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Systematic Internalisation Under MiFID II: What’s Needed Now
From September 1, 2018, firms within the scope of MiFID II that breach volume thresholds set by ESMA on August 1, 2018 for internal matching of client orders will be required to register as systematic internalisers (SIs) and operate within the SI regime detailed in the regulation. Sounds pretty straightforward, but that is far from…
Post-trade ETD – where all the sticking plaster got used!
The fund management industry’s shift to passive funds and embrace of smart-beta funds over the past decade or so has shaved margins to the extreme. In this environment, operational efficiency becomes an existential issue. Across a broad swathe of asset classes, front-office technologies have kept pace with massive changes in market structure driven by regulation…
Regulatory Compliance: The Use of Twitter in Financial Services
Twitter has emerged as a source of market-moving information. But it’s difficult to get Twitter delivered to your trading desk, for a variety of reasons, ranging from concerns about market abuse, to the proliferation of fake news and the potential risk of reputational damage. By banning Twitter, trading firm management may be seeking to avoid…
MiFID II: Setting a Mobile Policy for Compliance and Trading Business
Markets in Financial Instruments Directive II (MiFID II) requires firms to record all trading-related electronic and voice communication. This includes recording communications made using mobile devices, whether they are firm or employee owned. The directive also extends previous requirements to record and store communications that resulted in a trade, to record and store communications that…
Countdown To MiFID II: Best Execution, Brexit and Trading Infrastructure Best Practices
The events of 2016 have muddied the waters for financial institutions operating in Europe that need to figure out how planning for possible outcomes of Brexit will in turn affect compliance with European MiFID II regulation taking effect in January 2018. While it is widely recognised that firms will have to make major changes to…
Only Reason for Time
According to Albert Einstein “…is so that everything doesn’t happen at once”. Consider yourself in the shoes of a timekeeper of athletic events. The stakes are high, consequently the choice of tools for the job imperative. Endurance or sprint? This question is at the forefront when it comes to providing the appropriate accuracy and granularity…
Industrialising Investment Banking Technology
What does an industrialised bank look like? We are embarking on a journey already undertaken by many other industries as they matured. Using the automotive industry as an example, we see: Use of technology and lean processes to drive down costs Reduction in end-product complexity Increased regulation for a safer industry Extensive technology cross-licensing and…
A Flexible Approach to Market Infrastructure
The growing speed and complexity of today’s financial markets are placing all but the most technologically well-resourced participants at a strategic disadvantage. Buy- and sell-side firms, the execution venues they use, and the wide range of post-trade, market data and other service providers whose offerings they consume, are all struggling to keep up with the…