The whole package

The CFTC continues to approve MAT self-certifications, most recently Tradeweb’s. Arguably the certified products are fairly standard, but in certifying Javelin’s MAT submission the Commission left the door open for package transactions to be caught up in the trade execution mandate. The industry (notably the Managed Funds Association in its comments to the Commission) has been arguing forcibly against this. The Commission acknowledges the need to address this issue,... Read More

Patience is a virtue

Last week’s announcement of the political agreement on MiFID II felt like the Gordian knot had been cut. Maybe 2014 will turn out to be the year when the regulatory uncertainty that dominated 2013 gives way to thrilling new opportunities. Amid all the excitement (and relief that MiFID II will escape the feared entanglement in the upcoming European Parliament elections), it would be easy to overlook the fact that the late night meeting actually only produced a political agreement... Read More

MiFID II under starter’s orders

So, the much-anticipated trilogue meeting finally took place yesterday. With negotiators for Parliament and the Council of Ministers under heavy pressure to resolve issues and avoid a threatened return to the drawing board, ECON’s press release, published late last night, announced that informal agreement has been reached on MiFID II/MiFIR. Hurrah! Too early for champagne corks perhaps, but a monumental milestone nonetheless. Now, finally, the industry can start to move to the... Read More

Do not pass go, do not collect £200

It’s full steam ahead for the review of the Market Abuse Directive. At the end of 2013 the European Parliament and the EU member states reached a final agreement on MAD II that will cover offences such as insider dealing, market manipulation and unlawful disclosure of information. For the first time criminal sanctions will apply to serious financial market offences at an EU level. Member states will be obliged to set a maximum penalty of no less than 4 years in jail for... Read More

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