Time is of the essence

Last weekend heralded the official end of summertime as the EU put its clocks back one hour. Since most electronic clocks are updated automatically many of us hardly notice the difference, but others may be forgiven for waking up somewhat confused as to what time it really is. I guess that must have occurred to the legislators in Brussels when discussing the possibility of imposing a requirement in MiFID II for trading firms and exchanges to synchronise their business clocks.... Read More

Meaningful manoeuvres in the dark

Dark pools around the globe are under constant regulatory scrutiny. The Australian and Canadian regulators now require dark trades to offer meaningful price improvement over lit markets. While Brussels-based technocrats still toy with the idea of volume caps, a recent open letter from a large group of industry representatives lobbied for the “meaningful improvement” rule to be applied in Europe too. While this may appear easy to implement and a sensible compromise... Read More

Inching closer to the goal

ESMA’s work on the single rule book for EU financial markets, set out in its 2014 work programme, shows the bulk of MiFID II/MiFIR deliverables falling into the last quarter. With the Level 1 text still expected to be agreed by the end of 2013, the revision of MiFID and MAD will then unfold into advice, technical standards and guidelines over the following year. I’m interested to see how ESMA further develops its relationships with stakeholders and financial market participants... Read More

Swaps regulation arrives – with a bang and a whimper

The swaps industry has for some time been fixated on October 2nd, the final date for compliance with SEF rules. But really the key date for market participants is when MAT (the “made available to trade” rule) kicks in and that, according to the industry consensus, is not likely to be before February 2014. With many of the 19 new SEFs only submitting their applications this past month, the drama surrounding the birth of this new market structure continues to play out. Going... Read More

Identity crisis for algos

Yesterday saw the publication of the XETRA and Eurex rule changes relating to the German HFT Act in which they provide details of how to implement the new RegulatoryID. Under the new rules it will no longer be enough simply to differentiate between algo and non-algo orders (such as under the current CME regime). Starting from 1st April 2014, all orders sent by an exchange member to a German venue must include a RegulatoryID referencing the history of any algos involved in creating... Read More

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