It’s not all about you!

I came across an interesting report published by the European Capital Markets Institute (ECMI) and CFA Institute entitled Restoring Investor Confidence in European Capital Markets. This piece of research is intended to defend the position of the European retail investor. One of the key points ECMI makes is that the initial MiFID legislation hasn’t benefited the end investor. Wait a second! Wasn’t MiFID drafted to help the man on the street? Even though MiFID brought... Read More

What will MiFID II do with transaction reporting rules?

In the latest of my PMQs I look at Transaction Reporting, covered in Chapter 6 of the EC’s Public Consultation paper on the Review of MiFID. Transaction reporting is usually a back office function. However, any change in this area could have an impact on the data that Fidessa needs to capture and store in the front office. Fidessa also has a hosted transaction reporting component in the TRAM product which may be impacted. The overriding aim of MiFID II here is to provide... Read More

Bringing transparency to the BCN – what are your views?

A recent article in The Trade News reported: MiFID II will introduce a new regulatory regime for broker crossing networks (BCNs). Are they not subject to adequate oversight as it stands? Brokers and exchange operators have divergent views on this matter but what counts is the opinion of regulators, who have at least two reasons for tightening up BCN regulation. First, MiFID outlines three categories of trading venue: regulated market; multilateral trading facility (MTF) and systematic... Read More

What can MiFID II do to help address excessive commodity price volatility?

The next in my series of PMQs looks at the measures specific to Commodity Derivatives covered in the EC’s Public Consultation paper on the Review of MiFID. A dry subject, perhaps, but I would say one very close to our hearts (and wallets, with pump prices close to £1.40 a litre!) as we witness economics in action. In a climate of unrest in North Africa and the Gulf, super-high commodity prices are being fuelled by demand from emerging markets and impacted by severe weather,... Read More

If it ain’t broke, don’t fix it!

Brokers sometimes use delayed reporting to reduce market impact for large equity trades given to them by buy-side clients on a risk basis. Currently, trade reporting can be delayed for between one hour and three days, depending on the size and liquidity of the stock, but the proposed new regime could impose a maximum delay of one day. Providing transparency to help in the construction of a European consolidated tape is key, but not when it comes with a cost to the end investor. If... Read More

What will MiFID II do to improve the quality, format and costs of market data?

The latest in my series of PMQs looks at the key aspects of data consolidation covered in the EC’s Public Consultation paper on the Review of MiFID. The EC proposes regulatory intervention to improve post-trade information and facilitate data consolidation. This would apply across equity and non-equity markets. All the market feedback I have had is that there is an urgent need for an affordable consolidated tape in Europe, similar to what is available in the US. However,... Read More

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