All I want for Christmas

It seems there’s to be no early MiFID II Christmas present as agreement on the Level 1 text slips into 2014. Publication of the final text is now hotly anticipated to be in January or February next year at the latest, to avoid running into the European parliamentary elections in May. Thereafter, as ESMA gets to grips with the tasks ahead, 2014 will bring discussion papers and consultations on the detail of the Level 2 technical standards over the next 12 to 18 months. So we... Read More

Smoke-free markets

In recent months regulators have increased their focus on detecting and reporting possible incidents of market abuse. In Europe trading firms are expected to check for potential offences and report their suspicions to the regulator. As part of the MAD Review, the current list of indicators for market abuse will be promoted from a Level 3 document to the new Level 1 regulation text, cementing the shift in focus. Additionally, ESMA is consulting on a number of new indicators for... Read More

Hong Kong braced for new rules

Electronic trading receives an increasing amount of regulatory attention around the world with international regulations and standards, such as the US SEC’s Market Access Rule and System Compliance and Integrity, IOSCO’s Principles of Electronic Trading and the ESMA guidelines in Europe, all defining specific requirements for automated trading environments. Hong Kong is now braced for the introduction of new rules, with the Securities and Futures Commission (SFC) setting... Read More

Hitting the bullseye

According to recent press articles, the MiFID II trilogue has agreed on capping dark trading at an arbitrary 4% per venue and 8% overall market share. At the heart of the discussion around dark trading lies the role of transparency in the wider market. While one side claims that transparency is the only thing that can keep fragmented markets efficient, the other side worries about the undue restriction of legitimate and long-standing business practices. Whichever way you look... Read More

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