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.
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The long and the short of it

MiFID II requires trading venues to store personally identifiable information (each potentially 50 characters long) relating to the traders, investment managers and clients of the orders they receive. While it might be very convenient for surveillance to have order book data married up with personal... Read More

The ever-growing MiFID II shopping list

Amongst other things, MiFID II’s transparency reforms intend to clean up the quality of post-trade data and eradicate duplicate prints – long-suffered bugbears for investment firms. But in simply stating the rules, ESMA has left buy- and sell-sides puzzling over just how significant a change... Read More

Tumbling down the rabbit hole

With much of the MiFID II Level 2 text close to being finalised, the markets continue to dive even deeper into the details and home in on Level 3 material, such as the Q&As and ESMA guidelines. One such detail lies in the phrase “traded on a trading venue” which is used in MiFIR to define... Read More

What’s in a name?

Recent regulations in the US and EU have been driving the adoption of identifiers to make it easier to spot the forest from the trees. But as we move forward it is becoming increasingly obvious the same labels are being tasked to determine risk, enhance transparency and create accountability. One need... Read More

True innovation?

The recent slew of exchange announcements introducing new dark trading facilities in response to MiFID II would appear to suggest that the regulation has triggered a whole raft of innovations. But is that what’s really happening here? Euronext tells us it is planning to introduce a new liquidity... Read More

Light relief for dark pools – but for how long?

The dark pool debate has raged across the globe for some time now and, in every jurisdiction, it’s more often than not accompanied by a smattering of assumptions on almost everything and certain knowledge of almost nothing. Fair enough, in the absence of hard facts, the term dark pool doesn’t... Read More

No summer break for MiFID II

You may have noticed that the MiFID II Regulatory Technical Standards (RTS) continue to roll off the press at a steady pace signalling finalisation of the Level 2 detail. Last week alone seven RTS documents were adopted by the European Commission, including the long-debated RTS 2 on non-equity transparency... Read More

MiFID II’s catch-22

Under MiFID II trading venues are required to provide one of two options in order to support members’ testing efforts (RTS 7, Article 10). So exchanges can choose to offer either a realistic testing environment or a testing symbol. As testing can be terribly complicated, different views and opinions... Read More

The great negotiation

With the Brexit hangover slowly starting to recede it is perhaps time to start focusing on the road ahead. Regarding the immediate future there is at least some certainty, as we can assume that implementing EU regulation in the UK will progress regardless. Both the FCA and the European Commission have... Read More

RegAT – round 2

Regulation AT forges ahead, this time with a Round 2 panel convened on June 10th at which the CFTC focused the discussion on five major sticking points: 1. Amendments to the proposed definition of direct electronic access (DEA) 2. Quantitative measures to establish the population of persons 3. Alternatives... Read More

Regulatory algebra

Algorithmic trading and market access are under increased pressure from regulators everywhere, adding new layers of complexity in the quest for a single, global, normalised trading experience. Buy-sides often use Sponsored Access (SA), Direct Market Access (DMA) or Direct Electronic Access (DEA) via... Read More

Phew! No more HFT for me

Some might remember the surprise, back in March 2012, when it became apparent that an individual personal trader could end up being classed as a high frequency trader (HFT) under MiFID II. Admittedly I’m quite proud of my 10 finger touch-typing skills, but I wasn’t sure whether my ability... Read More

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