If it moves, tax it!

The proposal for a Directive implementing enhanced co-operation in the area of financial transaction tax (aka the EU FTT), with its eye-wateringly broad scope, will have to be churned through the legislation mills PDQ if it’s to meet its overly ambitious timeline. The would-be tax applies to all transactions where a counterparty is established in one of the 11 participating countries, and to all transactions where the financial instrument is issued in one of those countries,... Read More

A cry for help

More and more industry representatives are complaining about the politicisation of the rule-making process in financial markets. In Europe, politicisation has triggered some absurd episodes, such as the proposal for the greatest uncontrolled financial market microstructure experiment in the world (aka the minimum resting period of 500 ms) and the introduction of short selling bans in the face of an overwhelmingly crushing academic verdict against them. Do politicians really have... Read More

Consolidated tape – work continues

After endless discussions all over Europe, there is still massive confusion as to which European Consolidated Tape (ECT) model MiFID II will bring and when. Despite the uncertainty, the creation of a consolidated tape for equities remains firmly in the MiFID II text and on the buy-side’s wish-list. Behind the scenes of the ever-lengthening MiFID II timeline, and regardless of model, progress continues to be made to unearth the potential pitfalls and understand the impact of... Read More

MAD as a March hare

The reviews of the Market Abuse Directive (MAD II) and proposed EU Market Abuse Regulation (MAR) continue to run their course through the European trilogue process, with final Level 1 agreement expected to keep pace with the MiFID review spanning out into the second half of 2013. MAD II and MAR will bring increased obligations on firms, including criminal sanctions, in the event of market abuse – intentional or otherwise. In the meantime, take a look at our MAD II at a glance... Read More

CAT’s eyes on the US market

While Europe still doesn’t have a consolidated post-trade tape, US regulators are moving forward with an ambitious plan that will eventually provide them with a detailed view of the entire market, readily available on a next-day basis. After the usual drawn-out process to approve SEC Rule 613, the industry has started work on the Consolidated Audit Trail, or CAT. The SEC has charged the seventeen US national securities exchanges and independent regulator FINRA (collectively... Read More

You can’t have your cake and eat it

Extraterritoriality agreements are important for many firms because they can reduce the burden of redundant and conflicting rules across different countries. Last November, considerable concerns were voiced by numerous regulators around the globe with regard to the CFTC Cross-Border Guidance relating to the US swap markets. Among the protestors were representatives of the European Commission (EC) pointing out, rightly, that the EU already has a strong regulatory regime and there... Read More

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