28 February 2015

65591

Christian VoigtFidessa - London

On a quest for answers in Paris

18 February 2015  |  2347 views  |  0  |  Recommends 0

Travelling to Paris today for tomorrow’s open hearing on MiFID II, the two issues I’ll be mulling over on the Eurostar will be record keeping for trading venues and transaction reporting. Both could potentially trigger significant changes in front and middle office workflows for many trading firms. At the core of my concerns lies the requirement f...

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Christian VoigtFidessa - London

One step forward, one step back

06 February 2015  |  3381 views  |  0  |  Recommends 0

Market making, at its core, is a simple exchange where the market maker gives immediate liquidity and takes the bid/ask spread in return. This is set to become much more complicated in MiFID II as ESMA is mandated to introduce market making obligations. Under ESMA’s latest draft investment firms using algorithmic trading for market making for at le...

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Christian VoigtFidessa - London

Return of the concentration rule

22 January 2015  |  3958 views  |  0  |  Recommends 0

A long time ago in a galaxy far, far away… It is a period of calm, with primary exchanges enjoying relatively little competition thanks to concentration rules enforced in many EU countries requiring a...

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Christian VoigtFidessa - London

No time for sentimentality

06 January 2015  |  2953 views  |  0  |  Recommends 0

Whether it’s Windows 8, OS X 10.10 or Android 5, modern life beats to the drum of big software releases. Since any new EU regulation includes an automatic review clause, financial markets legislation ...

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Christian VoigtFidessa - London

Slave to a label?

18 December 2014  |  4399 views  |  0  |  Recommends 0

ESMA has just published a report on high-frequency trading (HFT) activity in EU equity markets. It’s good to see the regulator producing an empirical study on such a hotly-debated and emotive topic. ...

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Christian VoigtFidessa - London

Systematic Internaliser on a wire

03 December 2014  |  2107 views  |  0  |  Recommends 0

MiFID II imposes simple categories on a complex trading landscape, such as on- and off-exchange, or multi-lateral vs. bi-lateral. Obviously having some rules helps unravel complexity, but too many kil...

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Christian VoigtFidessa - London

Synchronising regulation

25 November 2014  |  1704 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 ...

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Christian VoigtFidessa - London

Refocusing on auctions

07 November 2014  |  1686 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 ...

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Christian VoigtFidessa - London

More rules, more problems?

31 October 2014  |  1620 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  |  1688 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
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