Mifid
The Dark Ages: US and EU unite in position limit vagaries
Regulators’ inactivity infuriates commodities markets
Too little, too late: Esma data won’t fix energy firms’ Mifid woes
Data confusion and unworkable exemption timeframe risk commodity market disruption
Wolfe aims to shake up research with AI push
Mifid II and the rise in computing power is helping boutique shops challenge the banks
Esma to publish Mifid II commodity market data by July
Data vital to establish if firms are in Mifid II, but it will be incomplete, agency says
Banks weigh Mifid II pre-trade price publication venues
Anonymity will be key factor in final decision, say dealers
FIA calls for Mifid II transition for commodity firms
Licences required from start of 2018, but underlying data will be missing
Non-banks eye EGBs as primary dealers retreat
Primary dealers warn of further exits as principal trading firms wait in the wings
Research start-up offers quant tips for discretionary investors
Disruptor sees gap in market, created by growing influence of macro factors on trade performance
EU regulators consider Mifid electronic trading lock-out
Moves to restrict third-country firms from offering direct electronic access blamed on Brexit
Lawmakers seek to harden Mifid SI limits
European Parliament calls for guidance restricting riskless trading to be codified into law
Esma turns the screw on direct electronic access
Guidance thwarts narrower definition adopted by Eurex to help third-country clients
The spirit is willing, but the drafting is weak
Asking firms to operate in the spirit of the law will not solve Mifid trading venue confusion
Identity crisis: venues still struggle with Mifid designations
Lack of clarity on multilateral and matched principal definitions leaves market participants guessing
Traders wary of censure for being a ‘few bips out’
Mifid II best execution requirements intrusive and painful, say asset managers at Buy-Side Risk Europe 2017
Regulatory arbitrage fears over Mifid post-trade reporting
EU regulators may use different reporting deferral periods for large or illiquid trades
OFR leads US push for mandatory adoption of LEIs
Berner says his bureau could use repo-reporting project to drive uptake of legal entity identifiers
EC angers Mifid zealots on equities trading loophole
Systematic internaliser networks will be addressed within the existing rules, says Dombrovskis
Survey: CTRM system upgrades fail to impress
Commodity trading and risk management software moves to the cloud, but experts urge caution
Non-banks disappointed by Europe’s CRR escape hatch
Proposed alternative prudential regime still doesn’t reflect the true risks of non-banks, say critics
Brexit preparations block Mifid third-country guidance
EU authorities see keeping rules vague as a way to maximise leverage in negotiations with UK
Mifid, machine learning and swaps compression
The week on Risk.net, March 10–16, 2017
The long arm of European law: Mifid alarms the world
Non-European firms may have to undertake compliance projects without knowing the final rules
Mifid trading rules cast a shadow over position limits
Contracts caught will depend on trading obligation rules that are still unclear
‘Significant exposure’, Swiss rates and SIs
The week on Risk.net, March 3–9, 2017