Light relief for dark pools – but for how long?

The dark pool debate has raged across the globe for some time now and, in every jurisdiction, it’s more often than not accompanied by a smattering of assumptions on almost everything and certain knowledge of almost nothing. Fair enough, in the absence of hard facts, the term dark pool doesn’t really instil a great deal of trust from the outside world. But this lack of reliable information has been significantly reduced by the recent publication of the FCA’s thematic... Read More

No summer break for MiFID II

You may have noticed that the MiFID II Regulatory Technical Standards (RTS) continue to roll off the press at a steady pace signalling finalisation of the Level 2 detail. Last week alone seven RTS documents were adopted by the European Commission, including the long-debated RTS 2 on non-equity transparency and also an RTS on registration of third country firms which could become the focus of significantly more interest in light of the Brexit vote. Only a few documents now remain... Read More

MiFID II’s catch-22

Under MiFID II trading venues are required to provide one of two options in order to support members’ testing efforts (RTS 7, Article 10). So exchanges can choose to offer either a realistic testing environment or a testing symbol. As testing can be terribly complicated, different views and opinions about which is better are to be heard across the market. On the one hand, venues might argue that providing a realistic testing environment is the only feasible option, as MiFID... Read More

The great negotiation

With the Brexit hangover slowly starting to recede it is perhaps time to start focusing on the road ahead. Regarding the immediate future there is at least some certainty, as we can assume that implementing EU regulation in the UK will progress regardless. Both the FCA and the European Commission have correctly pointed out that the UK remains a full member of the EU, with all its rights, responsibilities and privileges, until it formally exits the Union. So unless you assume that... Read More

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