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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

23 Jul
2015

The long-awaited divorce: saying goodbye to bundled commissions

  • 23rd July 2015
  • Aisha Dudhia

JWG analysis. The removal of a number of financial practices has altered the regulatory environment in recent decades.  With new landmark legislations coming in to play soon, regulators across Europe look set to bring down the curtain on another. Under the existing practice of bundled commissions, asset managers charge clients to manage their funds but Read More

11 Feb
2015

MiFID II: a new look at ‘last look’ pricing?

  • 11th February 2015
  • RegTechFS

By Robin Poynder, FMR advisory. Advancements in price distribution technologies and the advent of high frequency trading have forced firms’ IT departments to establish strict controls around best practice pricing for trades. CEO of FMR Advisory, Robin Poynder, explains the need for a standardised protection mechanism “last look”. “Some argue that last look is a Read More

07 Jul
2014

MiFID II may presage a greater revolution in investment research procurement than the new FCA rules

  • 7th July 2014
  • RegTechFS

By Dominic Hobson, COOConnect. If you are a hedge fund manager, it is always tempting to believe that you are too small to be of interest to regulators. Or not the intended target of regulation at all. The fact that resources are too short to understand the detail of every regulation tends to encourage this (potentially ostrich-like) approach. Read More

20 Jun
2014

ESMA: “No more guidance from us”

  • 20th June 2014
  • RegTechFS

JWG analysis. Depending on whom you listen to, Europe’s trade repositories either popped in for a chat with ESMA, or were hauled in for a stern reprimand last week.  Whichever it was, the resulting discussion was pretty explosive.  ESMA made themselves very clear; trade repositories must work harder to address low levels of inter-trade repository Read More

05 Dec
2013

MiFID II: Sum of the change requirements equals investor confidence?

Dr Anthony Kirby, Chair MiFID BEWG – E&Y MiFID II will be implemented as both a regulation, “MiFIR” (with direct effect in all 28 Member States), and a directive (requiring transposition into national law). The timing of ancillary measures such as revisions to the Market Abuse Regulation (MAR/MAD II) and the Packaged Retail Investment Products Read More

26 Apr
2013

Know your fund: AIFMD technical standards see huge rise in requirements for depositaries

  • 26th April 2013
  • RegTechFS

The EU is heading for a shake-up of its depositary industry.  New requirements under the Alternative Investment Fund Managers Directive (AIFMD) technical standards place more onerous requirements on depositaries that will see them effectively having to manage their clients’ businesses and perform greater levels of due diligence than ever before. Under the new directive, every Read More

25 Feb
2013

Kill ’em all: Let the broker sort them out!

The English High Court handed down an important judgement last year relating to its duties when exercising close-out powers granted to it pursuant to a clearing agreement. The outcome of the case is important to remember as discussions progress in terms of which entities owe what duties in maintaining a “fair and orderly” market, which Read More

11 Oct
2012

Check your SYSC benchmarks

The Office of Compliance Inspections and Examinations (SEC, FINRA, NYSE) has released an assessment of 19 firms regarding their controls to prevent misuse of material, non-public information. While not legally binding, this development is important because this is the first comprehensive statement in years regarding a regulatory view of a firms systems and controls for Read More