Views on improving the integrity of global capital markets

MiFID


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.

MiFID II: A New Paradigm for Investment Management

The revised Markets in Financial Instruments Directive comes into effect January 2018, introduces a sweeping overhaul of European financial markets.

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.

Takeaways on Best Execution, MiFID II, and Trading Innovation

With a delay likely, one hopes all these MiFID II issues can now be ironed out properly.

EU Capital Markets Union: What Do Investors See as Hurdles to Forming Single Market?

CFA Institute survey reveals substantial work needed to make EU capital markets union a reality.

Unbundled Commissions: Explicit Payment for Investment Research Set to Alter Industry (Video)

The issue of how equity commissions are used to buy investment research takes center stage in the European Union.

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.

EU Policy Update: How the New EU Parliament Is Taking Shape (Podcast)

Analysis on the next European Commission president, the makeup of parlimentary committees, and how these developments will affect the implementation of MiFID.

EU Roadmap for Long-Term Financing: What Does It Mean for Investors?

More transparent, liquid capital markets will expand opportunities to European investors, but any new regulatory initiatives must have investor interests at heart.

“Better Finance”: More Investor Protection Could Aid Financial Stability in Europe

Five years since the start of the financial and economic crisis, the European Union is only now finalising the long-announced reforms of its legislative framework in the field of investor protection. As the European legislature comes to a close, the time is right to make an assessment of the state of investor protection and regulatory reforms in Europe.

Financial Innovation and Complexity in Retail Investment Products

In Europe, different cases of mis-selling have caused national supervisors to take a more proactive stance on “complex” products.

Automated Trading Debate Intensifies

The regulatory response to automated trading is stepping up with various initiatives globally to limit the propensity for errant technology to cause market instability. Such initiatives include tightening up controls over algorithms via more frequent and robust testing, regulatory authorisation and oversight, curbs on unfiltered electronic access to markets (such as by banning “naked” sponsored access), and more sophisticated circuit breakers to halt excessive trading volatility.

Interview: Transparency Reform in Bond Markets

Rhodri Preece, CFA, director of capital markets policy, and James Allen, CFA, head of capital markets policy, discuss the state of transparency in bond markets and the potential for increased transparency in Europe under revisions to the… READ MORE ›

Bringing Transparency to the Bond Market

Recently, the European Commission commenced its overhaul of securities markets regulation with the publication of the eagerly-awaited revised Markets in Financial Instruments Directive, dubbed “MiFID 2”. Nearly a year in the making, the legislative package puts transparency at… READ MORE ›

Responding to Fallout from the Financial Crisis

The financial crisis and collapsing asset values have led to a substantial loss of trust by investors in both their investment managers and massive regulatory reform efforts. Whether the magnitude of these responses is warranted has been… READ MORE ›