230 Results from 2015, /regulation
Retired Member
No industry is immune to bribery and corruption but a large number of companies are still all but ignoring this growing problem. The 2015 Deloitte Bribery and Corruption Survey of Australia and New Zealand has found 23% of respondent companies have experienced at least one instance of domestic corruption in the last five years yet 77% of organisat...
15 May 2015 /security /regulation
This morning I read with interest a colleague’s blog post on the delay to the publication of the ESMA technical standards from July back to September. Whilst I appreciate that these things are complicated, it seems hard to understand how this won’t delay the implementation date without potentially increasing the very risks the regulations are try...
14 May 2015 /regulation
One of the commonest parts of a, four party model, transaction yet one of the most misunderstood concepts in our industry. Cited by EU politicians as the cause of inflated consumer pricing and pilloried by the, equally ill informed, media in the search for yet another scandal story. The reality is that acquirers, under scheme governance, remit a ...
The European Commission (EC) and ESMA have agreed on an improved process to draft the Level 2 texts for MiFID II. On the back of those discussions, ESMA asked for a 3-month extension on their own deadline to submit draft technical standards and the EC granted it. While the next Level 2 drafts will now not be published until September 2015, the ben...
Neil Crammond risk education & real time market abuse at DIVENTO FINANCIALS
CAN THE REAL SPOOFER STAND UP ? Navindar Savao lawyer really needs to ask why his client had hundreds of thousands of orders processed by exchanges ? Perhaps he would be better off pleading guilty to certain charges of manipulation and indeed question why Market supervision dept failed to halt his orders . Paul Rotter ; the famous Flipper ; ht...
10 May 2015 /regulation
The current MiFID II draft suggests that trading venues have to fulfil the transaction reporting for non-EEA exchange members. While it is understandable that regulators want to ensure complete records of all trading activity within Europe, the operational burden could be far-reaching. Currently, exchanges rely largely on trading interfaces to col...
08 May 2015 /regulation
The recent claim by CME exchange and assisted regulators that its taken 5 years of monitoring to catch "Nav" the spoofer proves that perhaps anonymity trading no longer is required ? Perhaps now is the time for a virtual pit where the market can see all the players ? Many years ago L.I.F.F.E produced an after hour system on screen cal...
28 April 2015 /regulation
With its aim of increasing transparency around execution quality, under the current draft technical standards MiFID II will require investment firms to provide an annual execution quality report that states, for the top five execution venues, the share of passive and aggressive orders executed by the broker. In many cases the exchange provides a p...
27 April 2015 /regulation
Paul Kelly Co-founder at Logical Construct
Garbage in, garbage out. It is hugely frustrating when your state-of-the-art risk, pricing or optimisation system is let down by dodgy data, the artful algorithms rendered impotent by gaps and inaccuracies in the information they depend on. Having spent a number of years tackling the root cause of this problem we've got a lengthy list of gotchas - ...
If they have not already started, Domestically Significant Investment Banks (D-SIBs) should start working on their BCBS239 compliance strategies immediately if they are to avoid the difficulties experienced by their G-SIB (Globally Significant Investment Banks) counterparts. The Basel Committee on Banking Supervision published its second report in...
24 April 2015 /regulation
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