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The RegTech marketplace: in depth analysis (Part 1 of 3)
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02 Mar
2016

The RegTech marketplace: in depth analysis (Part 1 of 3)

An EY report released this week in conjunction with the UK Treasury, declared the UK to be the highest ranking FinTech sector in the world with a market size of £6.6 billion.  The authors predominantly attributed this to the UK’s accommodative regulatory regime for startups and the associated disruptive technologies they bring to market. We Read More

06 Jan
2016
Automated trading, CFTC regulation AT, AT persons

Key takeaways from the CFTC’s proposed rules on automated trading

  • 6th January 2016
  • Aisha Dudhia

On 24 November 2015, the US Commodity Futures Trading Commission (CFTC) unanimously approved a notice of proposed rulemaking addressing several issues related to automated trading.  These proposed rules have been collectively termed ‘Regulation Automated Trading’ or ‘Regulation AT’. Regulation AT has been designed to reduce the likelihood of automated trading disruptions and potential risks and Read More

25 Sep
2015

Defining HFT and DEA under MiFID II

  • 25th September 2015
  • Daniel Simpson

By Sam Tyfield and JWG. Following on from our previous article, the devil is in the definitions, where we unravelled the definitions for High Frequency Trading (HFT) and Direct Electronic Access (DEA) provided within the MiFID II texts, now we explain how these definitions will apply in practice. What is HFT? Well, that’s a question Read More

25 Aug
2015

Connecting the dots: MAD/R interdependencies

  • 25th August 2015
  • Aisha Dudhia

JWG analysis. At the 8th Customer Data Management Group (CDMG) meeting of 2015, on 18 August, over 20 members from 10 firms came together to discuss the new Market Abuse Regulation (MAR) and the potential challenges it holds. With less than 11 months until particular sections of MAR will apply to the financial services industry, Read More

13 Aug
2015

Increasing the armoury against market abuse

  • 13th August 2015
  • David Miller

JWG analysis. Since the financial crisis, there has been an increased focus on tackling market abuse.  As of March this year, the FCA had 49 cases market abuse cases open and, in 2014, 60+ market abuse cases were on their books.  In terms of criminal convictions, three were secured for insider dealing and nine confiscation 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

08 Jul
2015

Part 1: HFT coders – ready for judgement?

  • 8th July 2015
  • RegTechFS

By Sam Tyfield and JWG. It has been widely rumoured that the level 2 MiFID II will define the high frequency algorithmic trading technique (HFATT) as one which has a high message intraday rate in which there is a minimum of four messages being sent  per second for all instruments traded on a trading venue.  Read More

20 Jan
2015

Your path through the MiFID II jungle

JWG analysis. The industry returned after the break knowing that it had fewer than 500 working days to implement MiFID II but found over 2,000 pages of new text to read.  Even worse, the grapevine whispers that more is due out this month. As we’ve written before, organising and planning is the order of the Read More

31 Jul
2014

The never ending question: what is proportional?

JWG analysis. ‘What is proportional?’ is a question that firms may well find themselves pondering in the coming months as they begin implementation planning for MiFID II … and the same question is going to be asked by risk and compliance specialists on a regular basis once MiFID II goes live in 2017. This is Read More