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So that’s nice and clear…

According to a few reports I read this week we should all be thankful to the European Commission for clearing up the “loophole” that existed in the current Systematic Internaliser regime. Well that’s a relief – except for two small points – first they haven’t and second they seem to have missed the whole point. A commission official has clarified that SIs will not be allowed to “regularly” engage in “pre-arranged matching of... Read More

Relocation, Relocation, Relocation

Almost every day another story appears in the ongoing tug-of-war between Europe and the UK over euro clearing. And, of course, the story is given extra poignancy when viewed through the varifocal lens of Brexit. But in this instance what exactly does “relocation” mean? Especially when we are talking about a global currency like the euro. Listening to the politicians, it sounds as if they are insisting that the whole industry will be forced to... Read More

MiFID II – the best thing that ever happened?

So, if you’re planning to attend any kind seminar on what you need to do for MiFID II over the next few months, forget it and go to the movies instead. You’re simply too late and whatever plans you have (or have not) put in place will just have to do as there are only 6 months left to go. The more important questions concern how regulators will interpret and enforce the new rules and, crucially, which business models will thrive in the new environment?... Read More

Be careful what you wish for

Those of us who remember the good old days will recall the industry debate as to how much dark liquidity was really in existence. In one corner were the exchanges who, through FESE, claimed that the amount of malevolent dark trading going on was unacceptably high. In response the brokers claimed through their trade body, AFME, that actually it was pretty low. And, as we all know, FESE won the day and successfully convinced ESMA of its cause and... Read More

Thomas in Blockland

Thomas the crossing network wasn’t happy. For years he had enjoyed helping his friends buy and sell things amongst themselves. Sometimes he would even step in directly and agree to buy or sell something himself, especially if there was an awful lot of it. But now he had a tricky choice to make. The ruler of the land, The Regulator, had been convinced by the Exchanges that what he did was bad and so it had sent its messenger, known as MiFID 2,... Read More

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