The pain of ill-fitting shoes!

A card pinned to the notice board at my gym last week read: “If you have seen my brown Uggs could you please return them to reception.” It had me wondering if the Uggs in question were a good fit for whoever found them. In much the same way, I’m wondering why our industry’s regulators are so keen to take a one-size-fits-all approach to the structural changes they propose to make under MiFID II. Some of those in Brussels seem intent on imposing regulation... Read More

What will MiFID II do to improve pre- and post-trade transparency?

The second in my series of PMQs looks at the key aspects of pre- and post-trade transparency covered in the EC’s Public Consultation paper on the Review of MiFID. The lack of reliable price information potentially increases the cost for investors to operate in the market. It can also discourage trading in a particular instrument with a consequent impact on liquidity. The ability to identify counterparties with the opposite trading interest is also crucial in keeping trading... Read More

How does HFT resemble agriculture?

High Frequency Trading (HFT) is one of the hottest topics under discussion in the review of MiFID. Many of us might not be experts in HFT, but I doubt if our European Parliamentarians are either. They will be voting on HFT and whether increased regulation of this activity is needed in order to guard against the systemic risk they so desperately want to avoid. However, let’s not forget that the same Parliamentarians vote on policies covering agriculture, fisheries, employment,... Read More

What effect will MiFID II have on market structure?

In the first of our PMQs (Programme Managers’ Questions), I examine the section of the EC’s Public Consultation paper on the Review of MiFID concerned with Developments in Market Structures. With the Consultation Paper, the EC sought market input on a number of aspects of market structure reform – the creation of OTFs (what are these, you may well ask?), automated trading, systematic internalisers, market surveillance and so on. Of course you’re free to... Read More

Freaking out about market abuse

The behavioural economics book, Freakonomics, includes a chapter entitled Why do drug dealers still live with their moms? which talks about ‘foot soldiers’, small street crack dealers in Chicago. These individuals, apparently, have a one in four chance of getting killed and they will be arrested around six times during the course of their ‘careers’. All these statistical consequences just to earn an average of $3.30/ hour – less than they could make... Read More

Welcome to PMQs

While our political leaders wrangle in the House at Prime Minister’s Question Time, we’ll be bringing you our very own version of PMQs – Programme Manager’s Questions! The Markets in Financial Instruments Directive has applied since November 2007. I’m sure many of you have fond memories of the implementation! Three years have now passed, with numerous papers written analysing the significant changes that MiFID has brought about, not least in a climate... Read More

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