Post-trade transparency
Dealers sour on Mifid’s systematic internaliser label
SI decisions will take account of tougher pre-trade rules, client demand and Brexit
Own goal: Mifid II reduces transparency in some EU markets
New rules replace voluntary arrangements in ETFs and Nordic bonds, fragmenting post-trade data
Poor Mifid data could condemn OTC market to the dark
Many derivatives likely to fail first full liquidity test and escape EU transparency obligations
Asia balks at swallowing Mifid whole
Local regulators are right to cherry-pick elements of Europe’s new regime for their own versions
Isin database users oppose further fee increase
Derivatives Service Bureau may hike fees for top users to cover cost of proposed additional services
Industry split over running of new derivatives IDs
Funds object to Isda proposal, arguing it would leave ‘control’ of UPIs with incumbents
French ‘bombshell’ would gut Mifir equivalence, say lawyers
Leaked non-paper would also clamp down on reverse solicitation for EU wholesale clients
Esma clampdown puts pressure on Mifid data services
Guidance insists data be free and machine-readable, attacking current practices
Esma expected to tighten rules for Mifid data services
After criticism of new regime, market is braced for guidance that could pile pressure on APA business
Europe struggles to get a grip on derivatives transparency
Mifid reporting has fallen short of US swaps data, but national regulators are partly to blame
Mifid data: hard to access, hard to use
Risk.net research shows four of 12 APAs and trading venues only provide information via other vendors
Isins for swaps need ‘complete rethink’, say platforms
Three trading venues say Mifid II transparency objectives diminished by identifier choice
Regulator prepares crackdown on inaccessible Mifid data
UK regulator says approved publication arrangements not observing spirit of the rules
Swaps data: a Mifid-shaped hole
Data shows strong growth in US dollar rate swaps, but global picture is incomplete, says Amir Khwaja of Clarus FT
Mifid transparency has failed so far, say traders
Poor quality, inaccessible data and a lack of instruments covered undermine use case
Esma investigating Mifid trade data publishers
European regulator warns approved publication arrangements could be breaking the rules
Market players struggle to access Mifid trade-report data
Approved publication arrangements break the spirit of new transparency rules, says lawmaker
Isin service increases annual fees by 73%
Anna DSB warns venues against gaming the fee model
Confusion plagues start of Mifid swaps reporting
Firms reach inconsistent conclusions on scope of transparency requirements
Industry expects fresh guidance on Mifid swaps transparency
Firms might need time to change their systems if Esma alters May 2017 guidance significantly
FCA system failure throws Mifid data into doubt
Esma could be left with an incomplete list of instruments subject to reporting requirements
Only 1% of bonds caught in first wave of Mifid transparency
Trax estimates 5% of corporate bonds will be subject to full transparency after four-year phase-in
Esma guidance on swaps transparency still leaves questions
Volatile instrument attributes removed from transparency determination, but further issues remain
Mifid’s great race to the bottom
If rules are unclear, regulators cannot prevent banks adopting the softest interpretations