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Defining systematic internaliser under MiFID II
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21 Sep
2017

Defining systematic internaliser under MiFID II

  • 21st September 2017
  • Yaa Asare

With only 3 months left before the implementation of MiFID II, on 28 August 2017 the European Commission published a delegated regulation which added to the definition of a systematic internaliser.  Under MiFID I, the SI regime was limited to equities transactions but, under MiFID II, it has an increased scope.  A systematic internaliser is an..

13 Sep
2017

Disentangling transaction cost disclosure: a MiFID II and PRIIPs obligation

  • 13th September 2017
  • Eman Galea

A granular understanding of the several types of costs and charges is important for all market participants.  These can have a substantial effect on investors’ returns (see graph below) and, if disclosed effectively, should facilitate market efficiency.  With this in mind, regulators have gone to considerable lengths to implement all the necessary requirements related to the disclosure of all costs and charges..

12 Sep
2017

Algo trading: a glance at MiFID II

  • 12th September 2017
  • Letitia Bolton

New rules on algorithmic trading, such as those quickly approaching from MiFID II, are cause for preparation across the industry, with various regulations in this sphere also impacting the buy-side. So, in this article, we’re going to take a look at some of the ways that regulation is currently, or will soon be, impacting algorithmic..

08 Sep
2017

CRR II/CRD V and Basel III: tackling global regulatory fragmentation

It has been nearly four years since the implementation of CRR/CRD IV which cover prudential rules for banks, building societies and investment firms with the main aim of reducing the likelihood that these financial institutions will become insolvent.  To an extent, this reflects the Basel III rules on capital measurement and capital standards which is..

06 Sep
2017

Unity of purpose, unity of action – a call for better reporting capabilities

  • 6th September 2017
  • Eman Galea

Following one of the Trump administration’s financial executive orders, the US Treasury Department issued a report which calls for regulators to streamline reporting obligations and review their coordination efforts, incorporating greater accountability and clarity into examination procedures and data collection requirements. The request mirrors commentary from European Central Bank President Mario Draghi, who, during his..

23 Aug
2017

FinTech: what standard?

  • 23rd August 2017
  • Letitia Bolton

Now seems to be the time for vital standards discussions on financial services technology.  But perhaps the overarching questions for a global industry like FinTech are: who sets the standards and how? Of late, bodies like the EC have begun asking such questions, for example in their Q2 FinTech consultation.  Our view is that we..

17 Aug
2017

Refocusing regulatory reporting: a shift in global sentiment

  • 17th August 2017
  • Eman Galea

The implementation of trade and transaction reporting was intended to improve transparency and mitigate systematic risk in the derivatives markets. To achieve this, global leaders have committed to implement standards globally and consistently in a way that ensures a level playing field – reducing market fragmentation and regulatory arbitrage.  Whilst progress has been made on..

10 Aug
2017

RegTech: strategic, automated solutions

  • 10th August 2017
  • Letitia Bolton

Regulation is constantly changing and evolving, reflecting the turbulent and innovative nature of financial services, with hundreds of regulators in different regions and financial spheres formulating regimes and detailing the obligations firms must prove compliance with. The implication for any firm is that keeping track can be a drain on resources – and risky if..

09 Aug
2017

Re-engineering the Capital Markets Union

  • 9th August 2017
  • Eden Afework

As the EU-28 evolves into the EU-27, the European Commission (EC) has ensured their members that this will only be a bump in the road towards financial integration. The flagship initiative of the European Commission, the “Capital Markets Union Action Plan”, recently underwent a mid-term review of progress so far, highlighting both the achievements and..