05 December 2016

44975

Retired Member

2,015Posts 6,623,301Views 2,334Comments

Tour de Force

09 July 2014  |  1729 views  |  0

The current MiFID II consultation is infamously complex, covering 800 pages and 800 questions to be answered in 8 weeks. If that in itself is not enough of a challenge, ESMA invited all market participants to Paris this week for a two-day Tour de Force, aka public hearing. Be it equity, non-equity, pre- or post-trade transparency, SIs, OTFs, trade reporting, third country regimes, liquidity measures, best execution, investor protection, commodity derivatives, position reporting or position limits, there was hardly a topic left out of the discussion.

Many open questions were raised, including whether DMA providers must require their clients to reveal their algo source code, whether the SI regime also applies to the repo market, and how EMIR and MiFIR trade reporting rules relate, revealing the true extent of the confusion that still reigns across the industry. While ESMA didn’t necessarily provide the answers, they noted all the points for consideration in the next proposal for Level 2.

It became apparent that, with the amount of work ahead of us, the two and a half years we have until MiFID II is applied is no time at all and it will certainly not be an easy ride. And if there is anyone left with time on their hands they can look forward to another public consultation by ESMA on the trading obligations for derivatives under MiFIR, coming soon.

 

TagsTrade executionRisk & regulation

Comments: (0)

Comment on this story (membership required)

Latest posts from Retired

An industry matured: highlights from Mobey Day 2016

18 October 2016  |  946 views  |  0 comments | recomends Recommends 0 TagsRetail bankingInnovation

Reorganising for the Age of Collaboration

27 September 2016  |  2522 views  |  0 comments | recomends Recommends 0

Fintech innovation in the B2B space has only just begun

12 September 2016  |  13624 views  |  1 comments | recomends Recommends 0 TagsPaymentsInnovation

Protecting Data with DLP

23 August 2016  |  5331 views  |  0 comments | recomends Recommends 0 TagsSecurityBrexit

How to end what ails online commerce

22 August 2016  |  4766 views  |  1 comments | recomends Recommends 0 TagsPaymentsTransaction banking

Retired's profile

job title
location
member since 2014
Summary profile See full profile »

Retired's expertise

What Retired reads
Retired writes about

Who's commenting on Retired's posts

Alex Aleksandrovski
Ketharaman Swaminathan
João Bohner
Steven Hatton
Graham Seel
Nikhil Thadani
Gerard Hergenroeder
Konstantin Rabin
Matt Schofield
Anna Robert
Ian Davis