MiFID II Boosts Electronic Fixed Income Trading

By Shanny Basar December 11, 2018, Markets Media Electronic trading has grown between 77% and 56% across bond asset classes since the introduction of new regulation in the European Union this year. MiFID II went live in the E.U....

ESMA Updates DVC Data

By Jenna Lomax December 10, 2018, Securities Lending Times The European Securities and Markets Authority (ESMA) has updated its public register with the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive (MiFID...

Leaked E.U. Paper Softens French Blow to MiFIR Equivalence

By Samuel Wilkes December 10, 2018, Risk A draft legislative proposal from the Council of the European Union removes severe curbs on third-country investment firms put forward by its French members, which would have replaced the E.U.’s relevant equivalence...

MiFID II Leads to Global Demand for Transparency

By Chris Flood December 9, 2018, Financial Times European rules on the funding of investment research are changing behavior globally in a shift that has consequences for fund houses, banks, brokers and investors. MiFID II, introduced in January, requires...

How Identifiers Are Driving Transparency in Financial Markets

By Justin Pugsley December 3, 2018, Global Risk Regulator One priority in the near future will be to iron out identifier inconsistencies, drive adoption and make them more useful for industry and regulators, says Emma Kalliomaki, managing director at...

ISIN Fees Rise for the Second Year Running

By Jamie Hyman December 6, 2018, Waters Technology As the Derivatives Service Bureau (DSB) moves into its second year of operation, its highest-volume users will pay more for International Securities Identification Numbers (ISINs). The DSB, the fully automated generator...

London’s Stockbrokers Fight for Survival

By Hannah Murphy December 5, 2018, Financial Times A new game has become popular in the City of London: making bets on which famous stockbroking name will disappear first. The industry — whose business is notoriously feast or famine...

MiFID II Worries U.S. Buy-Side

By Terry Flanagan December 6, 2018, Markets Media Markets in Financial Instruments Directive II will turn one on January 3, 2019. How has the sweeping European directive impacted the U.S. equities market and how has it affected brokers’ relationships...

WBR ELS: T. Rowe’s Williams Talks SEC and MiFID II

By John D’Antona December 6, 2018, Markets Media The buy-side has many things on its collective mind and one trading head at a major asset manager isn’t afraid to speak them. In the Buyside Keynote address here at the...

Banks Warned on Holes in E.U.’s Proposed Brexit Relief

By Philip Alexander December 3, 2018, Risk There may be 28 signatures on the Withdrawal Agreement, but swaps market participants are being warned to continue preparing for legal obstacles in trades between European Union and U.K. counterparties in the...

Post-Trade Transparency Is Problematic for SIs – Kaizen

By Louisa Chender December 3, 2018, Global Investor Group MiFID II post-trade transparency requirements are particularly challenging for systematic internalizers (SIs), an expert said. Under MiFID II, SIs and other trading venues are required to publish the volume and...

Voice Brokers Lack Full View of Compliance Risk – Experts

By Louisa Chender December 4, 2018, Global Investor Group Voice broking firms do not have a complete view of compliance risks until the speech is converted to data, experts say. According to Anthony Tassone, founder of U.S.-based transcription firm...

Periodic Auction Review: It’s About Time

By Christian Voigt, Fidessa Originally published on the Fidessa ‘Regulation Matters’ Blog and on the TABBFORUM ESMA’s recent call for evidence on periodic auctions is a useful fact-finding exercise for the wider market and its regulators to finally settle...

FCA to Curb Regulatory Arbitrage Risk Post-Brexit

By Louisa Chender November 30, 2018, Global Investor Group The Financial Conduct Authority (FCA) is working to tackle the risk of regulatory arbitrage that may occur when the U.K. leaves the bloc. The U.K. regulator published an E.U. withdrawal...

MiFID II in October: Blocks and ELP SIs Pick Up Steam

By Tim Cave, TABB Group Originally published on the TABBFORUM European equity volumes continued to rise in October following the summer slowdown as volatility hit markets, with volumes up by 15 percent month over month. The most notable trend...

OTC Trading Platform Innovation of the Year: Tradeweb AiEX

November 27, 2018, Risk Hollywood has a term for it: a sleeper hit. Likewise, Tradeweb AiEX’s foray into swaps may have had an inauspicious start but its success in 2018 has made it one of the financial industry’s breakout...

Best Practice: MiFID II Research Unbundling

By Lizzie Meager November 27, 2018, Practice Insight from IFLR Mifid II’s unbundling framework has already had a transformative effect on the way research is bought, sold and consumed globally. Less than a year after implementation fund houses have...

French Watchdog Calls for Rethink of Research Rules

By David Keohane and Philip Stafford November 27, 2018, Financial Times The French markets watchdog is calling for a rethink of the European markets rules that split share trading from analyst research earlier this year. Robert Ophèle, chairman of...

As Brexit Looms, MiFID Transparency Faces the Chop

By Samuel Wilkes November 26, 2018, Risk Implementing Europe’s MiFID II has not exactly been a walk in the park. But Brexit will make it harder still, as some of the wide-ranging trading rules look set to break into...

Buy-Side Sees FICC Research Glut

By Shanny Basar November 26, 2018, Markets Media Asset managers are using fewer research providers for fixed income, currency and commodities but said this is not having a negative impact on returns, highlighting a potential oversupply. The asset management...

FCA to Supervise U.K. Trade Repositories After Brexit

By Louisa Chender November 23, 2018, Global Investor Group The Financial Conduct Authority (FCA) clarified it will become the lead supervisory authority for trade repositories after Brexit, despite having a shared remit with the Bank of England. The FCA...

Market Searching for MiFID II Best Practice

By Lizzie Meager November 22, 2018, Practice Insight from IFLR Banks and their legal teams are still spending a considerable amount of time on MiFID II implementation, according to in-house sources. MiFID II became fully effective in January, at...

Brexit: Lobby Groups Call for Action to Prepare for ‘No Deal’ Outcome

By Jeremy Woolfe and Nick Reeve November 19, 2018, Investment & Pensions Europe Lobby groups in Brussels have urged financial services groups to be prepared for last week’s withdrawal agreement between the U.K. and E.U. to be rejected. The...

The Day the Data Stood Still

By James Rundle and Amelia Axelsen November 16, 2018, Waters Technology The list of issues associated with the U.K.’s planned departure from the European Union (E.U.) in March 2019 is long, complicated and half-finished. But now, regulators in the...

ESMA’s Periodic Auction Review Gets Positive Response

By Shanny Basar November 15, 2018, Markets Media Market participants have welcomed the European Securities and Markets Authority’s call for evidence on periodic auctions for equities, as the data gathered can then be used to influence policy. Ben Stephens,...

SI Regime Allows for Registration Benefits Without Transparency Obligation

By James Thursfield November 15, 2018, Global Investor Group The European Securities and Markets Authority’s (ESMA) latest clarification on the systematic internalizer (SI) regime allows for firms to benefit from SI registration without the accompanying transparency obligations, a legal...

FIA Calls for Clarification on Post-Brexit Equivalence for Venues, TRs

By James Thursfield November 15, 2018, Global Investor Group The Futures Industry Association (FIA) has called for greater clarification on whether post-Brexit equivalence will be granted to U.K.-based trading venues and trade repositories. In a statement on November 14,...

Tradeweb Chief Wants to Create Amazon for Bonds

By Samuel Agini November 14, 2018, Financial News Lee Olesky’s kids wish he had picked a business more easily explained to their friends. The year after Jeff Bezos’s little online bookstore opened its virtual doors for the first time,...

Structured Product Platforms Take Off in Asia

By Natasha Rega-Jones November 14, 2018, Risk Five years ago, it would have taken Lemuel Lee, deputy head of Asia investment services at BNP Paribas Private Banking, almost an hour to source the best price for a vanilla structured...

Imperfect Harmony: Industry Balks at E.U. Foreign Venue Rules

By Samuel Wilkes November 13, 2018, Risk Many foreign venues will then be forced to choose between complying with onerous extraterritorial rules, in addition to their home requirements, and losing access to E.U. clients, direct or indirect. And even...