Views on improving the integrity of global capital markets

Sviatoslav Rosov, PhD, CFA

59 Posts


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
Disrupting the Disruption: Will Bitcoin be Hijacked by Wall Street?

Is the blockchain to the financial industry what Uber is to the taxi industry, Tesla to the car industry, or Apple to the watch industry? Is it disruptive or sustaining?

Sunshine Is the Best Disinfectant: Post-Trade Transparency in Credit Default Swap Markets

IOSCO study: Neither market activity nor market exposure changed substantially following post-trade transparency rules.

Sleepless in Seattle: Is Living with Threat of Market Flash Crashes the New Normal?

Is high-frequency trading the fault line of our modern market structure, and if so, what can we do about it?

Views on HFT in Europe, ESMA’s Role in MiFID Shared at E-Finance Lab Event

As the MiFID II Level 2 consultation draws near, here’s the latest perspectives on liquidity, transparency, and HFT in Europe.

Another Bitcoin Adventure: Cashing out of a Crypto-Currency

Outlook for crypto-currencies: Potential regulatory and reputational risks prompt banks to keep a safe distance.

What Early Results on Australian and Canadian Trade-at Rules Mean for Regulation

As the SEC proposes a “trade-at” rule in its planned “tick-size” pilot, a CFA Institute study examines similar price improvement rules in Canada and Australia.

HFT, Price Improvement, Adverse Selection: An Expensive Way to Get Tighter Spreads?

As high-frequency trading debate rages on, it’s important to examine more mundane trends that may threaten market integrity.

Are Frequent Batch Auctions a Solution to HFT Latency Arbitrage?

Profitability of HFTs has declined rapidly in recent years, most likely as a result of the physical limits of reducing latency being reached.

Regulators Shining a Light on Dark Pools

Regulatory net continues to tighten around dark pools as the list of badly behaved HFT and dark pool firms grows.

A Bitcoin Adventure: How to Buy and Sell Crypto-Currencies

User experience needs to improve, but the moving parts of the Bitcoin future are all in place. What’s left to determine is if enough people will use them.

Predatory HFT Strategies: Is “Information Transmission Zoning” the Solution?

A new report may hold the answer to alleviating issues surrounding predatory HFT algorithms.

HFT and IEX’s “Fair-Access” Platform: One Step Forward, Two Steps Back?

IEX applies for exchange status and requests SEC policy change that could harm investors.

Good HFT, Bad HFT: Dividing Line between Predatory and Passive Strategies

Important distinction between passive and predatory strategies rarely made explicit in high-frequency trading debate.

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