This category contains 315 posts

MiFID II – more developments

We are now in week 6 of MiFID II. Although the announcements have settled down, we now see a few pieces of news since our last post that point to some of the impact. The FCA report on algorithmic trading under MiFID II earlier this week  (see here) is one of the items that has … Continue reading

Algorithmic trading – FCA report and more

The UK’s Financial Conduct Authority (FCA) yesterday issued this report on “Algorithmic Trading Compliance in Wholesale markets. It reviews the requirements of MiFID II, MAR and local legislation for those companies engaging in algorithmic trading in covered instruments. The document reminds the market that any company which engages in “algorithmic trading” in financial instruments is … Continue reading

MiFID II update – 1st week of February – new limits and more (updated)

MiFID II has been in place for over a month. While the rules are “settling in”, there have been various developments since our last post (see here). On the position limits side of things, there have been a few updates, including many changed limits from the FCA, which can be found on the updated spreadsheet … Continue reading

MiFID II transposition, updates and regulatory battles

Updates and new around MiFID II continue, following our post last week (see here). The European Commission has issued a warning to 12 member states that they must transpose MiFID II or face sanctions. The notice can be found in this press release by the Commission. The countries warned are Croatia, Greece, Latvia, Lithuania, Luxembourg, Poland, … Continue reading

MiFID limits and more

The UK’s Financial Conduct Authority yesterday set a new position limit on a contract for Swiss baseload power. It will apply from 31st March 2018. The updated list of FCA limits can be found here. There have been further changes to the sheet,, which not only adds the new limit but introduces other changes too. … Continue reading

MiFID II week 4

As another week starts, the industry is “getting used” to MiFID II, although there have been some updates from ESMA, for example the updated “venues” list which can be found here, as well as several interesting pieces of news since our last update. As this article on the S&P Global web site reports, many are … Continue reading

MiFID II – week 3

As the third week of MiFID II begins, developments continue following last week’s news: BaFin has updated their position limits page, which can be found here. This article on the ICIS web site reports of remaining confusion for those in commodity derivatives, both in terms of position limits, and also in terms of the calculation … Continue reading

MiFID II – the story continues

MiFID II has been in place for over a week now, and news continues to arrive. ESMA has published a list of position management controls for commodity derivative venues, which can be found here. These specify, for each venue, how position limits are managed and enforced. Lists such as the central venues list (see here) … Continue reading

MiFID II week II

We are now in the second week of MiFID II, which has dominated the news over the past week. Here we look at more developments. France’s AMF announced here that reporting to them had gone smoothly last week. Following the reprieves of last week in terms of open clearing access, Sweden’s Finansinspektionen  has given Nasdaq a … Continue reading

More MiFID II news – and the Benchmark Regulation

We are now “two days in” to MiFID II, and the industry is getting used to the “new world”. Following yesterday’s post (see here) there are more updates: Euronext has been granted a waiver to the “open access” rules as reported here on the Reuters web site. This interview on Wednesday of Markus Ferber MEP … Continue reading