MiFID II set to cast its net worldwide

The current MiFID II draft suggests that trading venues have to fulfil the transaction reporting for non-EEA exchange members. While it is understandable that regulators want to ensure complete records of all trading activity within Europe, the operational burden could be far-reaching. Currently, exchanges rely largely on trading interfaces to collect information from their members,... Read More

Oh, for some goal-line technology!

With the new technology in place for the World Cup in Brazil, long and unsettled disputes about whether the ball was in or out are a thing of the past. Discussing the scope of MiFID II with some market participants, I really wish we had an equivalent technology in financial markets. MiFID II states that certain firms dealing on their own account are exempt from MiFID II, while... Read More

Staying local in a global world

With the continuous increase in regulatory oversight, many market participants raised concerns about extraterritoriality and the risks to cross-border trading early on. Despite the efforts of regulators around the globe to push equivalence and reciprocity arrangements, the risk of ‘Balkanisation’ of markets still seems very real. Considering the CME is set to open its... Read More

Extraterritoriality agreement – maybe today, maybe tomorrow…

Extraterritoriality agreements for cross-border OTC derivatives have been hotly debated for a while now, but there have been few visible signs of progress in recent months. Last week the Chairman of the US SEC, Elisse Walter, presented her views on the complex area of equivalence and reciprocity. In her speech she referred to the problems that domestic regulators would face if forced... Read More

Take a break

Financial markets are global and closely interconnected. While this is largely beneficial for all market participants, it can also create spillover effects with unintended consequences. An academic study argues that liquidity can affect related instruments and create a feedback loop, or, put more pessimistically, a vicious circle. In simple terms, if liquidity evaporates in a derivative,... Read More

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