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MiFID II – the last stretch is (also) paved with paper 
Archive
02 Jan
2018

MiFID II – the last stretch is (also) paved with paper 

In July 2017 we drew on RegDelta’s database of regulatory documents to estimate that MiFID and MiFID II accounted for 1.4m paragraphs of rules, guidance and policy. That figure drew gasps from the industry press but we were clear it was inevitably going to rise further. We have now calculated that just under 300,000 paragraphs have been added in the second half of 2017 – a slight pickup in pace since..

23 Nov
2017

MiFID II Research Rules: What is the Cost?

With only two months left until implementation, MiFID II research rules have been one of the most discussed issues within the industry.  Under the new rules, investment firms will no longer be able to accept research as a non-monetary benefit, unless a firm can prove that the research passes the quality enhancement test and that..

18 Oct
2017

Latest RegBeacon published

As we head into the final MiFID II implementation straight we publish our latest RegBeacon, but our message to the industry is that the ‘end’ is far from sight. We are becoming firm believers that there will be more work done to deliver this set of changes after the due date, than in the run..

29 Sep
2017

Commodity derivatives: all you need to know about position reporting under MiFID II

With MiFID II’s implementation date of 3 January 2018 fast approaching, investment firms need to prepare for the changes that will be brought about by the EU’s flagship regulatory policy. All-encompassing in its scope, MiFID II will implement regulatory changes that will impact the trading of all financial instruments. In an attempt to fulfil the..

26 Sep
2017

Limiting costs and charges disclosure under MiFID II and PRIIPs: issues and misinterpretation

On 13 September 2017, JWG held their third Client Management Special Interest Group (CMS), with attendees from over a dozen buy-side, sell-side and technology firms meeting to discuss existing issues on cost and charges disclosure under MiFID II and PRIIPs obligations.  The meeting was a productive one, whereby participants expressed concerns on the following areas:..

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..

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..