ESMA publishes its Final Report on Automated Trading guidelines – effective by 1st May 2012

22nd December 2011 – ESMA published its final report on guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities. In issuing these guidelines, ESMA rolls out a comprehensive regime governing the operation of electronic trading systems by a regulated market, a multilateral trading facility (MTF) or an investment firm. The guidelines cover trading in an automated environment of any financial instrument,... Read More

SEC Large Trader Reporting Rule

Many thanks to Jess Haberman in our New York office for this summary of the SEC Large Trader Reporting rule: In July 2011 US Securities and Exchange (the SEC) Commissioners unanimously approved the Large Trader Reporting rule; the aim is to “… promptly and efficiently identify significant market participants and collect data on their trading activity so that we can reconstruct market events, conduct investigations, and bring enforcement actions as appropriate.” (SEC... Read More

Reshaping the OTC derivatives market

Many thanks to our colleague David Petersons for the following interesting observations: While much remains to be resolved through rule-making, this Capco article discusses the impact of the Dodd-Frank Act on OTC derivatives, outlines the key elements of the Act affecting OTC derivatives trading and provides an update on where the rule-making stands. The predictions about four possible implications of the legislation on the derivatives landscape are interesting, as is the set... Read More

MiFID II should be a priority for every financial firm

There were two recurring MiFID II issues discussed at TradeTech Liquidity (24th Nov): the new OTF category does not fit the riskless principal/dual capacity model used by firms facilitating agency client order execution on existing broker crossing systems – business models will all have to change! According to Kay Swinburne the number 1 issue for the Rapporteur, for the review of MiFID, is whether the new OTF category of venue is necessary. Currently, under MiFID, trading... Read More

Are you sitting comfortably?

A few interested parties settled down on Monday afternoon to watch a live broadcast on EPTV from the Committee on Economic and Monetary Affairs (ECON) – the first European Parliament open hearing on ‘MiFID Review: objectives for MiFID/MiFIR 2’. This debate is part of the open decision-making procedure around the MiFID II draft legislation, published in October, and will take place over the next 6 to 9 months with the aim of agreeing a common position. Once agreed,... Read More

Plenary Meeting of the MiFID Forum 30th November

The MiFID Forum is made up of industry standards bodies and trade associations (SIIA/FISD, FIX Protocol, ISITC Europe and TWIST) affected by MiFID.  It provides an opportunity for open discussion and debate amongst market practitioners from compliance and operational areas on issues affecting the financial markets. A plenary meeting of the MiFID Forum was held on 30th November where, under the Real-time Market Data Subject Group, Andrew Allwright (MiFID Solutions, Thomson Reuters)... Read More

Copyright © 2018 Fidessa Group Holdings Limited. All rights reserved.

The information contained within this website is provided for informational purposes only. Fidessa will use reasonable care to ensure that information is accurate at the time it is made available, and for the duration that it remains on the site. The information may be changed by Fidessa at any time without notice. We also reserve the right to close the website at any time. No representation or warranty, expressed or implied, is given on behalf of Fidessa or any of its respective directors, employees, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein or its suitability for any purpose and, save in the case of fraud, all liability for direct, indirect, special, consequential or other loss or damages of whatever kind that may arise from use of the website is hereby excluded to the fullest extent permitted by law. Any decisions you make based on the information in this website are your sole responsibility and information on the website should not be relied upon in connection with any investment decision.

The copyright of this website belongs to Fidessa. All other intellectual property rights are reserved.

Reproduction or redistribution of this information is prohibited except with written permission from Fidessa.