Breaking news from TradeTech Germany – update on ECT

Kay Swinburne MEP, in her presentation at TradeTech Germany, stated that the MiFID review will legislate to provide a Consolidated Tape in line with the US model. Output and format will be mandated. As yet no decision has been made on who will operate as providers. She also mentioned that the legislators are looking to see whether a common and central audit trail can also be achieved.  Read More

… and now to the final chapters

The latest in my series of PMQs looks at further convergence of the regulatory framework and supervisory practices, covered in the final two chapters of the EC’s Public Consultation paper on the Review of MiFID. The EC is tightening up on supervision, fines and penalties and is looking to introduce a program of whistle-blowing schemes. There will be nowhere to hide and, if all else fails, shut it down! Click here to read my summary of the revisions proposed. This concludes... Read More

On the bench

It was great to go back to Spain as one of the speakers at the ‘Leadership Roundtable’ organised by Global Investment Technology in Barcelona last week. The event, focusing on MiFID and the European trading landscape, was attended by a select audience of around 30 senior executives from MTFs to global heads of electronic trading and clearing entities. It’s ironic that the conference was held in a Spanish city. Was that done deliberately, I wonder? This... Read More

Opposing sides

I attended the Danish Securities Dealers Association’s Market Place Seminar in Copenhagen last week and was treated to some lively and interesting discussions. The startling differences between the approaches of the European regulator to the trading environment, and the opinions of the trading community and how it operates to the benefit of the investment community, were clearly illustrated in the presentations given by European Parliament rapporteur Dr Swinburne and... Read More

Caveat emptor

The next in my series of PMQs looks at Investor Protection and Provision of Investment Services, covered in the EC’s Public Consultation paper on the Review of MiFID. Regulators and market participants have raised concerns about investor protection and the EC is considering revisions in this area. Have you been sold unsuitable investments? Do you fully appreciate the risks of dabbling in complex products? Click here to read a summary of the revisions proposed and my views... Read More

Regulators consider putting the brakes on exchanges

MTF chiefs fear that a regulatory move to standardise controls could potentially see the incumbent exchanges with the power to suspend trading on their platforms. ESMA, one of the European Commission’s new supervisory watchdogs, is homing in on exchange controls and recently sent a questionnaire to trading firms, exchanges and multilateral trading facilities in order to better understand developments such as high-frequency trading and the “impact of these strategies on the... Read More

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