Blog

Apr
06

SFTR – Commission delays RTS adoption. But is it legal?

How long does the EU Commission legally have to adopt a regulatory technical standard (RTS)? Specifically, how long does the Commission have to adopt the SFTR RTS given that they received it over a year ago. This article will present Market FinReg’s views.   Disclaimer: This is a matter of considerable public interest and represents […]

By Staff | Law . SFTR
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Mar
06

Re-examination of a legal case in light of MiFID II

The majority of my publications distil the essence of complex packages of financial legislation into easily understandable guides for financial institutions to implement remediation projects (e.g. MiFID II: A Survival Guide) This article is a departure from the above. It is legal in nature, written for  lawyers. I will demonstrate which arguments counsel should now […]

By Staff | Law . MiFID II
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Mar
06

FSB delivers Global Shadow Banking Monitor 2017

In my book SFTR: A Survival Guide[i], I explained the importance of monitoring FSB shadow banking reports if one is to truly understand the essence of SFTR: As recitals 2-7 of SFTR acknowledge, the FSB’s reports have been instrumental in fashioning the EU’s SFTR legislation. Indeed, SFTR is the EU’s implementation of FSB recommendations (‘this […]

By Staff | SFTR
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Feb
01

SFTR – Collateral Reuse (rehypothecation)

Collateral Reuse – PILLAR III Reuse of collateral provides liquidity and enables counterparties to reduce funding costs. However, it tends to create complex collateral chains between traditional banking and shadow banking, giving rise to financial stability risks… Reuse should take place only with the express knowledge and consent of the providing counterparty. SFTR[I]   Principle […]

By Staff | Law . SFTR
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Feb
01

What is SFTR? A Whirlwind Tour of the 3 Limbs

What is SFTR? SFTR: Security Financing Transactions Regulation. Formally, Regulation (EU) 2015/2365…on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. It was adopted on 25 November 2015.   SFTR is built on three pillars[i]: Transaction Reporting. Requirements for counterparties to SFTs to report all SFTs to central trade repositories; […]

By Staff | SFTR
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Dec
01

Market FinReg reply to ESMA RTS 1, MiFID II

ESMA proposes to make amendments to RTS 1 of MiFID II related to extending the Tick Size Regime to Systematic Internalisers. This is to prevent a race to the bottom where firms offer meaningless fractional price improvement by offering ever-smaller tick sizes. For reasons which we detail in the enclosed document, we agree with ESMA’s […]

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Apr
02

Non-equity CTP: Missed Opportunity

Non-equity CTP proposals: Our View Last Friday (31 March 2017), ESMA released its long-awaited report (“The Final Report”) into the scope of financial instruments and trading venues that are to be included in the non-equity consolidated tape. Background In order to mitigate against the last decade’s market fragmentation, article 65 of the MiFID II Directive […]

By MiFID II SME | MiFID II
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Mar
12

Best Execution – A MiFID II Primer

Best Execution So, the FCA outline their findings vis-à-vis Best Execution and people are complaining. In a thoughtful piece, Daryn Kutner complained of a lack of clarity on what constitutes Best Execution: ‘Despite all the best intent that presently exists within the industry to fulfil its Best Execution obligations a universal understanding as to what […]

By MiFID II SME | MiFID II
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