EU shorting rules and global liquidity pools

Lately, ESMA seems to have become more and more of a paper producing monster. One of the latest products from ESMA is a consultation paper on short selling. November 2012 will see the arrival of stricter regulations on short selling. Now ESMA must decide on the technical implementation standards and has issued this consultation paper with a closing date of 13th February. This extremely short review period is in itself an issue, given a recent open letter by seven of Europe’s... Read More

Third-country confusion!

Reported last week on FT.com, a coalition of trade associations has commissioned lawyers to study the viability of a mutual recognition regime between the EU and US regulators. This is to clarify ‘third-country’ requirements in EMIR (European Market Infrastructure Regulation – reforms for OTC derivatives) and MiFID II regarding financial services businesses in non-EU countries being recognised on the basis of their home country’s ‘equivalence’ with... Read More

To Ping or not to Ping?

Headline items for investment firms from the ESMA Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities are listed below: •    comply by 1st May 2012, subject to FSA adoption •    guidelines are based on existing MiFID current industry best practice with little need for any change envisaged by ESMA, hence the May date – will there be market push-back on this date? •    guidelines... Read More

The long road ahead

With the arrival of the new year we have updated the MiFID II Roadmap to reflect the latest anticipated timeline for the regulatory changes. The top row of the Roadmap depicts the progress of MiFID II from Public Consultation last December, via draft legislation issued in October 2011, to likely agreement on legislation expected by late 2012. It is proposed that ESMA will develop the detail (Level 2) rules in a number of binding technical standards into 2013 with MiFID II implementation... Read More

European financial transaction tax more likely!

A very broad agreement in favour of a European Union financial transaction tax emerged on last Monday (9th January 2012), at the start of the Economic and Monetary Affairs Committee’s work on the legislative proposal. Spokespersons for the European Parliament’s (EP) various political groups all advocated such a tax, at least throughout the Eurozone, and many were concerned about France’s weekend hint that it could go it alone (read more here). Currently a 0.1... Read More

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