets regulator, marking the second delay to implementation since MiFID II came into...

MiFID II Sees Global Equities Trade Execution Rates Decline

By Hayley McDowell January 29, 2019, The Trade Execution rates on equity trades globally have fallen significantly over the course of 2018 as MiFID II unbundling rules in Europe take hold, according to Greenwich Associates. The firm said that...

Research and MiFID II: One Year On

By Garnet Roach January 25, 2019, IR Magazine After all the hype around research cutbacks, what does the reality look like a year into MiFID II? And what practical steps can IROs take around research? The effects of MiFID...

FCA Advances ‘Pounds and Pence’ Pension Advice Charge Plans

By Elliot Smith January 28, 2019, New Model Adviser The Financial Conduct Authority (FCA) has advanced proposals to make pension providers reveal how much clients are paying for advice in ‘pounds and pence’, seven months after it first suggested...

Regulation in 2019: Have Advisers Got the All-Clear?

By Damian Fantato January 28, 2019, FTAdviser A new year brings new challenges, and for advisers the challenges of the modern age see them increasingly concerned with regulatory and legislative change. From the RDR, to pension freedoms, MiFID II...

MiFID II Innovations Improve Equities Block Liquidity

By Shanny Basar January 22, 2019, Markets Media One third of investors said innovations such as periodic auctions and new block crossing platforms have improved their ability to source block liquidity according to a survey from consultancy Greenwich Associates....

MiFID II’s Transparency Rules Go Global

By Siobhan Riding January 20, 2019, Financial Times European financial regulation usually strikes fear into U.S. asset managers. Twelve months after the implementation of MiFID II, however, some U.S. managers are voluntarily signing up for transparency rules that do...

Gina Miller Calls for FCA Boss to ‘Regulate or Resign’ After MiFID II Failings

By David Ricketts January 21, 2019, Financial News City power couple Gina and Alan Miller have called for the chief executive of the Financial Conduct Authority, Andrew Bailey, to “regulate or resign” over a failure to enforce rules on...

New E.U. Rules Electrify Fixed Income Trading Volumes: Survey

By Josephine Mason January 17, 2019, Reuters Volumes of electronic trading in fixed income have jumped since European Union rules introduced a year ago made it more cumbersome to execute over-the-counter (OTC) business, in a bid to make deals...

Investors Bemoan MiFID II Best-Ex Failings

By Ben St. Clair January 17, 2019, Risk Financial market rules forcing trade venues to publish data are failing to improve best execution for investors, say users, amid complaints that the information is hard to collect and compare because...