Investors warm to the dark side

Interesting article today in efinancialnews comments that in the year to August there has been a marked increase in the overall use of dark pools compared to execution on exchange for equities. The review of MiFID is mentioned and, yes, the ability of Organised Trading Facilities (OTFs) to use discretion and prevent HFT participation on their platforms may be key to execution quality. The upcoming regulatory changes will likely bring more transparency to broker crossing systems... Read More

ESMA – Waivers from Pre-Trade Transparency

The aim of this document, published by ESMA (10/08/11), is to provide guidelines under the existing MiFID directive for competent authorities around the application of Waivers from Pre-Trade Transparency for Regulated Markets and MTFs.  Some examples of waivers granted by national competent authorities, considered at CESR or at ESMA level, are included for illustration purposes. Under MiFID II, according to the leaked draft documents, a new trading venue category is introduced... Read More

MiFI Leaks!

With reports of a draft of the revised Markets in Financial Instruments Directive circulating in Brussels in recent days, I’d like to bring you up to speed with how we are progressing in the MiFID II back-shop! We are now looking at a marked up copy of Directive 2004/39/EC – the revised Directive a new Regulation (ref tbd) that establishes uniform requirements in relation to the disclosure of trade transparency data to the public and transaction data to competent... Read More

Regulation vs Directive

I read on Tabb Forum that MiFID is looking like changing from a Directive to Regulation, although I have not seen this officially stated anywhere yet. MiFID could thus become the Markets in Financial Instruments Regulation. As a piece of regulation, and not a directive, ‘MiFIR’ would be implemented centrally from Brussels rather than being allowed to be individually (and less uniformly) implemented by national regulators. Since 2007 some European states have diluted... Read More

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