MiFID
Some aspects of MiFID II are proving difficult to implement including the double-volume cap, futures clearing, and Systematic Internaliser tick sizes.
ESMA uses the existing rulebook to clarify the question of when systematic internalization activities cross over into functionally operating as a trading venue.
With a delay likely, one hopes all these MiFID II issues can now be ironed out properly.
The goals of MiFID II are mostly to limit nontransparent trading and strengthen controls and system resilience with regard to algorithmic and high-frequency trading.
As is so often the case, the devil is in the detail. And with much of the detail applying to previously unchartered market terrain, it remains to be seen what consequences these rules will have for financial markets.
The issue of how equity commissions are used to buy investment research takes center stage in the European Union.
As the MiFID II Level 2 consultation draws near, here’s the latest perspectives on liquidity, transparency, and HFT in Europe.
Analysis on the next European Commission president, the makeup of parlimentary committees, and how these developments will affect the implementation of MiFID.
The banking union aims to facilitate a more integrated banking sector within the EU and to mitigate the potential for systemic risks from banks acting across borders yet supervised (until now) at a national level.