Exchange leaders call for joined up regulation

By Luke Jeffs June 4, 2019, Global Investor Group The leaders of the world’s top exchanges have called for international regulators, particularly those in Europe and the U.S., to align their agendas more closely and simplify cross-border trading. Speaking...

ESMA, National Watchdogs Assess Application of MiFID II

By Paige Long June 4, 2019, Law360 The European Union’s top securities regulator has launched a new initiative with national regulators across the bloc aimed at making sure sprawling trading rules that came into force in January last year...

FCA to transition to “enforcement mode” soon – Duff & Phelps

By James Thursfield June 3, 2019, Global Investor Group Duff & Phelps expects the U.K. financial markets watchdog to step up its enforcement of transaction reporting requirements soon, which might catch out firms that are unaware that they are...

MiFID rules inhibit use of multiple platforms by advisers

By David Thorpe May 30, 2019, FTAdviser The MiFID II rule requiring advisers to notify clients of a 10 per cent drop in their portfolio is putting some advisers off using multiple platforms. Philip Milton, who runs PJ Milton...

E.U. advisory firms still not complying with MiFID II

By Thomas Helm May 30, 2019, Practice Insight from IFLR The majority of advisory firms are still not fully compliant with the FCA’s Prod Rules and their E.U. equivalents, according to consultancy sources. The diverse rules, which exist to...

Fund groups add MiFID top-ups as Brexit fears persist

By Owen Walker June 1, 2019, Financial Times Dozens of global asset managers have been given permission by regulators in Dublin and Luxembourg to set up investment operations outside the U.K. in moves that could undermine London’s role as...

Poor Data Hampers Best Execution Analysis

By Shanny Basar May 31, 2019, Markets Media Fund managers are frustrated with the lack of uniformity and standardization of data from the sell-side which they need to fulfill their reporting requirements for best execution due to MiFID II....

Desperate Times Call for New Approaches: Substantial Underperformance of European Managers Post-MiFID II Requires Fresh Thinking

By Neil Scarth, Kite Edge Originally published on the TABBFORUM Post-MiFID II, U.S. managers appear to be outspending their European counterparts on market research, and European managers’ relative performance has suffered as a result. If managers have to work...

Bankers bemoan MiFID’s high costs and unclear benefits

By Philip Stafford May 23, 2019, Financial Times For one of Europe’s most senior markets regulators, the arrival of MiFID II after seven long years has been a real tonic. It was “a smoother than expected transition to the...

Curious case of Colombian bonds raises fresh doubt over MiFID II reports

By Samuel Agini May 24, 2019, Financial News Colombian government debt trades supposedly worth hundreds of billions of euros are at the center of a mystery in Europe’s bond markets, where tough new reporting requirements continue to puzzle traders...

Analysts Make Research Cooler, Wonkier, and Bespoke to Lure Cash

By Justina Lee May 21, 2019, Bloomberg UBS analysts tore a Tesla Model 3 apart. They teamed up with engineers to examine its parts and detail its technology. They did the same with BMW and Chevy electric vehicles. Then...

MiFID II having negative impact on European equity liquidity sourcing

By John Brazier May 21, 2019, The Trade The introduction of MiFID II to Europe’s equities markets has made sourcing liquidity a harder task for the buy-side, according to a new report from Greenwich Associates. A review of the...

Best execution risks being “theoretical” – report

By Louisa Chender May 23, 2019, Global Investor Group The concept of best execution could end up being merely theoretical rather than delivering real value to investors in practice due to ongoing data quality issues, according to a Liquidnet...

MiFID II unbundling opened Pandora’s box – Liquidnet

By Louisa Chender May 24, 2019, Global Investor Group MiFID II research unbundling requirements has set a precedent for firms across the globe that would be difficult to reverse, according to Liquidnet’s head of market structure and strategy. For...

Morningstar: European ETF assets to hit €2trn by 2024

By Tom Eckett May 16, 2019, ETFStream Morningstar has predicted assets under management European-domiciled ETFs will almost triple to hit €2trn by 2024 due to favourable regulatory changes, innovation and increasing understanding on the benefits of low-cost investing. In...

MiFID II critics are not seeing the big picture

By Karel Lannoo May 16, 2019, Financial Times The MiFID II rules are leading to broader participation in capital markets by Europe’s savers. This will far outweigh the costs, such as the more reduced investment research on small stocks....

Big banks to fight MiFID push for extra transparency in FX markets

By Eva Szalay May 15, 2019, Financial Times Some of the biggest banks in the $5tn-a-day currency markets plan to use a prominent lobby group to push back at rules requiring them to disclose the charges they impose on...

Dark pool trading volumes surge to pre-MiFID II levels

By Hayley McDowell May 14, 2019, The Trade Volumes on European dark pools in April reached the largest share of on-exchange trading in the post-MiFID II era, according to an analysis by TABB Group. The analysis found that dark...

Goldman/UBS fines sharpen MiFID reporting compliance

By David Braid May 14, 2019, Practice Insight from IFLR The pressure is now on banks’ transaction reporting teams following two high-profile fines being meted out by the UK Financial Conduct Authority (FCA) recently. Some are expecting further fines...

ETFs’ liquidity under question

By Rebekah Tunstead May 14, 2019, bobsguide Despite disagreement over the liquidity level of exchange traded funds (ETFs) thanks to the volume number of funds that are traded off-exchange, ETFs remain liquid, said Deborah Fuhr founder of ETFGI at...

Why MiFID II is a menace to investment banking in Europe

By Andrea Vismara May 12, 2019, Financial Times MiFID II is contributing to the slow death of European investment banking, and regulators must act. The directive, brought into force in early 2018, demands the completely unnecessary unbundling of the...

How to guard against MiFID’s unplanned effects

May 13, 2019, Financial Times It has been in effect for a much shorter time than its ill-tempered gestation, but the E.U.’s second Market in Financial Instruments Directive (or MiFID II) is already shaking up equity investing throughout Europe...

No more delays on MiFID open access, E.U. regulator says

By Costas Mourselas May 13, 2019, Risk First it was on, then it was off. Now it’s back on again. The far-reaching regulatory change designed to give European financial market users free choice of where to clear their trades,...

A Hard Look at the E.U.’s Changing Bond Markets

By George Bollenbacher, TABB Group Originally published on the TABBFORUM Although the European fixed income market is thought to be considerably smaller and more fragmented than the U.S. market, it is undergoing at least as much change as seen...

Industry Steps Up Calls for European Consolidated Tape

By Hamad Ali May 6, 2019, Waters Technology Until the introduction of the first Markets in Financial Instruments Directive (MiFID) in 2007, European stocks usually traded on domestic exchanges. If a firm didn’t trade any French stocks, it didn’t...

Technical issue sees ESMA delay crucial MiFID II systematic internalizer data

By Hayley McDowell May 1, 2019, The Trade A technical issue has forced the E.U. financial regulator to delay the publication of crucial data for systematic internalizer (SI) determination that market participants need to comply with MiFID II in...

How MiFID has made its mark in the U.S.

By Richard Henderson May 6, 2019, Financial Times The launch of MiFID II represented Europe’s biggest shake-up in the relationship between banks and investors in a generation. Now an unusual switch from U.S. regulators may help elements of it...

Where now for the rules that rocked European finance?

By Philip Stafford and Katie Martin May 6, 2019, Financial Times Helping small and medium companies access capital markets was at the heart of MiFID II but more than 16 months on, bankers and regulators are worrying that Europe’s...

Reform helps to flip cost of research on to small companies

By Nikou Asgari May 6, 2019, Financial Times Some small brokers have found a way to survive in the new era of heavily regulated financial market research: getting more companies to pay to be analyzed. Many big investment banks...

Why MiFID spoiled the business of matchmaking

By Ben McLannahan May 6, 2019, Financial Times In hindsight, an emerging markets conference put together by Deutsche Bank in New York in September 2017 was something of a high-water mark. Senior executives from companies from Montevideo to Moscow...