Views on improving the integrity of global capital markets

Sviatoslav Rosov, PhD, CFA

54 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
Uber and Public Capital Markets: Shareholder Rights, Uninformative Prospectus, Weak Post-IPO Performance

The recent IPO of uber has been fascinating in terms of its relevance to many of the issues currently concerning participants in the public capital markets space. Is the capital raising ecosystem is still somehow out of kilter?

ESG and Sustainable Finance: Taking Climate Change Literally, But Not Seriously

Since my last blog on the issue, the topic of finance and climate change has risen to headline news, thanks to the Extinction Rebellion protests, including near the CFA Institute London offices at Bank Junction.

CFA Institute Welcomes ESMA’s Proposals under the Prospectus Regulation

Despite all the interest in Brexit, the European Commission is still in the business of producing rules to manage securities markets.

MiFID II Research Unbundling: A Survey Yielding Mixed Results

To celebrate the one-year anniversary of the introduction of the revised Markets in Financial Instruments Directive (MiFID II) in January 2018, CFA Institute revisited the controversial topic of investment research by conducting a survey of its membership.

Capital Formation: The Evolving Role of Public and Private Markets

The statistics on public market participation by corporations over the last two decades make grim reading in developed markets.

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

The Systematic Internaliser (SI) regime could essentially recreate broker-crossing networks, which MiFID II was intended to prevent.

Alphabet Soup: What Does Artificial Intelligence Really Mean?

A navigation on the jargon of AI plus throwing some cold water on the AI hype machine. Machine learning is a useful and powerful tool, but it is no more than that.

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?



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