20 July 2018
Christian Voigt

Regulation Matters

Christian Voigt - Fidessa

45Posts 318,446Views 0Comments

Best ex transparency moves to the next level

11 August 2015  |  3993 views  |  0

The draft technical standards for MiFID II require exchanges to publish quarterly execution quality reports (RTS 6). Sell-side firms are expected to digest these and update their best execution policies accordingly. Additionally, sell-sides must publish their own execution quality reports annually (RTS 7), which obviously should be digested by the buy-side. While sceptics might argue that the biggest impact will be an increased demand for paper, outright opponents point to some details which could drive significant changes in market structure.

Firstly, the exchange report under RTS 6 is extensive, covering all trading activity that an execution venue undertakes in a specific instrument. Interestingly, all execution venues – not just trading venues – must publish the report, putting market makers for instruments without a trading obligation (such as ETFs) in scope too. Secondly, RTS 7 requires investment firms to quantify for their top five execution venues the client order volume, the execution costs, the rebates, and more. All that together could represent a valuable set of data, freely available to the wider market. While it is accepted practice in the Nordic markets to publish the market shares of all exchange members, MiFID II will potentially take this a lot further.

TagsTrade executionRisk & regulation

Comments: (0)

Comment on this story (membership required)

Latest posts from Christian

Joining the fray

28 June 2018  |  4042 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationBrexit

Bracing for Brexit

27 March 2018  |  6370 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationBrexitGroupBanking Regulations

Is the DVC a ban in disguise?

08 March 2018  |  6617 views  |  0 comments | recomends Recommends 0 TagsTrade executionRisk & regulationGroupMiFID

Pieces coming together

20 December 2017  |  13864 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationWholesale bankingGroupMiFID

Full steam ahead

07 December 2017  |  4609 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationWholesale bankingGroupMiFID

Christian's profile

job title Senior Regulatory Adviser
location London
member since 2015
Summary profile See full profile »
I'm a Senior Regulatory Adviser at Fidessa and focus on the growing regulatory and functional requirements for multi-asset automated trading systems, supporting our clients across Europe in meeting th...

Christian's expertise

Member since 2015
42 posts0 comments
What Christian reads

Who's commenting on Christian's posts