19 August 2017
Christian Voigt

Regulation Matters

Christian Voigt - Fidessa

37Posts 233,518Views 0Comments

Let’s agree to disagree

27 January 2017  |  5102 views  |  0

With hindsight, last year’s discussion about the differences in defining direct electronic access (DEA) under MiFID II and RegAT may have been somewhat premature. Firstly, with the change in both the US administration and the CFTC leadership it is now uncertain how RegAT will be progressed. Secondly, over the last few months it’s become clear that we can’t even agree within the EU what DEA means. The European debate largely revolves around Article 20 and how the “discretion regarding the exact fraction of a second” could be interpreted consistently with the exemption of online brokerages in Recital 25.

Some in the industry have concluded that they do not offer DEA at all – Eurex amongst them, based on their particular interpretation of the definition (see slide 17). However, others might take a less technical interpretation and conclude that nearly everything but high-touch flow could be in scope.

The fast approaching MiFID II go-live date means that market participants might need to prepare for a world where their clients and business partners have different interpretations of the rules. One of the overall aims of MiFID II is to harmonise European markets, but the way forward is fast becoming a road of negotiation, flexibility and agreeing to disagree.

 

TagsTrade executionRisk & regulation

Comments: (0)

Comment on this story (membership required)

Latest posts from Christian

For infosec the only way is global

17 August 2017  |  3410 views  |  0 comments | recomends Recommends 0 TagsSecurityRisk & regulation

A case for regulatory freeze?

28 June 2017  |  13312 views  |  0 comments | recomends Recommends 0 TagsRisk & regulationWholesale banking

The same, only different?

18 May 2017  |  6721 views  |  0 comments | recomends Recommends 0 TagsTrade executionRisk & regulation

The far reaches of reporting

12 May 2017  |  5407 views  |  0 comments | recomends Recommends 0 TagsTrade executionRisk & regulation

MiFID II - a catalyst for innovation

21 April 2017  |  6124 views  |  0 comments | recomends Recommends 0 TagsTrade executionRisk & regulation

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
27 posts0 comments
What Christian reads

Who's commenting on Christian's posts

João Bohner