Ivy Schmerken Editorial Director at FlexTrade Systems
With only four months to go until the MiFID II’s Jan. 3, 2018 implementation date, buy-side firms are facing huge changes in disclosure and transparency requirements, which could upend their data management architectures. Participants on a webinar hosted by A-Team focused on MiFID II: Data for Transparency, said that firms are wrestling with the ch...
09 August 2017 /regulation MiFID
Last week, SEC Chairman Jay Clayton said he asked the staff to develop a plan for creating a Fixed Income Market Structure Committee to advise the SEC on regulatory issues in the fixed-income markets. Clayton said the fixed income committee would be modeled after the Equity Market Structure Committee (EMSAC), and would be comprised of a diverse gr...
27 July 2017 /regulation
A wave of consolidation has hit high-speed trading firms and brokers in the past few months, and many are blaming low volatility and weak trading volumes in the face of rising compliance and market data costs. Starting with electronic market-maker Virtu’s acquisition of rival KCG in April, Two Sigma Securities buying options market-marker Timber Hi...
12 July 2017 /regulation
Foreign exchange participants are getting a crash course in ethical behavior. With the release of the FX Global Code for the wholesale foreign exchange market last month, the FX industry is counting on a single set of guidelines to prevent bad behavior in currency trading. Launched by the Bank International Settlements on May 25 in London, the fina...
14 June 2017 /regulation
Some experts are debating whether the complexity of the listed U.S. options market structure is hurting liquidity providers and driving some market makers out of the business. Options market makers are navigating a fragmented liquidity landscape, rising technology costs, and an arms race around high speed trading. Some electronic market makers, lik...
16 May 2017 /regulation
There is still uncertainty around the fate of the Order Protection Rule, a key rule governing U.S. stock trading that has led to more complexity, speed and order types, but also protects retail investors from receiving inferior prices on their orders. Also known as the trade-through rule, Rule 611 has been and still is a central tenet of Regulatio...
25 April 2017 /regulation Financial Services Regulation
Corporate bond trading platforms are in the news again. Platforms that have launched innovative all-to-all trading protocols are attracting buy-side firms to their venues. Despite skepticism a few years ago that all-to-all platforms wouldn’t attract liquidity, platforms like MarketAxess with Open Trading and Liquidnet’s have gained traction on the...
04 April 2017 /regulation Capital Markets Technology
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 MiFID
After more than a decade of debate, regulators are poised to act on a pilot for maker-or-taker pricing, a practice whereby market makers are paid a rebate to add liquidity and are charged a fee to remove liquidity by electronic trading venues. The SEC’s Equity Market Structure Advisory Committee (EMSAC) has recommended to move forward with a pilot ...
15 February 2017 /regulation
Political shocks such as Brexit and the U.S. election of Donald Trump jolted the foreign exchange markets in 2016, fueling more trading activity for hedge funds and bank trading rooms. Uncertainty around a stronger U.S. dollar and higher interest rates could drive more volatility into 2017. FX market pundits are pinning their hopes on lighter re
24 January 2017
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