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Why you’ll never be ready for MiFID II

I attended Institutional Investor’s excellent Trader Forum in Barcelona last week. Basically it brings together the senior executives from the buy-side, the sell-side, venues and technology firms to debate and make sense of our industry. Naturally much of the conversation revolved around the new conditional dark pool venues, periodic auctions and Systematic Internalisers that... Read More

The shape of block liquidity

Now we are all back from summer hols it seems like everyone is getting ready for the final push that will propel our industry into its post-MiFID II future. Much still needs to be done, not least of which by ESMA in telling us what all the rules actually mean and what game we are supposed to play as a result of them. This is particularly true in the case of block liquidity which... Read More

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... 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... 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... 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,... 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... Read More

Mince pies and MiFID

I spent the holidays diligently researching the best brand of mince pies in order to settle a pre-Christmas debate here at Fidessa Towers. Naturally my criteria included a number of factors including (but not just) price and, perhaps surprisingly, the winner was Tesco’s in-house bakery. Back at work, my attention turned to my other favourite M word – MiFID II – as... Read More

I’m afraid of Americans

It’s always cool when two different things come together to make you think. That’s exactly what happened on my commute this morning as I listened to David Bowie’s much-underrated album, Earthling. Just as I read another piece about the US election, my ears were treated to the classic track “I’m afraid of Americans”. I will leave you to listen to the song yourself,... Read More

Anyone for MiFID 3?

I was chatting with the Reg folks here at Fidessa Towers yesterday and the spectre of MiFID 3 came up. Before you all jump off the window ledge there is no official notion of this yet, but when will the regulators feel that their work really is done? The direction of travel has been clear for a while – dismantle the current industry and replace it with something that is utilitarian,... Read More

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