Views on improving the integrity of global capital markets

Rhodri Preece, CFA

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42 Posts

Biography

Rhodri Preece is Head of Industry Research for CFA Institute. He is responsible for building and maintaining the global thought leadership function at CFA Institute, including leading the planning, coordination, and creation of research content across CFA Institute research platforms, including the Financial Analysts Journal, the CFA Institute Research Foundation, and the Future of Finance initiative. Rhodri formerly served as head of capital markets policy EMEA at CFA Institute, where he was responsible for leading capital markets policy activities in the Europe, Middle East, and Africa region, including content development and policy engagement.

Author's Posts
The Value of Hedge Funds: Recent Studies Reach Different Conclusions

Two recent studies offer conflicting views of hedge fund industry performance. Rhodri Preece, CFA, examines the research and offers key takeaways for investors.

Three Lessons from the Failed BATS IPO

BATS Global Markets recently pulled the plug on its IPO after a computer malfunction caused a mini “flash crash.” Such technological glitches are not new, but they are becoming increasingly common. Rhodri Preece, CFA, examines the lessons we can learn from these events.

LIBOR Investigation: Investor Trust at Stake

The ripple effect of the potential mis-pricing of LIBOR is huge, ranging from complex swaps and derivatives traded among sophisticated investors to residential mortgages sold to ordinary households.

Europe’s Fragmented Securities Settlement Landscape

Settlement is typically thought of as the dull, boring part of the financial system. Rhodri Preece, CFA, takes a look at the fragmented securities settlement landscape in Europe and finds that it's anything but.

Australian Equity Markets: Structural Reform Continues

The Australian Securities and Investments Commission (ASIC) recently closed its consultation on the Australian equity market structure. The Commission is now considering how best to tackle a range of market structure issues, such as algorithmic and high-frequency trading (HFT), dark pools, price transparency, and liquidity fragmentation.

NYSE Retail Liquidity Program: If You Can’t Beat ’em, Join ’em …

That’s seemingly the thrust of the NYSE’s plans to establish a “retail liquidity program.” Frustrated with its loss of market share to broker/dealer internalizers and other non-displayed trading centers, the exchange seems to want to play the internalization game… READ MORE ›

Bringing Transparency to the Bond Market

Recently, the European Commission commenced its overhaul of securities markets regulation with the publication of the eagerly-awaited revised Markets in Financial Instruments Directive, dubbed “MiFID 2”. Nearly a year in the making, the legislative package puts transparency at… READ MORE ›

Tackling the Dark Side in Canada …

In recent weeks, Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published their regulatory approach to dark liquidity (a.k.a. non-displayed orders) in Canadian equity markets. The announcement came off the back of an earlier… READ MORE ›

High-Frequency Trading: Tame the Beast, or Will the Beast Devour Itself?

High-frequency trading has been back in the news and amongst the thoughts of policymakers over the past weeks, with the publication of a speech by Bank of England Executive Director Andrew Haldane on the ‘Race to Zero’… READ MORE ›

Systemic Risk Oversight — Up and Running in the U.K.

This week marks the inaugural meeting of the U.K.’s interim Financial Policy Committee (FPC), a systemic risk oversight committee responsible for  upholding the safety and soundness of the financial system. The FPC is charged with steering the… READ MORE ›

Exchange Merger Mania

The frenzy of merger-related activity in the exchanges business shows no sign of abating. Last week, it was the turn of first BATS Global Markets and then NASDAQ/IntercontinentalExchange (ICE) to enter the fray — BATS with the announcement that… READ MORE ›

Market Fragmentation: Even the Playing Field

Traditional exchange markets in Europe have been buffeted in recent years by regulatory changes and new advances in trading technology. Market fragmentation has been the result, in which trading concentrated on traditional exchanges has given way to a new… READ MORE ›



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