Views on improving the integrity of global capital markets

Market Structure


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.

Why Funding SMEs Within the EU Capital Markets Union Action Plan Is Challenging

Is shadow banking a way to get SMEs the funding they need? The EU’s policy environment, the conundrum European banks are caught in — these are issues Josina Kamerling discusses in a recent interview.

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?

Striking Right Balance of Disclosure: European Prospectus Regime Revision Continues

The new regulation, once agreed on, will aim at harmonizing the rules across Europe and will be directly applicable in all 28 EU Member States.

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 …

European Commission Shifts Capital Markets Union Focus to Retail Investors

Challenges to cross-border financial services can be overcome with the developments in digitalisation and in the fintech sector. In particular, we believe the financial services industry will increasingly use so-called “robo-advisers.”

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?

IEX Exchange Application: SEC’s Reassessment of Reg NMS Critical to Decision

Market structure issues rarely attract mainstream media attention. But IEX application gets to the heart of the integrity of the market, the efficacy of the regulatory framework, and whether investors have a fair opportunity to earn a return.

Capital Markets Union Update: Creating Regulatory Framework for EU Financial Sector

Whether the changes will be cosmetic or profoundly far-reaching will depend on the ambitiousness of the policy-makers in the European Commission, Parliament, and the Council (representing EU Member States).

What Challenges Do Microfinance and Crowdfunding Face?

Alternative finance has huge potential in the developing world, crowdfunding especially. Will it “fuel ‘the Rise of the Rest?’” What are the hurdles? How does blockchain fit in?

In Fintech Era, Harvesting Signals in Words to Forecast Volatility and Returns

How reporters’ word choices, their sentiment and unusualness, can forecast market performance up to six months out.

Did Investor Stop Orders or Liquidity Disincentives Cause Aug ’15 Flash Crash?

Dennis Dick, CFA: “Circuit breakers and warning systems for stop or market orders are mere band-aids for potentially larger underlying market structural issues ...."

Europe’s Capital Market Union: Task Force Report Sets out Long-Term Vision

Report reveals 36 barriers to the development of a truly pan-European CMU; findings complement CFA Institute member survey results.

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.



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