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At the end of June, Britain and the European Union signed a long-delayed post-Brexit cooperation pact in financial services – the memorandum of understanding on regulatory cooperation. The aim is to i...
In Europe, the second Markets in Financial Instruments Directive and Regulation (MiFID II/MiFIR) have been with us since January 2018. In the preceding months, market participants completed multi-year...
For my latest blog, I reviewed the recent report by ESMA on equity transparency (RTS 1) to uncover what participants need to plan for. Following an earlier consultation, ESMA published its final repor...
The 1980s brought us the first space shuttle, personal computers, the Internet, and the dismantling of the Berlin Wall. But that’s not all. Did anyone else feel just a hint of nostalgia when the Assoc...
The UK Treasury’s Wholesale Markets Review consultation paper devotes some attention to access to liquidity. In Europe, the review of MiFID II is progressing and like rules are also in scope. Trackin...
As part of the ongoing wider review of MiFID II, ESMA is consulting on the rules around transparency. The consultation focuses on technical issues relating to post-trade data, among other things. In ...
As the UK gets ready to hit the reset button on the post-Brexit regulatory environment, the Treasury has recently shared its vision for the future. The flurry of speeches and publications circling aro...
The review of MiFID/MiFIR is now well underway following the regulations’ 2-year anniversary in 2020. In their most recent consultation paper ESMA, the European securities and markets authority, was ...
The Securities and Markets Stakeholder Group (SMSG) recently advised ESMA to promote wider adoption of the Market Model Typology (MMT) post-trade data standards. The SMSG, which facilitates consulta...
Last week, the U.S. Securities and Exchange Commission announced an extension of their no-action letter regarding the European Union’s investment research rules. This extension helps both SEC regulat...
MiFID II refined the definition of OTC trading for equities, making it more difficult for firms to trade away from recognised trading venues or outside of a systematic internaliser (SI). Introduced in...
Over the weekend, the stock market equivalence granted to Switzerland by the European Commission expired. The limited-period equivalence, which was given in December 2017 and extended to 30 June 2019,...