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A place to discuss MiFID
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For firms still procrastinating about finalising their plans to accommodate the changes required to capture, archive, and easily retrieve electronic communications (eComms) in accordance with MiFID II, the clock is ticking. Loudly. Although the 3rd January 2018 may seem a long way off, with almost every financial organisation initiating a change co...
26 July 2017 /regulation
Those of us who remember the good old days will recall the industry debate as to how much dark liquidity was really in existence. In one corner were the exchanges who, through FESE, claimed that the amount of malevolent dark trading going on was unacceptably high. In response the brokers claimed through their trade body, AFME, that actually it was...
26 April 2017 /regulation
In part one, I talked about the time synchronisation requirements coming into effect with regulations like MiFID II. Today I’d like to delve into some of the challenges that await us in tackling these requirements. Like any good sequel, this is where we take the concept from the original and expand it! Be warned however that as the middle act t...
27 March 2017 /regulation
I'm a movie lover. I've seen more than the average person and can re-watch the same film hundreds of times (I'm looking at you Star Wars, Jaws, Ghostbusters…). When you watch a lot of movies you start to spot the tropes, those little repeating themes, devices or motifs. One of my favourites is always just before the big third act set piece, in th...
20 March 2017 /regulation
Ivy Schmerken Editorial Director at FlexTrade Systems
North American broker-dealers and asset managers domiciled in the U.S. are watching their European counterparts gear up for compliance with MiFID II. But will MiFID II affect U.S. broker-dealers and asset managers based in the U.S.? Could the massive regulation that requires asset managers to unbundle research payments from executions, and quantify...
14 March 2017 /regulation
With less than a year to go until the application of MiFID II, it is becoming increasingly clear that cultural change is being pursued by the financial regulators as a pressure mechanism to achieve systemic compliance. A characteristic example is that of W H Ireland Limited who, in February 2016, was fined by the FCA for failing to take reasonable ...
13 March 2017 /regulation
Thomas the crossing network wasn't happy. For years he had enjoyed helping his friends buy and sell things amongst themselves. Sometimes he would even step in directly and agree to buy or sell something himself, especially if there was there was an awful lot of it. But now he had a tricky choice to make. The ruler of the land, The Regulator, had b...
22 February 2017 /regulation
At the forefront of Regulation AT has been a discussion on CFTC access to source code. That issue has been fought with strong opinions on both side of the argument. Regardless of any regulations, what are the ethical constraints that we in the electronic trading community should hold ourselves to? What rules should we apply to our activities even ...
21 November 2016 /regulation
The flip-side of changing market structures, furtherance of technologies and evolution of investment services is the emergence of risks hitherto unknown. Regulatory response to these challenges translates into swift and expansive reforms to curb and mitigate systemic risks and to maintain market order. While these reforms will have an extensive i...
13 October 2016 /regulation
Earlier this year the FCA introduced new guidelines to encourage firms to embrace the cloud. While compliance obligations remain paramount, it does open up the pathway for organisations to more effectively comply with data communications regulations and lower overall costs. However, there are still fears in some quarters that archiving in the clou...
12 October 2016 /regulation
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