MiFID

A place to discuss MiFID

Ivy Schmerken Editorial Director at FlexTrade Systems

MiFID II Research Unbundling Spreads Uncertainty to the U.S

Eighteen months after MiFID II rules to unbundle research payments from executions have been in force in Europe, U.S. asset managers are dealing with uncertainty around paying for research and how to compete with global firms that adopt the EU rules. Many US asset managers are evaluating the need for increased transparency in their own research pay...

15 July 2019 /regulation

Mete Feridun Chair at EMU Centre for Financial Regulation and Risk

EU prudential regime for investment firms - what's the state of play?

The new EU prudential regime for investment firms is expected to be published in the EU Official Journal towards October 2019 and to take effect around mid-2021. The regime introduces a tailored prudential framework for investment firms in the EU, setting new rules and requirements with respect to capital, liquidity and regulatory reporting, as we...

08 July 2019 /regulation

Retired Member 

Compromising on trading obligation

Today ESMA changed their mind on the share trading obligation (STO) in the event of a No-Deal Brexit. Under their new approach, any ISIN with the GB country code is now out of scope. Obviously, this change reduces the number of ISINs where EU buy-sides are forced to trade at home. Most importantly, among those instruments no longer subject to the ...

29 May 2019 /regulation

Retired Member 

Why Every Trade Participants need to be familiar with Regulatory Reporting

The evolving requirements of ESMA and Market Abuse Regulation (MAR) persuade Reporting Entities to strategize the reporting structure of a trade. Since MiFID II implementation, it is aiming at increasing investor protection by creating a more efficient, risk-aware and transparent market for investment services and activities. This regulatory init...

14 May 2019 /regulation

Retired Member 

What do you wish for in MiFID 2.1?

The European Commission is required to review MiFID 2 by March 2020. The German Finance Ministry kicked things off at the beginning of this year by inviting comments from the industry. Attending the recent FIA Compliance and Regulation Forum, I noted that many of the regulators and market participants seem to prefer targeted adjustments over a la...

26 April 2019 /regulation /wholesale

Retired Member 

Compliance: should smaller firms ask the question, 'why bother?'

In the wake of another whopping FCA fine of £34.3m to Goldman Sachs last week, following the £27.6m UBS fine, are the bigger players ignoring the regulations? MiFID and MiFID II introduced more regulatory overheads to firms in the UK, as well as the rest of Europe. Major projects have been set up and delivered on with overall costs amounting to bil...

04 April 2019 /regulation

Michael Chambers Director | Head of Prudential at Wheelhouse Advisors

New prudential regime for investment firms - how are MiFID managers impacted?

The prudential framework is a new rule book developed by the European Commission (EC) for investment firms. It is designed to be simpler and more proportionate to a firm’s operations. But with new rules come new challenges, and firms should take time now to assess the impact these rules will have on their capital, liquidity, remuneration and discl...

21 March 2019 /regulation

Steve Wilcockson Product Marketing at Quantexa

Life After MiFID II

It's been a busy and fun Autumn on the London financial services conference circuit. I've been lucky enough to attend a healthy diversity of events with distinct though intersecting agendas. I've attended two alternative data events, both heady mixes of vendor/user speed-dating interspersed with panel discussions, one up-and-coming Quant event and...

11 December 2018 /regulation

Marc Gratacos Founder and Managing Partner at TradeHeader

Reflections on FIX Trading France 2018

The FIX Trading Community’s second annual France Trading Briefing, held in Paris on November 22, picked up the baton and ran with a number of themes already touched on at its September Nordics briefing. Ongoing digestion of MiFID II MiFID II continues to exert a powerful gravitational pull, and the ongoing evolution of the regulation and its impac...

03 December 2018 /regulation

Retired Member 

It is about time

Last Friday, ESMA finally published its long anticipated call for evidence on periodic auctions. Periodic auctions became popular in 2017 and even more so through 2018 and so they are often linked to the introduction of MiFID II. While some opponents lambasted them as a cynical attempt to avoid the double volume cap, supporters have pointed out th...

14 November 2018 /regulation