26 November 2014

65591

Christian VoigtFidessa - London

Synchronising regulation

25 November 2014  |  655 views  |  0  |  Recommends 0

US securities industry regulator FINRA recently implemented new time-stamping rules, a topic also on ESMA’s MiFID II task list. FINRA requires US firms to express time in milliseconds when reporting trades to the FINRA facilities and order events to OATS, while ESMA’s proposal wants HFT firms to timestamp records to the nanosecond. That’s a whopp...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Refocusing on auctions

07 November 2014  |  1426 views  |  0  |  Recommends 0

BATS Chi-X Europe recently announced plans to introduce opening and closing auctions for ETFs, while the LSE plans to introduce an intraday auction for all SETS equities. Although these moves differ in instrument scope, they seem to have a common aim. The buy-side has long complained about the increasing difficulties of executing large block trade...

TagsTrade executionRisk & regulation
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Christian VoigtFidessa - London

More rules, more problems?

31 October 2014  |  1450 views  |  0  |  Recommends 0

Fixed income, commodity and currency (FICC) markets are dominated by the big boys, the professional traders and investors. In this proverbial ‘champions league’ of markets, retailers are restricted to...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Whatever happened to the surveillance beast?

03 October 2014  |  1582 views  |  1  |  Recommends 0

When Level 1 of the Market Abuse Directive (MAD) II was discussed two years ago there was talk of ESMA potentially establishing a massive centralised database for cross-market monitoring, aka the sur...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

What I did not do

19 September 2014  |  1562 views  |  1  |  Recommends 0

When I got into work this morning, I decided not to return a missed call, not to review a document, not to read a report, not to ask some colleagues for advice, not to fill in my timesheet for last mo...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

True intentions

11 September 2014  |  1166 views  |  0  |  Recommends 0

With the advances made in automated trading in recent years, regulators are having to work pretty hard to catch up with the markets. ESMA currently has two documents out for consultation on the Marke...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Wanted: Home for OTC trading

04 September 2014  |  1460 views  |  0  |  Recommends 0

With MiFID II’s stated aim to push OTC trading (where appropriate) onto regulated platforms European market structure is undergoing considerable upheaval. As the first round of Level 2 consultation ha...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Data jigsaw

07 August 2014  |  1996 views  |  0  |  Recommends 0

Under the European Short Selling Regulation (SSR) uncovered short sales are banned and investment firms are required to track their net short positions and report them to relevant authorities/the publ...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Please lock the door behind you

25 July 2014  |  2295 views  |  0  |  Recommends 0

Under MiFID II European regulators introduce new rules around algorithmic trading. Whether it’s algo IDs, enhanced audit trails or business clock synchronisation, none of these items would have been o...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Tour de Force

09 July 2014  |  1420 views  |  0  |  Recommends 0

The current MiFID II consultation is infamously complex, covering 800 pages and 800 questions to be answered in 8 weeks. If that in itself is not enough of a challenge, ESMA invited all market partic...

TagsTrade executionRisk & regulation
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