Taming the DORA dragon

The EU’s Digital Operational Resilience Act (DORA) dragon is getting ready for flight in 150 days. Leave your castle walls in disrepair over the summer holidays at your peril. This regulation has taken a far deeper, broader and more prescriptive approach to derisking the ‘end to end’ Information Communication and Technology (ICT) risk than ever


We are pleased to announce the first wave of confirmed firms, regulators and trade associations are participating in JWG’s 8th annual RegTech conference, ‘Getting real about RegTech 2024. Don’t miss this opportunity to join this premier global event which articulates the key challenges which RegTech can help overcome in 2024. Register here RegTech year 8 Regulators


Billions will be spent as ‘how’ operations are conducted is pulled into scope for all FS actors. In this conference, leading TradFi and DeFi SMEs will articulate the key challenges of connecting fast moving 2024 regulatory demands to better, faster, cheaper and safer RegTech that can align shareholder, customer, firm and regulatory interests.


JWG’s eighth annual conference will be the premier, global event for setting the 2024 RegTech agenda on 7 February in London. Join us to help shape the debate today. Register for 7 February 2024  About the JWG RegTech agenda Long recognised as the first, biggest and most professional public/private sector agenda debate, JWG is continuing


US Regulators fired a $555m shot across Wall Street’s bow last week by holding them accountable for their employees’  pervasive use of unauthorized communication methods, like private texts and in some cases WhatsApp. This is the second batch of ‘market moving’ fines in the US within a year , yet no other country has followed


The UK Financial Conduct Authority (FCA) will this month publish its Markets in Financial Instruments Directive (MiFID II) trade reporting policy statement for equity trade data. The policy statement will also cover a new designated reporter regime for post-trade transparency, an FCA official told the JWG Trading Compliance RegTech Seminar. Separately, the FCA confirmed in


Reporting Radars primed for 29 June

Regulators and regulated have come together to improve the current transparency value equation by introducing granular guidance in the form of code. JWG research efforts are pushing forward to explore RegTech reporting opportunities with a global, virtual SupTech and RegTech seminar on 29 June. We are inviting global SMEs to help shape the agenda and


Regulators are busy engineering sell-side and buy-side rule changes which will change the markets, customer and risk management obligations starting this year. JWG has analysed the global landscape and assembled 20+ all-stars at our *virtual* Trading Seminar to discuss our exclusive RegTech research on upcoming compliance challenges.  7 days left to get your Complimentary VIP


New UK Asset Management RegTech Drive

The UK’s second discussion paper of 2023 on the benefit of modern technology presents a great chance for the industry to engage on the future of TradFI and DeFi RegTech standards. Successful reference models can help shape the path for asset management. However, this is an enormous cultural and technical shift which will require broad


Trading RegTech all-stars announced

JWG’s sell-side and asset managers’ trading compliance radars are hot, and we’ve assembled and all-star cast to discuss the key trading perimeter, market data, consumer duty and risk surveillance issues on 22 March. Don’t miss this opportunity to dial-in to the debate. Complimentary VIP Pass Available – Apply Now! Register here for 22 March 2023


Finding RegTech Coalitions 2023

Public and private sectors are finding a path through the jungle of compliance to safe code. New public/private coalitions, new mandates and new ways of working are required. In many ways it feels like 12 years since we started talking about the need for RegTech, it is now more a subset of the Banking Tech


UK confirms Crypto needs RegTech

The UK Treasury’s fired a warning shot across the bow of digital assets businesses yesterday. The proposed regime will be a significant challenge for the current exchanges and digital asset firms who do not have access to institutional-grade RegTech solutions. With so much at stake, it is essential that those affected understand what impact these


JWG RegTech Beacon 29 published

2023 RegTech Beacon – Guiding your way through regulatory storms  We are delighted to publish the 29th issue of JWG’s RegTech Beacon which now serves as our yearbook and recaps 2022 accomplishments as well as providing an outlook of what lies ahead. Our RegTech outlook is one of collaboration between the front office and its supporting


Trading desks face unprecedented levels of regulatory change from the mechanics of the markets and how they monitor them, to how they interact with customers, the way they de-risk their technology suppliers and provide information to regulators. This article summarises the critical changes and lays out the context for our 22 March virtual trading seminar.


Many of the financial regulatory reforms announced in Edinburgh on Friday by Jeremy Hunt, Chancellor of the Exchequer, had a familiar ring to them. Banks, investment firms and anyone selling products to or into the UK market will need to engage with the detail of what was published. “The Edinburgh Reforms seize on our Brexit


Join us to set the 2023 RegTech agenda

An all-star cast of 40+ speakers will gather virtually on 9th & 10th November 2022 to set the 2023 RegTech agenda at JWG’s 7th annual premier RegTech conference. Markets have been rocked by turbulence unseen in over a decade and the regulatory agenda has shifted quickly. JWG research has defined 10 panels and worked with the industry to


Join our all-star virtual cast 9-10 Nov

We are pleased to announce the first wave of confirmed firms,  regulators, trade associations in JWG’s 7th annual RegTech conference,  ‘Digitally-native compliance’. 2022 regulatory agendas have been rocked by political and market turbulence unseen in recent decades. Don’t miss this opportunity to join this international group of all stars who will articulate the key challenges which RegTech


RegTech & Sanctions 2022

With sanctions freezing assets and restricting trade, digital compliance strategies are being reworked this year. In this article we explore the impact of putting digital trade barriers in place, which will also be discussed at our 23 June virtual seminar. Register Here 2022 sanctions policy Financial services have seen a significant increase in the number


The UK Financial Conduct Authority (FCA) is seeking to improve its market surveillance technology and has tendered for a systems upgrade, a sentiment analysis tool and data sets. It is looking to update and develop the functionality, scope, or capabilities of its existing solution, according to the FCA’s procurement portal. The regulator collects trade information


Yesterday, 22 digital asset regulators and market participants gathered virtually across 39 jurisdictions to debate the RegTech challenges presented by digital assets. Tracking this sector’s regulatory obligations is like playing a three dimensional game of chess and small details can make or break markets. In this article we recap where we took away, how you


Digital RegTech – countdown!

The digital assets marketplace is moving fast and this month, regulators have started policy efforts in anger. Join us 5 April as 22 market SMEs discuss what this means and what comes next. REGISTER HERE In the past month, US policy makers have fired the starting gun, The European Parliament has issued a DLT pilot


Digital Asset RegTech – OnDemand

This year  we will be producing 3 seminars which will facilitate regulator, firm and supplier collaboration and to develop and encourage interoperability between TradeFi and digital waves.  We are inviting Digital Asset, Crypto and TradFi market participants to join our 2022 Digital Finance Programme which will explore our global research and the role of Digital


2022 RegTech Outlook

New digital rails are being laid next to traditional finance (TradFi) which puts RegTech in the critical role of integrating markets and defining safety standards. In our inaugural episode of RegCast here we lay out the key themes which peek over the horizon as JWG enters its second decade of RegTech. RegTech meets Digital Finance


JWG RegTech Beacon 28 published

RegTech Beacon – Guiding your way through global regulatory storms. We are delighted to publish the 28th issue of JWG’s RegTech Beacon which now serves as our yearbook that recaps 2021 accomplishments and provides an outlook of what lies ahead. Our focus this year is defining the next steps required for a truly digital financial infrastructure. 


RegTech Beacon – Guiding your way through global regulatory storms. We are delighted to publish the 28th issue of JWG’s RegTech Beacon which now serves as our yearbook that recaps 2021 accomplishments and provides an outlook of what lies ahead. Our focus this year is defining the next steps required for a truly digital financial infrastructure. 


Securities tokenisation permitting firms to settle trades on a blockchain reduces counterparty risk and settlement costs while providing a vehicle for compliance automation. Last year saw some tokenisation of traditional securities such as equities, bonds and foreign exchange; consultants say that 2022 will usher in “tokenisation of everything”, be that bonds settled on the Ethereum


2022 RegTech agenda reloaded

1,000 visits to the JWG Annual Conference site are keeping the conversation alive. There is still time to listen to the all-star debate, participate in the debates and help set the 2022 RegTech agenda. 2021 Annual conference On the 16th & 17th November, JWG held its 6th annual and its 1st virtual global conference, where


100+ Organizations have registered for RegTech 2021   JWG has finalized an all-star cast of  37 speakers from the best and the brightest in our space which will be gather virtually on 16th & 17th November 2021. Don’t miss this opportunity to join international firms, the Bank of England, FCA, global regulators and trade associations and top banks,


 We are delighted to reveal more details for our annual conference. With so much happening in this space – make sure that you know what risks are coming and how to tackle them! See details below and sign up now to hear a great cast of regulators, academia, firms and suppliers discussing the next generation


Listen to the Podcast here Since the 2008 crisis, the markets have been asked to put everything on a venue, deliver vast quantities of transparency data, protect the customer and deliver growth. It has taken Europe over 15 years to build a mountain of rules that is millions of paragraphs high and stretches across the


Following a great discussion about the major surveillance AI control gaps highlighted by JWG’s July research  the FATF and BIS have both published complementary AI policy papers.   With penalties of up to 6% of annual revenue 500 working days away, we have decided to build RegTech AI surveillance use cases to: Tease out the


Why attend for Sponsors Why attend for Delegates Register Now   For our sixth annual RegTech conference we are bringing our global network of regulators, trade associations, academia, firms and leading technologists together to define the top challenges facing both private and public sector and debating potential strategies to overcome them. Our global regulatory debate


Listen to the Podcast here Central Bank Digital Currencies (CBDCs) are now under central bankers’ microscopes as they explore ways to improve digital commerce, reinforce systemic resilience and preserve the foundational role of fiat money in global finance. Emerging technology for digital identities, fraud detection and other elements of a robust payment solution can be


Following our discussion of several global accountability regimes and forthcoming culture audits we are turning our attention back to AI. This is a very noisy space with Germany, UK, Japan and the US all mandating new controls in advance of MiFID III update which could raise the algo trading bar even higher.   In this


Sponsored by Accountability is a theme that has been on the industry’s to do list since the Great Financial Crisis. Five years since new senior management regimes started rolling out, global regulators are already raising the bar to include front-office culture audits which apply behavioural science to new culture and conduct measurement. New JWG research


The UK’s Financial Conduct Authority (FCA) Markets in Financial Instruments Directive II “quick fix” consultation signposts issues for further consultation as the onshored regime evolves post-Brexit. At the same time, the paper alerts industry to further consultations — at least two more from the FCA this year — including one contemplating the consequences of Libor


In an increasingly digital sector with divergent rule sets, the ability to manage the global compliance deltas in complex senior management accountability rules  is fast becoming a critical differentiator for senior management seeking to work across borders.   As we summarized in our latest Beacon, JWG’s surveillance community has covered quite a patchwork of regulatory obligations


Newsflash: RegCast 7 – Democratized MiFID III?

In Partnership with:

We are pleased to release our 7th RegCast today. Cries for faster, better, and cheaper access to financial services by millions of investors have shaken the markets this year. With advice out of reach for most individuals racing into the markets, they are placing risky bets which are poorly understood. In this episode, Jackson Mueller, Seccurrency,  Sam


We are pleased to release our 6th RegCast today. Rachel Wolcott takes the chair to talk to Dawd Haque, Deutsche Bank, PJ Di Giammarino, JWG and Leo Labeis, Regnosys about the industry’s ground-breaking collaborative effort to get derivatives trade reporting right. The group explains how over a dozen sell and buy-side firms are rolling up


We are pleased to release our 4th RegCast today. In this episode Angus Moir, Bank of England joins us to share UK’s plans for Transforming data collection and to pick up with former UK regulator Gavin Stuart where we left off in RegCast 3. We focus on digital capabilities required for investment firms to share information with their


We are pleased to release our 3rd RegCast today. This episode shines a spotlight on the new. digital capabilities required to track neo brokers, digital influencers (e.g., roaring kitty) and the new on-line herds of citizens that can influence market pricing (e.g., GameStop). Picking up with Sam Tyfield, Rachel Wolcott and Gavin Stuart where we


The latest episode of RegCast is available now! RegCast 2 covers the UK’s fast moving political and regulatory review process, the key questions they are addressing, and what they are likely to mean for regulators, regulated and their customers. The group discusses past choices and explores the implications of digitizing the future regulatory framework including


As we summarized in our latest Beacon, JWG’s surveillance community has covered quite a patchwork of regulatory obligations over the past 2. In all that time, nothing has pulled all into focus like GameStop. JWG has been digging beyond the broadsheet news to examine what roars from Reddit chat groups will mean to wholesale and


London – 2 February, 2021 – JWG, the trusted financial services regulatory intelligence company, today announces the launch of RegCast, a series of podcasts designed to contextualise the strategic issues in play, within the noisy, and digitizing financial services marketplace. The first episode, 2021 Retail Madness, Digitized Markets and Future Regulatory Responses focuses on what GameStop means to


It has been a very busy 2021 and it is a very noisy financial services regulatory marketplace. JWG is pleased to be helping to contextualise the strategic issues in play with a new podcast series called RegCast which you can access here.   So what is RegCast? RegCast is an industry spotlight on the business


Sabre rattling: Trade surveillance, RegTech and COVID obligations

In Partnership with:

By Sam Tyfield, Partner, Shoosmiths. On 12 October, a speech by Julia Hoggett, FCA’s Director of Market Oversight, was published here. She speaks of having “rattled [her] sabre” about market abuse and surveillance. She started with some good news; activity the FCA regards as abusive, manipulative or insider dealing has not changed, so far as


The State of Holistic Trade Surveillance – JWG research published 

In Partnership with:

By PJ Di Giammarino Over the past few years, financial services firms have been investigating how to improve trade-related surveillance capabilities and techniques. Expectations from regulators and senior management have been placed under the microscope, mainly due to high surveillance noise levels across all communication channels and asset classes. In tracking this evolution of technologies


Ready for digital regulation?

  JWG are pleased to announce new research in partnership with MarkLogic, which shows that financial institutions are ill-equipped to deal with the data demands of new regulation.   During Q4 2018, JWG conducted in-depth interviews with senior executives from 12 global financial institutions to develop the insight published in a subsequent paper titled ‘


On 23rd April, the Bank of England took over the administration of the benchmark rate known as SONIA (Sterling Overnight Index Average), and issued a series of reforms to the well-established benchmark as part of its implementation as a replacement to LIBOR. As a consequence of the LIBOR scandal in 2012, a Bank of England


This piece looks ahead to what we might expect as IT law developments in 2018. Unusually as we go into a new year, the main headlines of what IT lawyers can expect in 2018 are signposted at the outset: new financial services laws in January, the GDPR in May and looking ahead to Brexit in


RegTech 2018: beyond base camp

I was pleased to chair our third RegTech Capital Markets conference last week in London. Team JWG worked hard to get a global audience of over 350 senior individuals from more than 65 financial institutions as well as the vendor and regulatory community to frame a holistic perspective on where the industry is on its journey up


RegTech and trading: re-gaining control

For years the industry has been at work on the construction site of MiFID II. This has produced a building of basic structural integrity, but one that remains incomplete, and one that has required such a singular focus that surrounding constructions have been neglected. MiFID II is one of the biggest regulatory changes since the


Both MiFID II and MAR have completely changed the regulatory landscape in terms of voice communication surveillance. Both pieces of regulation place a greater emphasis on firms to monitor the surveillance controls that they implement, and also introduce new holistic trade surveillance requirements that, in turn, have driven the development of new, innovative, RegTech solutions.


Latest RegBeacon published

2017 was a year of profound upheaval for firms and regulators. As we move in 2018 we publish our latest RegBeacon, we are looking ahead and reviewing the trends shaping the global financial landscape in 2018 and beyond. Our message to the industry is that, even though we have seen off numerous deadlines and challenges


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


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


Since President Trump’s signing of Executive Order 13772 back in February 2017, the Financial CHOICE Act has passed through the House of Representatives with a 233 to 186 vote.  The substantial bill that was approved by the House, referred to as FCA 2.0, included new additions that have built upon and contradicted some actions from


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


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:


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


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


Algo trading: a glance at MiFID II

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


Introduction With less than 5 months left before the deadline for MiFID II on 3 January 2018, firms are still grappling with the implementation of MiFID II.  One key area is the new product governance framework which has been enacted with the objective of ensuring that firms act in the best interests of their clients


RegTech: strategic, automated solutions

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


Re-engineering the Capital Markets Union

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


The clock is ticking and the EU market has less than half a year left to implement the regulatory changes required from it.  The revised Markets in Financial Instruments Directive (MiFID II) sets new legislation effective 3 January 2018, containing a range of complex provisions intended to enhance transparency and investor protection within the financial


Commodity derivative trading is just one of the many topic areas under MiFID II that firms need to ensure they are prepared for before 3 January 2018. One set of measurements in this area is that firms will be required to report commodities positions to National Competent Authorities (NCAs) on a daily basis. Another is


The end is in sight.  In under six months, the deadline for MiFID II implementation will have passed.  Since its legislative inception, JWG has iterated the importance of forward planning and anticipating the major changes under MiFID II.  In concrete terms, our MiFID Implementation Group (MIG) meetings have provided the platform for senior managers from


JWG announce 12 July MiFID Webinar

In our previous article we announced some of the key findings from our recent buy-side focused MiFID survey. Now we are pleased to announce a webinar on 12 July to review and analyse the results in more depth with a panel of experts. The webinar will aim to present new survey findings to help inform


90% of buy-side firms believe they are at either high or medium risk of not being compliant by the January 2018 deadline, despite this date having already been delayed by a year. Significantly, with just over six months to go, a large amount of the industry appears to be overstretched and under-prepared. It is imperative


Paying for research under MiFID II

The topic of research under MiFID II has been a popular discussion lately amongst top firms at JWG’s MIG meetings. MiFID II demands that firms be transparent to investors about how they plan to pay for research and the value which they place on it, which has led managers to think about how much they


One of the many weaknesses that the financial crisis exposed was the feeble transparency framework in financial markets.  In response, MiFID II and MiFIR built on the regulatory agenda of the G20 by aiming to strengthen the transparency framework of markets in financial instruments, including OTC trading. Building on MiFID I, the second incarnation extends


Not long now – in less than 6 months’ time – both MiFID II and PRIIPs will become effective across EU Member States. ESMA recently published a Q&A on MiFID II and MiFIR investor protection topics in which 14 new questions were added. These include new Q&As on costs and charges in relation to the


JWG are pleased to announce the launch of an independent benchmark survey {link} investigating the approach asset managers are taking to transform their operating models to be MiFID II compliant. MiFID II will be the biggest regulatory change since the 2008 financial crisis.  It is a complex and interconnected beast that will affect your business


In fewer than 230 days – 7.5 working months from now, the biggest regulatory change since the 2008 financial crisis is set to come into force.  The legislation, Markets in Financial Instruments Directive/Regulation (MiFID II/R), is one of Europe’s most ambitious and far-reaching financial reforms and is estimated to cost the financial industry billions to


On 3 February 2017, President Trump announced in a press briefing that “we expect to be cutting a lot of Dodd-Frank” because “so many people, friends of mine, with nice businesses” had been stifled by regulations and therefore faced difficulties acquiring loans.  Later that day, Trump signed Executive Order 13772, which established the agenda for


The current buzzwords circulating around the media, “digital revolution”, succinctly capture what is occurring in the futures markets.  With automated trading now constituting up to 70% of trades in regulated futures markets in the US, a modern-day Gordon Gekko would be using a cutting-edge code to create an automated trading system rather than relying on


JWG are proud to announce that registrations for our second RegTech Conference on 28 February 2017 have topped 300 from over 50 firms, regulators, standards bodies and leading technology companies. After five years and hundreds of articles from our analysts on www.regtechfs.com and 47 special interest group meetings on regulatory implementation in 2016 alone, we


On 17 January, ESMA published advice received from the Securities and Markets Stakeholder Group (SMSG) in relation to the consultation on MiFID II product governance.  This CP was released on 5 October 2016 and it set out to create guidelines relating to the target market assessment.  The SMSG established a working group with the specific


A busy December for financial regulation!

Never mind a busy December, all in all, it was a busy year for financial regulation as shown in one of our previous articles, as 384 regulatory documents were captured and uploaded in our trade and transaction RegDelta library. MiFID II Before Christmas, we saw ESMA publish many documents much like in January 2016 with


Best Execution: How compliant are NCAs now?

On 11 January 2017, ESMA released its follow-up to the peer review on best execution which came out in February 2015.  With significant improvement by many NCAs since the 2015 review, the follow-up reads as a far more positive report, with optimism for further development in the future.  Although certainly not perfect, it reveals that


Getting MiFID II right the first time

Transparency is the cornerstone of MiFID II. Whether it’s pricing, product or process transparency, participants will need to pull back the curtains to make more information public regarding the nature of their operations, products and services. Consequently, investment firms will need to know more about their clients than ever before, with very little margin for


In April 2016, European Supervisory Authorities (ESA) submitted a draft Regulatory Technical Standards (RTS) for Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, focusing on the requirements of key information documents (KID).  Despite the KID RTS being endorsed by the EU Commission, the European Parliament – in a surprising move – rejected the draft.  It


On 19 December 2016, ESMA published its Q&A paper on the topic of commodity derivatives within MiFID II and MiFIR.  The document focuses on the promotion of supervisory approaches and practices for the application of position limits, position reporting and ancillary activity provisions.  It also provides clarity on the technicalities of the policy and the


RegBeacon shines light on 2017

Seismic decisions around the globe last year will make this year the most uncertain for future plans since the G20 agreed regulatory implementation priorities in 2009. Though the shifting tectonic plates of geopolitics will dominate 2017 headlines, the uncertainty doesn’t matter from an implementation perspective. There is an unprecedented level to change to get on


On 16 December 2016, the Financial Conduct Authority (FCA) published their fourth and final consultation paper (CP) on implementing MiFID II regulations into domestic regulation by 3 July 2017, which will be applied to firms from 3 January 2018.  MiFID II aims to bolster competition in the EU’s financial market by creating a single market


Merry Christmas from Team JWG!

2016 has added tens of thousands of new regulatory pages to the pile, which has kept us, at JWG, very busy boys and girls. Unlike the last decade, however this year has been about unexpected twists and turns in the road: It’s been a year of MiFID II/R panic, implementation delays, regulators waking up to


In the previous two articles, we delved into the guidance notes on systematic internalisers and research.  The third guidance note produced by JWG centres on inducements. This particular guidance note helps explain the MiFID II obligations of inducements, for example, it speaks of the necessary quality enhancement test and defines acceptable minor non-monetary benefits, just


Following on from part 1 of this article, where we highlighted the benefits of the MiFID II Implementation Group (MIG) and how it has helped members better understand and develop solutions to key MiFID II/R issues, with a particular focus on those surrounding systematic internalisers, we take a similar approach in this article and examine