There's no escaping the waves of regulation affecting every aspect of the financial marketplace. At Fidessa, we're constantly reviewing relevant materials and pulling together key facts, news and industry comment to keep up to date. Through this site, we're making that analysis available to you too. We're adding a bit of our own colour as well, in order to present regulation that matters in a more digestible way, helping you to identify what you have to plan for and what opportunities lie ahead. Scroll along the timeline below to see key regulatory milestones and click through to relevant documents and web sites.

Regulatory placebo effect

With great anticipation the industry awaits the announcement of the estimates for the double volume caps, now expected in March. Irrespective of the fact that ESMA has already missed one deadline, and with some in the industry waiting to see if there is any substance to a rumoured further delay, it’s... Read More

Peeling back the layers

Changes to the Large in Scale (LIS) thresholds in MiFID II appear to be relatively balanced at first sight – lower than under MiFID I for shares with a low average daily turnover (ADT) and significantly higher for those with a high ADT (Graph 1). However, include the transparency calculations recently... Read More

ESMA’s third-country venues – the naughty or nice list

ESMA recently issued guidance on the treatment of commodity derivatives traded on third-country venues in the context of the MiFID ll position limit regime. Prior to this is was not clear if commodity derivatives traded on a third-country exchange would be considered economically equivalent OTC (“EEOTC”)... Read More

Pieces coming together

Derivatives market participants have been rightfully concerned about the potentially adverse impact of MiFID II on global trading. However, the US and EU authorities have taken significant steps in recent weeks to mitigate some of those concerns. The CFTC has issued an interpretative letter regarding... Read More

Full steam ahead

Yesterday ESMA published the long outstanding reference data for equities and bonds. Captains of the industry might worry little about abbreviations such as LIS, SMS, ADT, AVT or ADNT. But the engineers below deck understand perfectly well that these are the crucial coordinates to keep the ship on course.... Read More

Clarity through the DEA tiers

An ESMA Q&A published this week provides some further guidance regarding the authorization of sub-delegated DEA providers, but it still leaves room for uncertainty. The Q&A draws a distinction between a DEA client that has EU exchange access directly via a member (Tier 1 DEA client), and a... Read More

More unanswered questions

At first glance, the MiFID II trading obligation for shares seems fairly benign, bringing the bulk of equities trading ‘safely’ back to regulated execution venues. Whilst appearing all encompassing, it still leaves room for plain old-fashioned OTC trading on an ad hoc basis (or, technically... Read More

MiFID II quick fixes

In its consultation for changing RTS 1, published yesterday, ESMA suggests that the tick size regime should also be extended to Systematic Internalisers. I don’t want to discuss whether it is a sensible proposal. Nor do I want to debate whether ESMA can use a Level 2 text to override the explicit... Read More

A decade on, it’s time for the sequel

So, MiFID I, you turn 10 today. Happy Birthday! That’s an excellent reason to pause and celebrate a little. When you first arrived markets were dominated by national stock exchanges with little or no pan-European focus, trading was mostly manual, and smart order routing and best execution were... Read More

Who makes the decisions around here?

Recording the execution decision maker is a new requirement under MiFID II. Working out how to populate that field turns out to be trickier than expected. Take a buy-side that gives strict execution instructions on how to execute its agency care order. On the one hand, you could argue that the sell-side... Read More

The MiFID II waiting game

We are now well into October and market participants are still waiting patiently for ESMA to provide details of instrument data for MiFID II. The industry is keen to consume important data to drive functionality and trading strategies; basics such as which instruments are in scope, which are classed... Read More

Bottlenecks ahead

ESMA issued a public statement yesterday recognising that there is just not enough time to review all the pre-trade transparency waivers and position limits before MiFID II comes into force on 3rd January. Rather than create an impasse they have, thankfully, opted for a pragmatic approach to get things... Read More

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