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The snake in the tunnel: position limits revisited
Archive
31 Mar
2016

The snake in the tunnel: position limits revisited

A brief exchange of correspondence between regulators over the last fortnight has brought aspects of MiFID II’s regulatory technical standards back into question. On 14 March, a letter from the European Commission to the European Securities and Markets Authority (ESMA), seen by Reuters, requested that the technical standards on position limits be rewritten, with the Read More

16 Feb
2016

RegRoundup 16 February: Steps in multiple directions; a delay, another agreement and a whole new round of fines

This week, the EU commission published the responses to their call for information on the impact of EU regulation so far.  The FCA’s response, also published this week, has been similar to other feedback in citing the constraints on both the banks and the real economy of financing themselves, overly complex reporting obligations and spill-over 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

17 Sep
2015

Battle of the bonuses

  • 17th September 2015
  • Liam Gurnick

JWG analysis. On 7 September, the EU published a statistic showing that, according to the EBA, the percentage of high income earners that have a material impact on an institution’s risk profile has increased from 53.68% to 59.00%.  They stated, though, that this trend is likely to change in the future following the adoption of Read More

31 Jul
2015

One giant leap for the American financial services industry?

JWG analysis. It may have taken five years and five regulatory agencies to bring about, but the final version of the Volcker rule has officially landed. The Volcker Rule, also known as Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), was named after former Federal Reserve chair, Paul Volcker, who Read More

27 Jul
2015

Five years on – Happy Dodd-Frankiversary

JWG analysis. On 21 July 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank for short) into law.  Since its inception, the number of pages of Dodd-Frank related rules has risen to 22,296, representing over a 550% increase on the 4,049 pages released in the first year. It may have Read More

08 Jul
2015

FEMR’s final report: putting an end to the ‘age of irresponsibility’

JWG analysis. Mark Carney recently declared the ‘age of irresponsibility’ within the fixed income, currency and commodities (FICC) markets to be over.  Just over a year ago, the UK Government introduced the Fair and Effective Markets Review (FEMR) in response to the FX and LIBOR scandals.  The large scale misconduct and collusion had damaged public Read More