Letter from America

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama on July 21, 2010 and the US is in the midst of a rule-making process. You may have read in the press that the US Securities and Exchange Commission (SEC) is in the process of delaying the implementation of the Dodd-Frank financial changes. Last week it was also reported that US exchanges have asked regulators to delay implementation of key changes to market access rules,... Read More

I did not order the escargot!

As the European Commission prepares draft legislation for the overhaul of MiFID after a brief public consultation period the industry waits with bated breath. However, both the MiFID review draft legislation and the Market Abuse Directive (MAD) review have been delayed more than once and seem to be proceeding at a snail’s pace. First we’re told to expect publication in June, now it is “after the summer holidays”. I now have my doubts whether we’ll... Read More

Shift in MiFID II timeline

Kay Swinburne MEP delivered an excellent update on the progress of the MiFID review at a recent conference on the Challenges of MiFID II.  She revealed that the final legislative proposal – focusing on transparency, proportional oversight of the market and investor protection – would now be completed “after the summer” and by September. Publication of the draft legislation had previously been expected by July. Dr Swinburne reported that the pre-legislative... Read More

Murky waters run deep

Why are politicians so obsessed with bringing transparency to the European post-trade regime? MiFID II is very much focused on fixing all the unintended consequences that followed the implementation of the MiFID directive in 2007. The fact that the original regulation allowed the publication of OTC trading on websites and the fragmentation of trading without the construction of a post-trade consolidated tape resulted in an opaque post-trade picture. Any new consolidated tape should... Read More

The cookie monster

When assessing the impact of new EU legislation it would be fairly reasonable to assume that not all EU laws are universally welcomed by each member state and the decisions made by those in the EU can often court controversy. The most recent example being the EU’s Privacy and Communications Directive that came into force last week which requires all EU businesses running websites within the EU to obtain informed consent from visitors to their websites in order to store and... Read More

Banks push FIX for fixed income trading

Regulatory changes in the form of MiFID II and Dodd-Frank are cited as drivers behind a new initiative by some of the world’s biggest sell-side banks to promote FIX connectivity for the trading of fixed income instruments, according to a recent article on Finextra.  Read More

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