Uber transparent?

ESMA has today published the latest Q&A on investor protection. The document spans many different topics, but what sparked my interest in particular are the comments around the best execution quality reports. Under MiFID II brokers have to publish their top 5 execution venues. Firms trading as non-members (i.e. via another broker) are asking whether it is the exchange or the broker that they need to name. ESMA clarifies that two separate quality reports are needed where distinct... Read More

That’s your limit!

As is so often the case with some of the lengthy documents that make up the Shakespearean drama that is the MiFID II implementation, the devil is in the detail. The technical standards on position limits for commodity derivatives are a good example. Right at the very end, just before President Juncker’s imprimatur, is a little tidbit suggesting that competent authorities will adjust any position limit as they see fit in times of excessive volatility in the price of a derivative... Read More

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