More than a dozen leading UK stocks would be forced to trade in the EU in the event of a no-deal Brexit, the European Securities and Markets Authority has ruled. Financial Times (subscription required) (19 Mar.)
The UK Financial Conduct Authority has fined UBS £27.6 million for making 135.8 million errors in transaction reports required under Europe's revised Markets in Financial Instruments Directive. The FCA says the bank has also failed to control and organize reporting operations. The Trade (UK) (19 Mar.)
International buy-side firms largely prefer unbundling of research required by the EU's revised Markets in Financial Instruments Directive, but Asian market participants and regulators are unhappy about it. Small Asian firms say the compliance burden discriminates against them, and many local regulators agree. Practice Insight (19 Mar.)
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