Questions raised over UK trade bodies’ 10% rule fight

By Daniela Esnerova July 2, 2020, Money Marketing UK trade bodies have failed to call for changes to Mifid II’s 10 per cent drop rule in their responses to a European review of the directive. The rule requires investment...

Less than half of advisers now use percentage charging

By Imogen Tew June 30, 2020, FTAdviser Less than half of advice firms now use a percentage of assets charging model for all of their clients, research has shown, as regulatory pressures push advisers towards more versatile fee methods....

AIFMD Review Places EU Passports at its Center

By Adrian Whelan, Brown Brothers Harriman Originally published at the On the Regs blog The European Commission (EC) recently provided a roadmap about how it intends to revamp the Alternative Investment Fund Management Directive (AIFMD). The plans could have...

EU delays reform to futures market by a year

By Philip Stafford and Jim Brunsden June 24, 2020, Financial Times Brussels is delaying by a year the introduction of rules to boost competition in Europe’s futures markets, postponing the measures less than two weeks before they were due...

EPTA latest to stress Mifid II failings

By Luke Jeffs June 22, 2020, Global Investor Group Trade body the European Principal Traders Association has become the latest to criticise Europe’s Mifid II regulation, arguing it has loopholes that have allowed banks to dominate the European bond...

Europe’s Time-Starved Traders Want to Keep Working From Home

By Ksenia Galouchko, William Canny, Lisa Pham, and Jan-Patrick Barnert June 12, 2020, Bloomberg Europe’s stock traders used to frown at the notion of working from home. But the pandemic has changed all that and most now want to...

Mifid II and research unbundling: everybody calm down

By Hugo Bromley June 17, 2020, Practice Insight from IFLR European research will stay unbundled, with proposed reforms to research unbundling likely to be restricted to research on companies with a market cap of €1 billion ($1.13 billion) or...

Mifid II: lingering data issues are key impediment to consolidated tape

By Alice Tchernookova June 18, 2020, Practice Insight from IFLR While debate still rages over what an EU consolidated tape (CTP) should look like and what instruments it should cover, the market is coalescing around one idea: data quality,...

Analysis of AMF data reveals largest ELP SI market shares in France

By Hayley McDowell June 17, 2020, The Trade XTX Markets grew its market share as an electronic liquidity provider systematic internaliser (ELP SI) in French equities from around 8% to a market-leading 13% during the first quarter, according to...

Sweden Weighs Stricter Bond-Trading Rules After Funds Gated

By Love Liman and Rafaela Lindeberg June 15, 2020, Bloomberg Sweden’s financial watchdog says it may need to tighten rules around bond trading following a liquidity crunch that led 35 fixed-income funds to slam shut in March. Peter Svensson,...

EU Guides CCPs On Clearing Exchange-Traded Derivatives

By Najiyya Budaly June 11, 2020, Law360 Europe’s markets watchdog on Thursday issued guidance aimed at helping central counterparties and trading venues assess whether exchange-traded derivatives can have access to their clearing services, given the potential risks caused by...

ESMA leaves door open to open access extensions

By Ross Lancaster June 11, 2020, GlobalCapital Open access, a delayed rule from the Markets in Financial Instruments Regulation (MiFIR), will force CCPs to clear any instrument that has been traded on a venue. The rule would stop siloed...

Yes, Brexit is Still Happening: Are You Ready?

By Adrian Whelan, Brown Brothers Harriman Originally published at the On the Regs blog As the industry collectively continues to navigate the COVID-19 pandemic, thoughts have started to turn to consideration of back-to-office protocols and at last it seems...

European regulator accepts virus could delay futures rules

By Philip Stafford June 11, 2020, Financial Times Europe’s markets regulator has accepted that sweeping new rules for futures markets are unlikely to come into effect next month, as planned, because the turbulence caused by the coronavirus pandemic has...

EMIR Refit delay shows “flexibility” – ISDA

By Wendy Lisney June 9, 2020, Global Investor Group The International Swaps and Derivatives Association has welcomed a decision by the European Securities and Markets Authority (ESMA) to delay its European Markets Infrastructure Regulation (EMIR) Refit consultation to allow...

EU considers urgent easing of capital market rules to boost recovery

By Huw Jones June 5, 2020, Reuters Easing European Union securities rules could help recapitalize companies more quickly and assist the recovery of the economy from its COVID-19 recession, an EU document suggests. The EU had already begun a...

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...