The pain of ill-fitting shoes!

A card pinned to the notice board at my gym last week read: “If you have seen my brown Uggs could you please return them to reception.” It had me wondering if the Uggs in question were a good fit for whoever found them. In much the same way, I’m wondering why our industry’s regulators are so keen to take a one-size-fits-all approach to the structural changes... Read More

What will MiFID II do to improve pre- and post-trade transparency?

The second in my series of PMQs looks at the key aspects of pre- and post-trade transparency covered in the EC’s Public Consultation paper on the Review of MiFID. The lack of reliable price information potentially increases the cost for investors to operate in the market. It can also discourage trading in a particular instrument with a consequent impact on liquidity. The ability... Read More

How does HFT resemble agriculture?

High Frequency Trading (HFT) is one of the hottest topics under discussion in the review of MiFID. Many of us might not be experts in HFT, but I doubt if our European Parliamentarians are either. They will be voting on HFT and whether increased regulation of this activity is needed in order to guard against the systemic risk they so desperately want to avoid. However, let’s not... Read More

What effect will MiFID II have on market structure?

In the first of our PMQs (Programme Managers’ Questions), I examine the section of the EC’s Public Consultation paper on the Review of MiFID concerned with Developments in Market Structures. With the Consultation Paper, the EC sought market input on a number of aspects of market structure reform – the creation of OTFs (what are these, you may well ask?), automated... Read More

Freaking out about market abuse

The behavioural economics book, Freakonomics, includes a chapter entitled Why do drug dealers still live with their moms? which talks about ‘foot soldiers’, small street crack dealers in Chicago. These individuals, apparently, have a one in four chance of getting killed and they will be arrested around six times during the course of their ‘careers’. All these... Read More

Welcome to PMQs

While our political leaders wrangle in the House at Prime Minister’s Question Time, we’ll be bringing you our very own version of PMQs – Programme Manager’s Questions! The Markets in Financial Instruments Directive has applied since November 2007. I’m sure many of you have fond memories of the implementation! Three years have now passed, with numerous... Read More

Beware of the Three Wise Monkeys!

There is an old proverb about three wise monkeys who see no evil, hear no evil, speak no evil. We’re looking to change that story. I have always had a fascination with markets. A major focus for me is to understand how technology interacts with legislation. This acquired taste really flourished after I started working at Fidessa. The Regulation Team, of which I’m a member,... Read More

EC publishes MiFID II and MAD consultation papers

In December the EC published two significant consultation papers on the Review of MiFID and the Market Abuse Directive: Reinforcing sanctioning regimes in the financial services sector. In these documents the EC has posed over a hundred questions and invited comments on numerous topics in order to obtain industry feedback. This feedback will provide guidance for the Commission... Read More

Xavier Rolet says MiFID II could threaten London

Xavier Rolet, CEO of LSE Group, expresses concerns over some MiFID II proposals and support for dark pools. Do you agree with Xavier that London’s competitive position will be adversely affected by MiFID II? Or do you think other factors, such as the higher UK taxation rate, will have a greater effect? Read the article and let us know your thoughts – leave a comment... Read More

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