There's no escaping the waves of regulation affecting every aspect of the financial marketplace. At Fidessa, we're constantly reviewing relevant materials and pulling together key facts, news and industry comment to keep up to date. Through this site, we're making that analysis available to you too.
  • Referendum

  • Start of negotiations

  • Article 50 triggered

  • Withdrawal agreement

  • UK Parliament vote

  • UK Parliament vote

  • MEP elections

  • UK Parliament vote (tbc)

  • EP vote after UK deal (tbc)

  • UK leaves EU – Exit Day (tbc)

  • New UK-EU framework applies (tbc)

Catch 22: The share trading obligation

MiFID II refined the definition of OTC trading for equities, making it more difficult for firms to trade away from recognised trading venues or outside of a systematic internaliser (SI). Introduced in 2018, the so-called share trading obligation (STO) effectively wrapped more regulation and transparency... Read More

Time runs out on Swiss equivalence

Over the weekend, the stock market equivalence granted to Switzerland by the European Commission expired. The limited-period equivalence, which was given in December 2017 and extended to 30 June 2019, has run out. Despite Swiss beliefs that all the conditions are still met for recognition by the EU,... Read More

EU financial transaction tax proposal lives on

Back in 2011, the European Commission proposed a common European financial transaction tax (FTT). Despite several postponements and a general lack of support across the EU, a co-operation of member states – including France, Germany, and Spain – remain determined to implement the tax. As per the... Read More

Compromising on trading obligation

Today ESMA changed their mind on the share trading obligation (STO) in the event of a No-Deal Brexit. Under their new approach, any ISIN with the GB country code is now out of scope. Obviously, this change reduces the number of ISINs where EU buy-sides are forced to trade at home. Most importantly, among... Read More

What do you wish for in MiFID 2.1?

The European Commission is required to review MiFID 2 by March 2020. The German Finance Ministry kicked things off at the beginning of this year by inviting comments from the industry. Attending the recent FIA Compliance and Regulation Forum, I noted that many of the regulators and market participants... Read More

Contorted contraptions

Emotions are running high with ESMA’s announcement last evening on the share trading obligation and the immediate response by the FCA. Doubtless market participants had hoped for a more practical approach and are disappointed in a new regime that prevents EU27 investment firms from trading stocks... Read More

ESMA sheds light on OTC trade reporting under No-Deal

ESMA has released a statement which amongst other things includes clarification for EU investment firms that they will have to publish their OTC trades via an EU APA if a UK counterparty is involved. Whilst in Europe this approach may serve to ensure post-trade transparency within the EU27, it is also... Read More

Where will the liquidity shift within Europe?

Recently, Phil from the FT highlighted the risk for about 90 dual-listed companies under a no-deal Brexit. But I think the problem is much bigger. In our own analysis, we took it further and found about 230 liquid stocks (not necessarily dual listed) that had roughly a 50:50 split of turnover across... Read More

One year on and none the wiser

MiFID has achieved the rare feat of becoming a genericized trademark. In the same way that Xerox stands for copy machines in general, MiFID has turned into a synonym for all financial markets’ regulation. Thinking about its scorecard on its first birthday, whether MiFID II really is ground-breaking,... Read More

Setting a good example

Meanwhile in another part of Europe, time is running out for Swiss equivalence. The one year period previously granted in December 2017 is set to expire on 31st December. Switzerland needs equivalent third-country status in order to preserve the status quo and allow EU trading participants bound by MIFID... Read More

It is about time

Last Friday, ESMA finally published its long anticipated call for evidence on periodic auctions. Periodic auctions became popular in 2017 and even more so through 2018 and so they are often linked to the introduction of MiFID II. While some opponents lambasted them as a cynical attempt to avoid the double... Read More

Beyond the obvious choice

Many trading firms are looking towards multi-entity setups to prepare for Brexit. The larger firms tend to have subsidiaries or branches in place, so they already have a flexible hedge against any Brexit scenario. Unfortunately, this can be an expensive contingency plan. What if a firm can’t justify... Read More

Copyright © 2019 Fidessa Group Holdings Limited. All rights reserved.

The information contained within this website is provided for informational purposes only. Fidessa will use reasonable care to ensure that information is accurate at the time it is made available, and for the duration that it remains on the site. The information may be changed by Fidessa at any time without notice. We also reserve the right to close the website at any time. No representation or warranty, expressed or implied, is given on behalf of Fidessa or any of its respective directors, employees, agents, or advisers as to the accuracy or completeness of the information or opinions contained herein or its suitability for any purpose and, save in the case of fraud, all liability for direct, indirect, special, consequential or other loss or damages of whatever kind that may arise from use of the website is hereby excluded to the fullest extent permitted by law. Any decisions you make based on the information in this website are your sole responsibility and information on the website should not be relied upon in connection with any investment decision.

The copyright of this website belongs to Fidessa. All other intellectual property rights are reserved.

Reproduction or redistribution of this information is prohibited except with written permission from Fidessa.