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Mifid, Uncategorized

Regulatory consequences – MiFID II and others

Some consequences of MiFID II and other regulatory activity, such as Brexit is beginning to be felt in several quarters: This article on the Reuters web site reports that the CEO of TP ICAP has left due to a profit warning. Much of the reduction is blamed on costs due to MiFID II, Brexit and other regulations. The company statement can be found here. Brokers are being impacted in other ways, especially with respect to the “research unbundling” rules. This article on the Market Mogul looks at the issue further.

In the meantime, this article on Practice Insight reports on non EU parties trying to circumvent the need to report transactions under RTS 22, which requires personal data to be reported. The article looks at different methods, some of which are subjective, which may remove the need for such reporting. The article  also looks at possible contradictions between MiFID II, GDPR and MAR.

This article on the Trade News looks at the issue of companies not complying with the record keeping rules. Those covered to it are subject to large fines for non compliance.

As time goes on, we can expect to see more of these consequences as the rules bed down.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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