Views on improving the integrity of global capital markets

Sviatoslav Rosov, PhD, CFA

49 Posts

Biography

Sviatoslav Rosov, PhD, CFA, is Director, Capital Markets Policy EMEA at CFA Institute. He is responsible for developing research projects, policy papers, articles, and regulatory consultations that advance CFA Institute policy positions, focusing on market structure and wider financial market integrity issues.

Author's Posts
Capital formation: It’s Still Happening… Somewhere.

Equity listed on public markets is the bedrock that underlies the valuation of many other growth assets, similar to the function sovereign debt plays for corporate bonds. It is also the focus of a huge amount of analysis (much of which is undertaken by CFA Institute members) and regulation.

Artificial Intelligence: The Future Is Human

The lack of any coherent or precise definition of AI encourages the hype bubbles that we have seen with “fintech” and “blockchain”— all three concepts can mean almost anything depending on the interpretation.

MiFID II and Systematic Internalisers: If Only Someone Knew This Would Happen

It has been about seven months since the EU’s implementation of the Markets in Financial Instruments Directive (MiFID II) and some early results are starting to come in.

Alphabet Soup: What Does Artificial Intelligence Really Mean?

Two weeks ago, CFA Institute and the Asset Management Association of China invited me to host the Fintech Investment Forum in Hangzhou, China. The standout speaker on artificial intelligence (AI) was Dr. Noah Silverman, founder of Helios.ai, a consulting firm in Hong Kong.

Sustainable Finance: Cheap at Twice the Price?

The European Commission’s long-awaited legislative proposals on sustainable finance, released 24 May 2018, seek to position the EU and its investment management industry at the forefront of sustainable investing.

Initial Coin Offerings: The Future of the Future of Finance

The question of whether the blockchain will end up as nothing or everything continues to be asked with no definitive answer as of yet.

MiFID 2.1: Some Updates are Ready to be Installed

Some aspects of MiFID II are proving difficult to implement including the double-volume cap, futures clearing, and Systematic Internaliser tick sizes.

European Commission Expert Group Report on Corporate Bond Market Liquidity

Although recent European Commission report on corporate bonds is welcome, CFA Institute believes it missed an opportunity to emphasize other recommendations for improving demand for corporate bonds.

Initial Public Offerings: Is There Still a Pulse?

IPOs have been declining in recent years, but it is not clear what is causing the decline. But whatever the reason, it is a situation that is a concern because of its effect on public markets.

What Fintech Can Learn from Decline and Reinvention of High-Frequency Trading

High-frequency trading (HFT) was front-page news not too long ago, but fintech has taken that spot. But could the road ahead for fintech end up looking the same as its been for HFT?

Behind the Hype: Barclays Report on Machine Learning in Investment Management

Alternative data is already being used by investment managers, but one of the bigger questions is whether it is worth the cost — not only the upfront costs, but also the opportunity cost.

Machine Learning, Artificial Intelligence, and Robo-Advisers: The Future of Finance?

Advances in technology are gaining visibility in the world of investment management, but how it will be regulated remains an issue, especially when it comes to protecting investors.

Initial Coin Offerings: What Happens When a Bubble Cannot Expand?

There has been a surge in Initial Coin Offerings and the reasons behind it seemed to be related to diversifying away exposure to Bitcoin.

Regulatory and Market Priorities in Different Countries Drive Fintech Focus

The interest in fintech worldwide shows no signs of abating, but there are variations in what "fintech" means in different countries and depends on the needs of local economy.

MiFID II: ESMA Races to Close the Systematic Internalisation Loophole

ESMA uses the existing rulebook to clarify the question of when systematic internalization activities cross over into functionally operating as a trading venue.



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