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 […]
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 […]
FCA MiFID II HFT Authorisation
FCA MiFID II HFT Authorisation As MiFID II go-live is less than a year away, the FCA’s attention is shifting to authorisation issues. Today, the FCA held a presentation on the HFT authorisation process. This was intended to augment their recent ‘MiFID II – application and notification user guide’. Their slides contained no surprises but […]