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MiFID II: the 21st Century surveillance system?
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03 Jun
2014

MiFID II: the 21st Century surveillance system?

As debate rages across the Atlantic today over controlling HFT in Chicago, we’ve been digging into ESMA’s 42 pages on transaction reporting in its MiFID II discussion paper.  See here for more background on the 860 questions that need to be answered by 1 August.  Years after Dodd-Frank upgraded the surveillance capability of the US, Read More

28 May
2014

MiFID II: the illusion of control

  • 28th May 2014
  • RegTechFS

JWG analysis. MiFID I was all about creating a common set of rules for the single market.  Along the way, it asked regulators to track market abuse.  They duly set up a system of transaction reporting that all feeds into Paris – 70% of it via the UK.  Seven years and millions in fines for Read More

23 May
2014

MiFID II: information warfare unleashed

JWG analysis. The continent was rocked by far more than parliamentary elections on 22 May. Early reports from major financial centres confirm the impact from the 844 pages of text released by ESMA on MiFID II / MIFID to be about a 9 on the Richter scale – so high that ESMA’s website gave up Read More

23 May
2014

Questions from ESMA’s Consultation Paper on MiFID/MiFIR Technical Advice

  • 23rd May 2014
  • RegTechFS

JWG has extracted the following questions from ESMA‘s Consultation Paper on MiFID/MiFIR Technical Advice.  ESMA needs to deliver this advice to the European Commission by December 2014 and is therefore subject to a condensed consultation process for this paper. For more on MiFID/MiFIR see here. Q1.      Do you agree with the proposed cumulative conditions to be Read More

14 Apr
2014

Top 10 MiFIR transaction reporting known unknowns

JWG analysis. When MiFIR is implemented in 2016, all of the pain experienced in preparing for EMIR’s transaction reporting regime, which went live earlier this year on 12 February, is likely to be rekindled.  Thankfully, at least this time around the industry has significantly more time to get prepared. Hopefully, that means enough time to Read More

04 Apr
2014

Algo flagging – the future

By Sam Tyfield, Vedder Price. Algo flagging is currently only the concern of direct members of German venues.  But it’s going to have a much broader application under MiFID / MiFIR and become of concern to the buy-side too. Yesterday, the good Doctor Voigt of Fidessa published a blog about algo flagging.  It is well worth Read More

25 Mar
2014

MiFID II / MiFIR: summer of standards 2014

JWG hosted a jam-packed CDMG meeting last week for the first sneak-peek of what MiFID II holds in store for 2016. The big conclusion:  a lot of work still needs to be done to scope out the operational implications of MiFID II / MiFIR and firms will need to coordinate responses quickly once the consultation Read More

18 Mar
2014

MiFIR: one little word with big implications for data vendors

  • 18th March 2014
  • RegTechFS

JWG analysis. Once MiFIR is enacted over the coming months, there will no doubt be a lot of concern about one little word that threatens to have a serious impact on the commercial operations of many service providers in Europe. That word is ‘reasonable’. By itself, the word reasonable seems harmless. But when used as Read More

28 Feb
2014

Transparency: the new wonder drug?

  • 28th February 2014
  • RegTechFS

JWG analysis. MiFID II and its regulatory cousin, MiFIR, have some lofty ambitions for European securities and derivatives markets.  And one of their most clearly stated goals is to enhance market transparency by bringing about changes to market practices, and potentially even market structures. The problem is that, while transparency may be seen as a Read More

26 Feb
2014

Algo tagging: what’s the logic in examining the logic?

JWG analysis. When the requirement brought about by the German high frequency trading act to tag algorithms comes into force in April of this year, market participants may well feel hamstrung by the complexity of the regime.  And while the regulatory goal of improving market surveillance and reducing systemic risk may be valid, some might Read More