Pension schemes breathe a sigh of relief

Politicians want to provide greater transparency in order to prevent systemic risk. Industry practitioners complained that some of their proposals would mean an increase in the costs of using derivatives as they would have to commit large levels of collateral upfront to secure trades and be forced to clear their derivatives through a central counterparty. Some of us attended MEP Kay Swinburne’s derivatives panel at TradeTech in London a couple of weeks ago. She told... Read More

Do you GoCompare or are you Confused.com?

The Regulation team has great pleasure in bringing you a unique (and somewhat ironic) insight from Robin Strong, Head of Buy-side Market Strategy at Fidessa, in his paper entitled Do you GoCompare or are you Confused.com? One of the most topical issues from the point of view of both politicians and industry practitioners relates to the role of derivatives and fixed income. Robin makes some interesting comparisons between the OTC fixed income and derivatives markets and the leading... Read More

Pension schemes will be exempt from derivatives legislation despite US pressure

Seems there may still be time for more industry lobbying! Extract from article in Financial News “MEP Kay Swinburne, a former investment banker who sits on the Economics and Monetary Affairs Committee of the European Parliament, told a London trading conference that the European Parliament is considering granting pension schemes a full exemption from the new rules. The new rules, outlined under the European Market Infrastructure Regulation, are designed to improve the... Read More

‘Guns don’t kill people – people kill people…’

This oft quoted statement used in gun control debates attempts to apportion responsibility to a person operating a firearm rather than demonizing the firearm itself.  In applying licensing laws to firearms it would seem challenging, at the very least, to license every gun manufactured or already in existence and thus legislation is often centred on the individual.  This echoes a similar dilemma currently faced by the European Commission in their attempts to regulate algo trading. In... Read More

And then 3 buses come along…

The EC proposes regulatory intervention to improve post-trade information and facilitate data consolidation across equity and non-equity markets. So rather than participants having to consolidate this data from numerous sources themselves, data would be available as a European Consolidated Tape (ECT). In the absence of the financial industry coming up with a solution here the regulator says they would step in and mandate such a tape. So the industry has stepped up efforts to arrive... Read More

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