MiFID II quick fixes

Christian Voigt

Senior Regulatory Adviser at Fidessa

Views 604

MiFID II quick fixes

10.11.2017 10:00 am

In its consultation for changing RTS 1, published yesterday, ESMA suggests that the tick size regime should also be extended to Systematic Internalisers. I don’t want to discuss whether it is a sensible proposal. Nor do I want to debate whether ESMA can use a Level 2 text to override the explicit statement in MiFID II (Article 18 and 39). MiFID II was always a carefully balanced political compromise across many different stakeholders and changing any detail risked upsetting that balance. The industry needs regulatory certainty to justify the massive investment it takes to upgrade all of its systems, and yet here we are with the second last minute consultation on the SI regime.

If this is the first sign of the snagging list from the regulation builders perhaps I should hurry up and get my wish list of MiFID II ‘quick fixes’ in the mail. If the SI regime can be changed, then why not re-open the discussion on DEA, dark pools, research, etc?

Latest blogs

Breana Patel Bonova Advisory/Risk & Regulatory Advisory

Crypto Firms Excel in Technical Expertise But Have Little Understanding of Risk

Crypto Firms have great technologies that address a lot of challenges and open up an entire new world of doing business. In conversation with CoinFi's CEO Timothy Tan about how regulations and risk management will be a competitive advantage for Read more »

Angus Burrell AltaPay, a Valitor company

Meeting customer demand - striking the right balance

Businesses run on balance sheets – where assets and liabilities are held in equilibrium. If a business wants to invest in one area, it must generate the resources from another. If the balance is out, then the business simply can’t work. The analogy Read more »

Brandon Li Austreme

Brand Protection: Combating Online Counterfeit with AI

Online sales of branded and luxury items have been rising drastically, in the recent decade. While all the brands are investing big money on establishing online stores, organizing marketing campaigns and doing all the operation enhancements, on the Read more »

Javid Khan Pulsant

Using Cloud to Relieve the Compliance Burden

A recent survey of more than 360 enterprises revealed that 86% are dealing with the complexity of multiple types of data and/or data-related processes subject to privacy and security compliance requirements. Just 61% say that their organisations are Read more »

Lina Adolf-Orup Fingerprints

Fingerprint on the Pulse: Biometric Payment News

It’s quite hard to believe that we’re already entering Q4. For the biometrics industry, it’s been a unique and exciting year – one marked largely by its increasing convergence with the world of payments. For payments and biometric lovers alike, it Read more »

Related Blogs

Ivy Schmerken FlexTrade

MiFID II Reaches Across the Pond: Is This the Calm Before the Storm?

Despite the view that MiFID II is a European regulation, US investment managers are experiencing disruption as they align their research payment and execution practices with the influential standard. While MiFID II went into force on Jan. 3, 2018, Read more »

Ivy Schmerken FlexTrade

MiFID II Post-Mortem Cites Delays on LEIs and Data Quality as Key Challenge

With the rollout of such a massive regulation as MiFID II, there are bound to be some hiccups, but so far firms are mainly wrestling with trade reporting and data quality issues. Read more »

Ivy Schmerken FlexTrade

MiFID II’s Trading Hereafter: Systematic Internalizers & Block Venue

MiFID II went live on Jan. 3 without much fanfare, but the EU regulation is already shifting trading behavior toward Large-in-scale block trading venues and new venues called systematic internalizers run by banks and high frequency trading firms. Read more »

Ivy Schmerken FlexTrade

Seeking Clarity on MiFID II Inducement Trading Rules

With MIFID II’s rules on inducements now a reality, buy-side firms are paying close attention to the costs associated with their front-office trading platforms and analytics. The EU regulation, which took effect on Jan. 3, could draw scrutiny to Read more »

Stefan Negrila Luxoft

MiFID II: Exemptions and Trading Volumes

As expected, most institutions were only partially prepared for MiFID II. Therefore financial regulators have granted last minute exceptions to ease the pain and ensure orderly function of the markets. Futures exchanges in the UK and Germany were Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App