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Beyond Europe: MiFID II and CAT for US firms

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To SI or not to SI, that is the question

To SI or not to SI, that is the question

Blog With MiFID II regulation now less than 12 months away, the race to ensure compliance heats up. In a recent letter penned by Steven Maijoor ESMA Chair, Mr Maijoor expressed concerns on the “potential establishment of networks of Systematic Internalisers (SIs) to circumvent certain MiFID II obligations.” The implementation of MiFID I saw the introduction […] June 13, 2017

Trading technology: keeping up with change

Trading technology: keeping up with change

Blog The build vs. buy debate has raged for decades now. Financial technologists know they must build to get the complete customization their internal customers demand. But they must buy if they are to make ongoing maintenance of cutting edge systems both an economic and a practical reality. Keeping up with change in the global financial markets […] January 20, 2017

Regulatory overload in global derivatives markets

Regulatory overload in global derivatives markets

Blog A raft of incoming regulatory initiatives globally is turning sharp focus on improving transparency and oversight in derivatives trading systems. The consistency of message to market practitioners from different regulatory jurisdictions is to be applauded. But with the cost of compliance counted in millions of dollars per firm, there are concerns that market participants are […] November 14, 2016

The convergence of principal and agency trading technology

The convergence of principal and agency trading technology

Blog Agency trading technology was traditionally very different from that used for principal  trading. Greatly simplified, principal trading required extreme performance, while rich features and flexibility were key in agency trading. Now, this is about to change. But before we examine what is driving the convergence, let’s take a look at what originally drove them apart. Principal trading involves a […] November 1, 2016

High time to implement the MAR/MiFID II legislative frameworks

High time to implement the MAR/MiFID II legislative frameworks

Blog The legislative frameworks of both MAR and MiFID II are in effect (i e decided upon and published in the EU's Official Journal). May 28, 2016

Scope of MAR/CSMAD/MiFID II legislation

Scope of MAR/CSMAD/MiFID II legislation

Blog July 3rd 2016, is a sharp deadline. By that date investment firms must have systems and procedures in place to prevent and detect market abuse and attempted market abuse, as specified in the Market Abuse Regulation (MAR). The bar will be raised even further on January 3rd 2018, when MiFID II is expected to apply, introducing even more rigorous requirements on market abuse detection and prevention. May 11, 2016

MiFID II delay: The realistic options for a revised implementation timeline

MiFID II delay: The realistic options for a revised implementation timeline

Blog On October 10, 2015, the European Securities and Markets Authority (ESMA) informed that the planned implementation timeline for MiFID II will not hold, asking the European Commission to allow for a delay. This announcement started a harsh debate between ESMA and the European Commission. However, on February 10, the European Commission proposed a postponement of MiFID II by a year, setting the new target date at January 3, 2018. Even if the European Parliament and the member states must formally approve the proposal, the event of a delay is now almost a certainty. March 21, 2016

The new tick size regime under MiFID II: a balancing act

The new tick size regime under MiFID II: a balancing act

Blog The tick size is the smallest increment permitted in trading a security. It can be seen as the price of time priority in the order book. A small tick size equals a low price to get ahead in the queue; a large tick size equals the opposite. This makes tick size an important parameter in the market micro structure. Setting the “right” tick size is difficult, however; the “Laffer curve” sometimes used to describe the expected effects of taxation arguably applies to tick sizes as well.    February 23, 2016

MiFID II and best execution – what about quality of execution?

MiFID II and best execution – what about quality of execution?

Blog A key tenet of the EU’s MiFID II directive is best execution. The UK’s Financial Conduct Authority (FCA) has also identified this as a key focus area but the question remains: what exactly does it mean? December 10, 2015

MiFID II: time to get to work

MiFID II: time to get to work

Blog The recent and ongoing speculation around the possible delay in MiFID II’s implementation date – currently scheduled for January 2017 – should not distract market practitioners from the task in hand: to assess their obligations under the regulation and take appropriate steps towards meeting a tight deadline. Even a delay of one year does not create much breathing space. November 25, 2015