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If you had asked me last year what the actual impact of the double volume cap (DVC) would be, I would have said that it’s ridiculously complex to operate but wouldn’t matter all that much because it w...
In the past decade an unequalled amount of regulatory reform has taken place internationally across the financial services industry; a journey that has not been for the faint-hearted or those lacking ...
In regulated environments it’s imperative to invest now to future proof your business – the requirement for transaction reconstruction is not trivial and we suggest a systematic & proactive appro
With MIFID II’s rules on inducements now a reality, buy-side firms are paying close attention to the costs associated with their front-office trading platforms and analytics. The EU regulation, which ...
Not a lot of people know that Commonly attributed to Sir Michael Caine, what a lot of people don't know is that it was actually said by someone else. “Not a lot of people know that” With MiFiD II just...
Derivatives market participants have been rightfully concerned about the potentially adverse impact of MiFID II on global trading. However, the US and EU authorities have taken significant steps in re...
Hopefully for those of us in financial services MiFID II is now pretty much part of the furniture, and whilst it is causing turmoil and deep discomfort, the reality, is that it is here to stay and the...
Yesterday ESMA published the long outstanding reference data for equities and bonds. Captains of the industry might worry little about abbreviations such as LIS, SMS, ADT, AVT or ADNT. But the engine...
Back in the 1700’s Benjamin Franklin famously once said – ‘A place for everything and everything it’s place’, fast forward to 2017 and the increasingly regulated world that we live in today, this stat...
With a new head of trading and markets at the SEC, there is optimism that some of the complex market structure issues – such as make-taker incentives and sky-high market data costs — will be looked at...
An ESMA Q&A published this week provides some further guidance regarding the authorization of sub-delegated DEA providers, but it still leaves room for uncertainty. The Q&A draws a distinctio...
If Day 1 is January 3 then Day 2 is any time after that. Implementing systems day 2 may be prove to be a smarter way to invest in compliance and productivity. European market regulators will go-liv...