Self-test – am I a HFT strategy?

The European Parliament has issued its rapporteur report for MiFID II, as discussed in The Rapporteur’s Story and Should have gone to Specsavers! The current proposal includes a definition of high-frequency trading strategy. Furthermore, it proposes to regulate HFTs more strictly. That scared me a little bit. After all, I do some trading in my spare time so I followed the definition outlined in the text to check whether I’m a HFT strategy myself. The test is quite simple –... Read More

Should have gone to Specsavers!

On first reading of the draft report from the rapporteur on MiFID II it is unclear from the wording if the ban on direct electronic access is only in the context of high-frequency trading. Surely this must be the case, otherwise we may as well all pack up now. Additional draft amendments to the MiFID text worthy of note are: •    the timeline is crystallising with the final text of MiFID II now expected to be agreed by the end of 2012 or early 2013; draft technical standards... Read More

The Rapporteur’s Story

Here’s a taster of what could be coming in the Q1 report from the rapporteur for MiFID II – EU lawmaker wants draft securities law beefed up. Looks like, as we expected, HFT could take the hardest hit and OTFs may be limited to non-equities. Thanks to Tor for spotting this article.  Read More

Border politics

There have been a number of articles recently covering exchange and regulator concerns around the effective detection of market abuse in Europe. FESE has recently published a position paper on the review of MAD in which it encourages policy-makers to consider the issue of effective cross-border and cross-venue surveillance. Fragmentation of trading across several venues outside of the primary market calls into question who is responsible for the identification of potential abuse... Read More

ESMA’s increasing workload

Looks like ESMA has been granted an extra three months to write the technical standards for EMIR, until the end of September.  Weighed down with the volume of work coming out of EMIR, MiFID II and the review of MAD, ESMA is now calling again for 100% funding from the EU to free them from the domestic political wrangling that has dogged regulatory procedures. I would say we need to very much retain this domestic hold over ESMA to keep their free range technical standards production... Read More

A butterfly effect in the making

In a recent speech, Andrew Haldane (Executive Director, Bank of England) makes a strong and convincing case that the proposed global Legal Entity Identifier (LEI) and the Unique Product Identifier (UPI) will have the largest impact on the financial industry in the current regulatory overhaul. The LEI and UPI are introduced in a recent CPSS IOSCO paper on “OTC derivatives data reporting and aggregation requirements”. The LEI is nothing more than a standard reference code that... Read More

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