31 January 2015

65591

Christian VoigtFidessa - London

Return of the concentration rule

22 January 2015  |  3492 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 all equity business to be conducted on exchange. The arrival of a new disruptor, in the form of MiFID I, is about to turn their lives upside down fore...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

No time for sentimentality

06 January 2015  |  2804 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 is already following a similar pattern. With the ink barely dry on ESMA’s latest technical advice and consultation for MiFID II, it’s not a question ...

TagsTrade executionRisk & regulation
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Christian VoigtFidessa - London

Slave to a label?

18 December 2014  |  4299 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. ...

TagsTrade executionRisk & regulation
Christian VoigtFidessa - London

Systematic Internaliser on a wire

03 December 2014  |  2067 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  |  1651 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  |  1649 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  |  1593 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  |  1663 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  |  1629 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  |  1217 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
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