18 April 2014

65591

Christian VoigtFidessa - London

Algo identifiers galore

03 April 2014  |  1278 views  |  0  |  Recommends 0

With the German algo ID mandatory from 1st April, I was prompted to scan the latest MiFID II texts in this regard. Member states must require exchanges to be able to identify the different algorithms used for generating orders (Art. 51.6) which, on a high level, sounds just like the German HFT Act. To make things even more complex, MiFIR require...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

What role for OTFs?

27 March 2014  |  1052 views  |  0  |  Recommends 0

Last week the CFTC published another no-action letter with respect to trading swaps on a European MTF. At the heart of the discussion is the question of whether European MTFs can be considered as equivalent to US SEFs. Given that a number of banks within the scope of Dodd-Frank also need to trade swaps within Europe, this is an important issue. ...

TagsTrade executionRisk & regulation
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Christian VoigtFidessa - London

Reporting, reporting, and yet more reporting

12 March 2014  |  1353 views  |  0  |  Recommends 0

While many European firms are still getting to grips with EMIR trade reporting and the headaches it’s caused, the next reporting challenge is already on the horizon in the form of MiFID/R. It helps t...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Prepare yourself, MiFID II has arrived!

20 February 2014  |  2233 views  |  0  |  Recommends 0

Yesterday the Council of the European Union published the long-awaited texts for MiFID II and MiFIR as agreed by the Council and the Parliament on 14th January. Whilst the texts are still subject to...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Trading safety measures pay off

07 February 2014  |  2138 views  |  1  |  Recommends 0

The eagerly awaited final MiFID II text potentially includes regulation around circuit breakers. Yesterday Eurex saw trading in the FDAX drop by 2% within minutes of an ECB announcement, only to rec...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Patience is a virtue

24 January 2014  |  1491 views  |  0  |  Recommends 0

Last week’s announcement of the political agreement on MiFID II felt like the Gordian knot had been cut. Maybe 2014 will turn out to be the year when the regulatory uncertainty that dominated 2013 giv...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Smoke-free markets

12 December 2013  |  1668 views  |  0  |  Recommends 0

In recent months regulators have increased their focus on detecting and reporting possible incidents of market abuse. In Europe trading firms are expected to check for potential offences and report th...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Hitting the bullseye

02 December 2013  |  2783 views  |  0  |  Recommends 0

According to recent press articles, the MiFID II trilogue has agreed on capping dark trading at an arbitrary 4% per venue and 8% overall market share. At the heart of the discussion around dark trad...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Congrats you have almost reached Level 2

18 November 2013  |  2376 views  |  0  |  Recommends 0

With the election of the European Parliament scheduled for May 2014, the Level 1 texts of MiFID II, MAD II and CSD Regulation are likely to be agreed before then. This means that next year will be all...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Time is of the essence

30 October 2013  |  4613 views  |  0  |  Recommends 1

Last weekend heralded the official end of summertime as the EU put its clocks back one hour. Since most electronic clocks are updated automatically many of us hardly notice the difference, but others ...

TagsTrade executionRisk & regulation
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