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MiFID

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UK trade bodies band together to influence MiFID - FT

UK trade bodies band together to influence MiFID - FT

A group of 11 UK trade associations have banded together to influence the way the European Union's Markets in Financial Instruments Directive (MiFID) is implemented following fears that City regulators could take an "overly stringent approach" to the new measures, says the FT.

16 August 2006

City banks to challenge LSE with rival trade reporting system

City banks to challenge LSE with rival trade reporting system

Ten City banks, thought to include Citigroup, Deutsche Bank, UBS and Merrill Lynch, are working together to set up their own system for the collection and sale of trading data that would by-pass those operated by the London Stock Exchange and other European exchanges.

15 August 2006

MiFID may hit LSE transparency, warns FSA

MiFID may hit LSE transparency, warns FSA

Plans to harmonise disclosure rules for large stock trades under the European Union's Markets in Financial Instruments Directive (MiFID) could end up reducing the transparency of the London stock market, says the UK's Financial Services Authority.

01 August 2006

Firms stop work on MiFID in face of FSA best execution proposals

Firms stop work on MiFID in face of FSA best execution proposals

Many firms have stopped work on planning for the implementation of the Markets in Financial Instruments Directive (MiFID) because of practical concerns over proposals from the Financial Services Authority (FSA) for the possible introduction of price benchmarks, says the London Investment Banking Association (Liba).

26 July 2006

Industry groups hit out at FSA best execution proposals

Industry groups hit out at FSA best execution proposals

Leading industry lobby groups have criticised proposals from the Financial Services Authority for the use of price benchmarks to demonstrate best execution in OTC and fixed income markets.

17 July 2006

Rule Financial releases BestX platform for MiFID

Rule Financial releases BestX platform for MiFID

London-based business and IT consultancy Rule Financial has launched BestX, a real-time trade reconstruction, data collection and storage platform that can help financial firms prepare for the forthcoming Markets in Financial Instruments Directive (MiFID).

11 July 2006

FSA cautions against extending MiFID to bond markets

FSA cautions against extending MiFID to bond markets

The Financial Services Authority is to tell the European Commission that it sees no reason for extending MiFID transparency requirements to the UK's secondary bond markets.

05 July 2006

McCreevy urges firms to prepare for MiFID

McCreevy urges firms to prepare for MiFID

EU internal market commissioner Charlie McCreevy has called for financial services firms to step up preparations for the implementation of the Markets in Financial Instruments Directive (MiFID) after the European Securities Committee approved the legislation.

27 June 2006

European Commission to probe transparency risks in non-cash markets

European Commission to probe transparency risks in non-cash markets

The European Commission is to investigate the imposition of MiFID-style transparency rules for fixed income and derivatives markets.

12 June 2006

Microsoft names Warford industry manager, capital markets, Emea financial services

Microsoft names Warford industry manager, capital markets, Emea financial services

Microsoft has appointed Sybase's Ian Warford industry manager for capital markets at its Emea financial services division, with a brief to help banks address issues such as algorithmic trading and the Markets in Financial Instruments Directive (MiFID).

05 June 2006

Thomson Financial acquires best execution outfit Market Systems

Thomson Financial acquires best execution outfit Market Systems

Thomson Financial has acquired privately-held Market Systems Inc (MSI), a provider of best execution compliance technology and services to US brokerage firms, market makers and exchanges. Financial terms of the deal were not disclosed.

24 April 2006

Gissing develops MiFID data output handlers

Gissing develops MiFID data output handlers

Market data technology vendor Gissing Software says it has developed two output handlers designed to help firms comply with the pre and post-trade reporting and transparency requirements of the EU's Markets in Financial Instruments Directive (MiFID).

19 April 2006

Financial firms unprepared for MiFID - study

Financial firms unprepared for MiFID - study

Senior managers at financial services firms are seriously underestimating the impact of the European Union's Markets in Financial Instruments Directive (MiFID) on their organisations, according to an EU-wide survey of bank executives conducted by KPMG and the Economist Intelligence Unit.

10 April 2006

MiFID tech group spins off

MiFID tech group spins off

Industry standards bodies collaborating on joint MiFID initiatives have moved to distance themselves from their own IT working group, which has been spun off as a commercial entity by its chairman PJ Di Giammarino.

06 April 2006

BoNY forms advanced tech team to meet best execution challenge

BoNY forms advanced tech team to meet best execution challenge

Bank of New York has formed a new 15-person Financial Engineering & Advanced Trading Solutions (Feats) unit to develop cutting-edge trading tools and technology for use by institutional clients of BNY Brokerage and Pershing.

15 March 2006

FSA drops training and competence rules for wholesale banking staff

FSA drops training and competence rules for wholesale banking staff

The Financial Services Authority (FSA) is relaxing regulations on the training and competence (T&C) of staff working in wholesale financial services firms despite its earlier warnings that organised gangs of criminals are infiltrating British banks to commit large scale frauds.

07 March 2006

MiFID swallowing IT budgets

MiFID swallowing IT budgets

Around a third of financial firms will be spending more than 10% of their IT budgets on implementing the European Union's Markets in Financial Instruments Directive (MiFID), according to California-based market data technology vendor VhaYu Technologies.

07 March 2006

Buy side move to auto-dealing set to accelerate - Tabb Group

Buy side move to auto-dealing set to accelerate - Tabb Group

Direct Market Access (DMA) trading and automated order routing are forecast to grow strongly over the next two years as buy-side traders increasingly move towards low-touch channels, according to a report by Tabb Group.

23 February 2006

New business lines encourage positive outlook at royalblue

New business lines encourage positive outlook at royalblue

UK dealing systems vendor royalblue is forecasting a positive outlook for the year ahead after posting solid gains in 2006.

13 February 2006

MiFID price tag estimated at £1 billion for UK firms

MiFID price tag estimated at £1 billion for UK firms

Despite some last-minute European Commission concessions, the UK's securities industry is still looking at a £1 billion price tag for complying with the Markets in Financial Instruments Directive (MiFID), says consultancy Atos.

07 February 2006