Do you invest or do you execute?

Under MiFID II, both buy-side and sell-side firms are required to record and to report on, separately, the algorithms used in making both the investment decision and the execution decision. In most agency workflows that should be straightforward enough; the buy-side makes and reports the investment decision, and the sell-side is responsible for the execution decision. But how does this work in other cases – market making, for example? In the long run market makers typically... Read More

Ranks of cross-border issues swell

Payment for research and unbundling has been on the European regulatory agenda for some time. It has now escalated to a cross-border issue after concerns were raised with the US SEC by a senior US politician worried about the impact on US growth industries. The recent past gives us plenty of examples of cross-border issues from both sides of the Atlantic – the US person under Dodd-Frank, the proposed QMTF for European firms, the recognition of US CCPs under EMIR, or the... Read More

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