TheTradeNews.com

No second chance for MiFID II – FCA

Wed, 15 May 2013 15:14:14 GMT

UK markets watchdog the Financial Conduct Authority has called on the industry to help regulators get MiFID II's technical standards "right first time" once the directive's text is finalised.

Judgement day approaches for Reg NMS

Tue, 14 May 2013 18:47:56 GMT

Six years after implementation, Reg NMS's days may be numbered, with the Securities and Exchange Commission planning a wholesale review of US equity market structure and a respected analyst calling for market participants to make their views known.

ISDA publishes protocol for swap reporting compliance

Tue, 14 May 2013 16:55:22 GMT

The International Swaps and Derivatives Association has launched a reporting protocol aimed at helping market participants comply with mandatory trade reporting rules.

High frequency and dark pools are the ‘new normal’ says ASIC’s Medcraft

Mon, 13 May 2013 13:06:46 GMT

In a speech given to the Australian Shareholders Association by ASIC chairman Greg Medcraft last week, he made favourable comments about both dark pools and high-frequency trading (HFT), concluding that they had become the "new norm".

FCA seeks consistent ‘proactive’ oversight by UK venues

Wed, 08 May 2013 14:53:24 GMT

The UK's financial markets regulator, the Financial Conduct Authority, has increased pressure on UK-based trading venues to better mitigate potential systemic risks through a new consultation paper.

FTT delay should not sway buy-side readiness

Wed, 24 Apr 2013 17:18:20 GMT

The UK's legal challenge to the proposed European financial transaction tax may lead to delays, but asset managers must keep up to speed to respond quickly when implementation details emerge, an expert has warned.

Batting for Britain?

Mon, 22 Apr 2013 14:01:53 GMT

How will Britain’s new financial markets regulatory structure change how the City is represented in Europe?

MEP calls to remove OTC loophole from European FTT

Fri, 12 Apr 2013 16:55:38 GMT

A loophole created by the exception of OTC derivatives from the issuance principle in the European financial transaction tax proposal needs to be closed as it could "prove detrimental" to the tax's success, a European Parliament report says.

German HFT law licencing issue could spark liquidity rush

Wed, 10 Apr 2013 15:57:05 GMT

Liquidity in derivatives instruments on Deutsche Börse's Eurex platform could shift to competitors NYSE Liffe and Nasdaq's new NLX venue as a new German law requires high-frequency trading firms to register with national regulator BaFin.

Italian FTT widens spreads, boosts exchange-reported trades

Wed, 03 Apr 2013 15:58:42 GMT

The Italian financial transaction tax has caused a lull in broker crossing network activity and a rise in trades reported to exchanges and multilateral trading facilities, figures show after a full month of implementation.

New SFC rules shift responsibility to intermediaries

Wed, 27 Mar 2013 18:30:20 GMT

The Hong Kong securities regulator has added new compliance and risk management rules for brokers and stricter standards for systems reliability and maintenance, in a report welcomed by the industry.

Irish presidency proposes clearing interoperability threshold

Wed, 27 Mar 2013 13:14:32 GMT

The Irish presidency of the Council of the European Union has put forward a MiFID II proposal that could force Europe's largest exchanges to offer multiple clearers for equities and derivatives trades.

New Australian dark pool regime unveiled by ASIC

Wed, 20 Mar 2013 15:48:38 GMT

Australia's securities watchdog claimed it was taking a "measured response" on use of dark pools in the Australian equity market while imposing a minimum size threshold and other new measures on pool operators.

New FTT solution tackles divergent rules

Mon, 18 Mar 2013 10:20:37 GMT

As market participants adapt to Italy's financial transaction tax, a new technology offering aims to help buy- and sell-side firms identify affected instruments and manage the associated payments.

Dodd-Frank dragged down by latest legal challenge

Fri, 15 Mar 2013 13:54:37 GMT

The Commodity Trading Futures Commission is facing the ire of a major derivatives player because of its margin treatment for swaps, in further evidence of a Dodd-Frank rule making process that is becoming increasingly fraught.

BCNs' Italian FTT solutions leave the buy-side in a spin

Wed, 13 Mar 2013 11:28:35 GMT

The variety of broker reactions to Italy's financial transaction tax, which levies a high rate on broker crossing networks, has led to buy-side confusion.

Japanese short-selling changes set to improve liquidity

Tue, 12 Mar 2013 14:33:31 GMT

New short-selling proposals from the Japanese Financial Services Agency will improve liquidity by encouraging greater market making activity, but could pose challenges for brokers that have to modify algos and risk management systems.

New SEC rules aim to minimise trading errors

Fri, 08 Mar 2013 11:19:20 GMT

The Securities and Exchange Commission has proposed new rules that will require operators of trading systems, market data disseminators and clearing agencies to establish processes to ensure technological stability.

LIBOR deliberations gather pace

Fri, 08 Mar 2013 10:18:00 GMT

With several parallel initiatives among policy makers and regulatory authorities on the setting of financial benchmarks, the industry appears to be getting down to business in advancing reform of the London Interbank Offered Rate.

Investit aims for buy-side commission clarity

Thu, 07 Mar 2013 11:27:23 GMT

An initiative by consultancy Investit to better understand UK buy-side firms' broker commission payments in light of a regulatory clampdown will provide greater clarity for asset managers and has heralded a change in attitude on the subject.

Council nears OTF agreement

Wed, 06 Mar 2013 11:59:25 GMT

The Council of the European Union could reach a common position on the scope of MiFID II’s organised trading facility regime by the end of this month, after broad consensus on the venue category was reached at a meeting yesterday.

Council proposes dark MTF threshold, targets bond transparency

Fri, 01 Mar 2013 13:16:30 GMT

The Council of the European Union will consider a US-style volume threshold for dark pools that use the reference price waiver at a meeting to discuss MiFID II on Monday.

ASIC probes dark pool

Tue, 26 Feb 2013 12:42:36 GMT

Australia’s market regulator has revealed that it is investigating a dark pool, as part of its latest report on the supervision of the country’s financial markets and market participants.

Council’s MiFID II talks face delay

Fri, 22 Feb 2013 15:55:30 GMT

Industry sources have suggested the Council of the European Union’s reading of MiFID II will face delays, despite assurances to the contrary from the Irish presidency.

Non-cleared margin proposals still miss the point

Fri, 22 Feb 2013 13:05:41 GMT

The latest approach by global regulators to establish a framework for margin payments against non-cleared swaps will eliminate some unnecessary costs but still fails to address the core concerns of banks.

Council at odds with Commission on dark pools, derivatives

Fri, 22 Feb 2013 11:57:12 GMT

Proposals on dark pools and derivatives trading in the Council of the European Union's latest draft of MiFID II have drawn criticism from the European Commission.

US FTT faces tough reception in Congress

Wed, 20 Feb 2013 12:05:54 GMT

As a European financial transaction tax draws closer, calls for a similar levy in the US have been reignited. But the political will for a US FTT is limited, with industry experts warning a tax would dampen trading volumes and curtail economic growth.

Regulators propose easing of margin payments for non-cleared swaps

Mon, 18 Feb 2013 17:26:24 GMT

The latest consultation from global regulatory bodies on the margin required for non-cleared swaps appears to ease collateral concerns and allow for a long-dated implementation period.

Staring into the dark

Mon, 18 Feb 2013 11:14:06 GMT

Broker dark pools have been under threat since the start of regulatory negotiations on MiFID II, but clarity on final rules is likely to be some way off.

ESMA report points to easing of securities market risks in 2012

Fri, 15 Feb 2013 15:42:05 GMT

Securities markets and investment conditions in the EU improved in 2012, especially in the second half of the year, according to the European Securities and Markets Authority.

Broker dark pools squeezed in Italian FTT

Fri, 15 Feb 2013 13:01:03 GMT

A financial transaction tax in Italy will hit brokers' internal dark pools, forcing some to re-route orders away from their own pools and raising concern over the potential impact on liquidity.

Europe FTT details cast fresh doubts over remit

Thu, 14 Feb 2013 15:01:20 GMT

The latest European financial transaction tax proposal has raised further questions about the scope of the levy and left market participants facing the prospect of multiple taxes for a single transaction.

IMA offers corporate access guidance ahead of FSA deadline

Wed, 13 Feb 2013 15:29:22 GMT

UK buy-side trade body the Investment Management Association has published a paper to guide institutional investors through corporate access rules in response to efforts from the regulator to separate out different broker services.

Regulatory “barrage” signals unknown outcome on European liquidity

Wed, 13 Feb 2013 13:32:17 GMT

European market regulators have not properly assessed the cumulative effect of new regulations on market liquidity, which could be seriously impacted by the unintended consequences of new rules, a conference has heard.

Council’s latest MiFID II text offers broker dark pool compromise

Wed, 13 Feb 2013 12:35:31 GMT

The Council of the European Union is likely to recommend that organised trading facilities encompass all asset classes as part of MiFID II, offering a reprieve to brokers that operate internal dark pools.

Shedding light on fixed income

Mon, 11 Feb 2013 10:51:28 GMT

MiFID II's extension to fixed income instruments must be appropriately calibrated to avoid the risk of draining liquidity from the bond market.

OpenLink unveils new tool for EMIR compliance

Thu, 07 Feb 2013 10:16:12 GMT

OpenLink, a provider of transaction lifecycle management software, has unveiled a new product that aims to ease compliance with the new clearing and reporting rules for OTC derivatives in Europe.

Derivatives key to success of UK banking reforms

Wed, 06 Feb 2013 10:40:46 GMT

The success of the UK government's plan to separate banks' deposit and investment businesses will depend on whether 'simple' derivatives are included in ring-fenced activity.

Research body seeks EU-US swaps clearing accord

Thu, 31 Jan 2013 11:19:38 GMT

A research group focused on market regulation has appealed to US and European policymakers to harmonise clearing house authorisation in new global swaps rules to avoid market inefficiencies.

Tribunal upholds largest ever FSA fine for market manipulation

Mon, 28 Jan 2013 11:54:24 GMT

Canada-based day trading firm Swift Trade has lost an appeal to the Upper Tribunal of the Tax and Chancery Chamber in the UK after contesting an £8 million fine for market abuse imposed by the country's the Financial Services Authority.

Obama taps ex-prosecutor to head SEC, Sommers quits CFTC

Fri, 25 Jan 2013 15:32:40 GMT

President Barack Obama has chosen a former federal prosecutor to replace Mary Schapiro as chairperson of the Securities and Exchange Commission.

Council vote heralds next step for European FTT

Tue, 22 Jan 2013 15:19:18 GMT

A European financial transaction tax came a step closer today after the Council of the European Union agreed to a proposal that would levy a fee on equity and derivatives trading across 11 member states.

Regulators inch closer to Dodd-Frank finish line

Fri, 18 Jan 2013 12:31:53 GMT

Ever since the Dodd-Frank Act came into law on 21 July 2010 the financial industry has tried to wait patiently for US regulators to issue the final versions of the Act's 398 rules. Entering into 2013, the process probably won't change, according to experts.

Collateral burden set to ease for US CDS trades

Fri, 11 Jan 2013 14:35:16 GMT

Expected regulatory approval of portfolio margining for US credit default swaps will reduce the cost of clearing and could dictate the shape of the derivatives landscape in the future.

Citi teams with ICSDs to mobilise collateral

Thu, 10 Jan 2013 13:24:32 GMT

Clients of Citi can now benefit from greater collateral efficiencies following deals the investment bank has struck with international central securities depositories Clearstream and Euroclear.

Delays hit final approval of EMIR rules

Wed, 09 Jan 2013 11:36:49 GMT

European policymakers have secured a one-month extension to the final sign off covering detailed rules that underpin new OTC derivatives legislation.

ASIC to use HFT tactics in new monitoring system

Thu, 13 Dec 2012 11:35:06 GMT

Market regulator the Australian Securities and Investment Commission will build a new surveillance system incorporating functions used by high-frequency trading firms.

ICSD row threatens European collateral

Wed, 12 Dec 2012 10:23:56 GMT

The mobilisation of collateral in Europe could be severely hindered by derivatives market Eurex’s desire to maintain its monopoly in trading and clearing certain baskets of tri-party repo instruments.

Consolidated tape needs commercial clarity

Wed, 12 Dec 2012 8:53:34 GMT

Leading industry players are calling for European policy makers to intervene and provide greater detail on how a competitive consolidated tape for Europe would work, fearing exchanges will not reduce data costs on their own.

IOSCO’s Wright calls for global institutional framework

Tue, 11 Dec 2012 17:11:04 GMT

The future growth and interconnectedness of international financial markets demands a global institutional framework for regulatory oversight, said David Wright, secretary general of International Organization of Securities Commissions, in a speech last night.