Views on the integrity of global capital markets

Sviatoslav Rosov, PhD, CFA

35 Posts

Biography

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.

Author's Posts
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.

CFA Institute Uses Behavioural Insights to Design a Better Prospectus Summary

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.

French Market Authority Report on High-Frequency Trading — No Surprises

Another jurisdiction has found that high-frequency trading has a mostly neutral or positive impact on market quality.

Early Adopters of IFRS Signal Commitment to Quality Financial Reporting

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 Have a “Wait and See” Attitude About Regulating Fintech

Regulators welcome developments in fintech, but it is less clear how the technology should be regulated and whether new regulations are even needed

Secondary Corporate Bond Market Liquidity: What CFA Institute Members Think

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.

Payment for Order Flow: UK Market More Competitive in Retail Trades After Ban?

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.

Euromoney Blockchain Forum: A Collaborative Jump from Hype to Reality

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.

SEC OKs IEX Application; Can “Flash Boys” Hero Improve Market for Investors?

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?

Survey: Ultra HNW, Institutional Clients Prefer Humans to Robo-Advisers

CFA Institute member survey: The higher the wealth, the less likely investors will be affected by automated financial advice tools.

How Are the UK and Australia Able to Avoid HFT Pitfalls Ravaging the US Market Scene?

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 …

The IEX Application: Some Further Comments

Our TabbFORUM article on the IEX exchange application generated a lot of feedback. Will the SEC OK the current application? Will encouraging time-delay competition among exchanges benefit investors?

Is the Sun Rising on Dark Pools? The SEC Wades into the Shadows

How can we prevent the Barclays and Credit Suisses of the world from committing dark-pool fraud? The SEC has a proposal.

Are “Lit” Trading Venues Too Toxic for Average Investors? Is HFT Flash Crash Culprit?

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.

Forty Years of National Market System in the US — Things Have Never Been Better

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.