The state of play

As the Council of the European Union hands over to Ireland for the first trio of the 2013-2014 Presidency rotation (1st January 2013 – 30th June 2013), the outgoing Cyprus Presidency published a progress report on MiFID II / MiFIR on 13th December. This report outlines the current status of the compromise proposal negotiations, pointing out the main areas where Council agreement is yet to be reached. The areas of disagreement, the report says, may require further discussion... Read More

Here comes the CFTC: the regulators keep coming back for more

The latest batch of rules from the US Commodity Futures Trading Commission (CFTC), which come into effect on December 31, 2012, will require many firms currently outside the CFTC’s supervision to register as Commodity Pool Operators (CPOs). A new exemption test – the de minimis test – will need to be applied by firms daily to check their levels of commodity interest against thresholds for initial margin and net notional value. Until now, many had relied on an exemption for... Read More

Unintended consequences, par excellence

The law of unintended consequences is not kind. It will strike wherever it pleases and sometimes even in places you wouldn’t expect. In an ironic twist, the order-to-trade ratio (OTR) may not calm markets as intended but reduce average trade size even further. The OTR, or some variation of it, is used by many exchanges to manage their message load. Generally speaking, OTR counts the number of messages sent to an exchange relative to the number of executions triggered. The principle... Read More

Wave your waivers goodbye

Since the introduction of MiFID in 2007 the concept of the pre-trade transparency waiver has been widely accepted and applied. However, following the latest regulatory discussions, there is a danger that we may have to wave goodbye to some of these waivers with MiFID II. It seems that the regulators feel that the existing waivers are interpreted too loosely and inconsistently across Europe, ultimately deterring price discovery. Currently MiFID acknowledges four types of waiver... Read More

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