Whatever happened to the surveillance beast?

When Level 1 of the Market Abuse Directive (MAD II) was discussed two years ago there was talk of ESMA potentially establishing a massive centralised database for cross-market monitoring, aka the surveillance beast. Interestingly, this idea didn’t make it into the final MAR text. Instead it calls on each regulator to have in place the necessary tools for effective cross-market... Read More

Double whammy

The latest published version of MiFIR is narrowing waivers, while widening its impact. Specifically, it has added a double cap limit to the pre-trade transparency reference price waiver. Limitations that may apply to the 4 existing waivers continue to evolve even as the Irish presidency of the Council of the European Union enters its final month before handing over to Lithuania. Article... Read More

Just when I thought we were out, they pull us back in

Since 2007 many of us in the industry have been attempting to iron out the inconsistencies (and confusion) introduced by MiFID around the use of venue of execution (VoE), Market Identifier Code (MIC) and Last Market (FIX Tag 30). In May 2012 FPL’s Buy-Side Working Group published its best practices for execution venue reporting, supporting the use of standard MICs on execution... Read More

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