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Welcome to the ‘new world’ … of increased reporting requirements
Archive
05 Oct
2015

Welcome to the ‘new world’ … of increased reporting requirements

  • 5th October 2015
  • Stefan Cristian Dorin

JWG analysis. Reporting systems are already buckling under the weight and complexity of new compliance demands, and yet more requirements are on the way.  Trade and transaction reporting regimes are set to expand significantly in 2017 when the Markets in Financial Instruments Directive II (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) come Read More

28 Sep
2015

MiFID II technical standards published

Today, ESMA has published the long-awaited MiFID II Technical Standards, leaving implementation teams across the industry with hundreds of pages to get to grips with.  The publication confirms that MiFID II will represent the biggest change to the regulatory framework in living memory.  It represents an extremely complex puzzle, but at least now we have Read More

04 Sep
2015

10 key takeaways from the latest FCA MiFID II roundtable

  • 4th September 2015
  • Aisha Dudhia

JWG analysis. The minutes of the latest MiFID II implementation roundtable, on 17 July, were published in August.  At the meeting, the FCA spoke with a number of industry trade bodies, including the Association for Financial Markets in Europe (AFME), the International Swaps and Derivatives Association (ISDA) and the International Capital Markets Association (ICMA), to Read More

10 Aug
2015

Piecing RFQs into the MiFID II puzzle

  • 10th August 2015
  • Aisha Dudhia

JWG analysis. With many of the regulations that have come into force since the 2008 financial crash, the rules may appear simple enough, but the devil is very much in the detail.  MiFID II is no exception. With MiFID II looking to enhance transparency within the industry, firms that currently provide RFQ services must consider Read More

03 Aug
2015

Mind the cap: dark trading under MiFID II

  • 3rd August 2015
  • Aisha Dudhia

JWG analysis. With Australia and Canada having already adopted new rules to oversee trading within dark pools, it is now Europe’s turn to shed some light on this activity. Considering that only about 9% of European equities were traded within dark pools in 2014 (in comparison to about 40% in the US), it may seem Read More

23 Jul
2015

The long-awaited divorce: saying goodbye to bundled commissions

  • 23rd July 2015
  • Aisha Dudhia

JWG analysis. The removal of a number of financial practices has altered the regulatory environment in recent decades.  With new landmark legislations coming in to play soon, regulators across Europe look set to bring down the curtain on another. Under the existing practice of bundled commissions, asset managers charge clients to manage their funds but Read More

16 Jul
2015

The devil is in the definitions

  • 16th July 2015
  • Daniel Simpson

JWG analysis. In an article earlier this week, we highlighted some of the key challenges for firms engaged in HFT activities under MiFID II.  In this piece, we will focus in more detail on one particular area of change under MiFID II, namely algorithmic trading and the implications of regulators rewriting the dictionary for it.  Read More

13 Jul
2015

Part 2: HFT firms on trial

JWG analysis. In part 1, we focused on the consultation paper published by the FCA on 7 July, CP 15/22, in which the UK’s financial regulator proposed that managers responsible for algorithmic trading should also be covered under the new Senior Managers and Certification Regime.  But, as many readers will know, it is not only Read More