Views on improving the integrity of global capital markets

Capital Market Regulation

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.

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 …

China’s Money Market Reforms Aim to Stem Risk, Allow Funds to Thrive in Fintech Era

The CSRC money market reforms balance innovation and risk, consider public feedback, and are the first refinements to a set of rulings drafted in 2004. Will they thrive?

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.

From Stocks and Bonds to Crowdfunding, China’s Capital Markets Regulatory Scene

Chinese regulators are now seeking comments on how P2P platforms should operate and grappling with findings of a private equity practices report — there are problems.

Crowdfunding: IOSCO Report Highlights Global Rules on Alternative Finance

IOSCO is keeping a regulatory eye on crowdfunding to ensure investor protection. The alternative finance is a major emerging market projected to hit US$300 billion in coming years.

Australian Review: HFT and Dark Trading Don’t Merit Further Regulation

The broad conclusion of Australian report is that current levels of high frequency and dark trading do not constitute a concern and, as a result, regulators don’t foresee the need for further regulation.

To Reform Chinese Capital Market, Is Government ‘Cooking a Frog in Warm Water’?

Capital market reform in China will take a while, but things are surely improving.

Is the Asset Management Industry a Source of Systemic Risk?

CFA Institute takes a stance on this controversial issue.

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.

DC Policy Update: Asset Managers and Systemic Risk, Congress’ Financial Policy Agenda (Podcast)

Do asset managers pose a systemic risk? Can we expect bipartisan efforts on financial policy issues? Jim Allen, CFA, offers his analysis.

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.

Derivatives Market Regulation: What Are the Unintended Consequences of Reform?

Eric Boess, CFA, director and global head of derivatives at RCM Allianz Global Investors, discusses the impact of derivatives reform on global derivatives trading.

Chinese Shadow Banking: Risks and Rewards

One CFA Institute analyst shares his firsthand introduction to Chinese shadow banking, and why it’s too tempting for many investors to pass up.

Derivatives Counterparty Risk and Central Clearing: The Impact of Post-Crisis Reforms (Video)

How has the use of collateral to mitigate counterparty risk and central clearing helped to reshape the financial system post-crisis?

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