Sviatoslav Rosov, PhD, CFA, is an analyst in the capital markets policy group 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.
ESMA uses the existing rulebook to clarify the question of when systematic internalization activities cross over into functionally operating as a trading venue.
Related to one of the first elements of EU’s Capital Markets Union initiative, CFA Institute proposes summary prospectus template that aims to address information overload.
Another jurisdiction has found that high-frequency trading has a mostly neutral or positive impact on market quality.
The benefits of adopting IFRS that firms enjoy depends on when they adopt, what reporting standards were like in their jurisdiction, and how well those standards are enforced.
Regulators welcome developments in fintech, but it is less clear how the technology should be regulated and whether new regulations are even needed
The debate about whether bond market liquidity has deteriorated or not is a popular topic, and CFA Institute members had the chance to give their opinions on the subject.
Ban on payment for order flow positive for the quality of the UK market. Study finds that the proportion of retail trades executing at best quoted prices increased — a win for market integrity.
Improving efficiency and reducing costs of existing systems has become the motivation for adopting blockchain technology, and asset managers should get involved early in the implementation process.
IEX got approval from the SEC on 17 June to become the 13th registered stock exchange, as of August. Can IEX bring its intended benefits to investors? Will NASDAQ challenge the SEC’s decision?
CFA Institute member survey: The higher the wealth, the less likely investors will be affected by automated financial advice tools.
The UK’s Financial Conduct Authority has released a report that aims to determine if high-frequency traders are anticipating order flow across markets. It finds …
How can we prevent the Barclays and Credit Suisses of the world from committing dark-pool fraud? The SEC has a proposal.
Those were just some of the timely issues covered during a recent Twitter chat with Dennis Dick, CFA, proprietary trader and head of equity market structure at Bright Trading.
Conference takeaways: Market participants are mostly happy with modern market structure, quality; HFT isn’t a stressor, technology is; regulators should improve things at the margin, but do no harm.