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 […]
MiFID II: Showtime
MiFID II: Showtime With Christmas 2016 now a distant memory, attention returns to MiFID II. 2017 is the year of implementation! In this short post we consolidate some of the key dates. We have previously mentioned them in our MiFID II: A Survival Guide book but clients felt it would be beneficial to state them […]
The Teething Trading Obligation
The Teething Trading Obligation Back in September 2016 we summarised[1] in our introduction to the issue of the trading obligation: MIFIR obligates classes of derivatives (to be decided by ESMA) to be subjected to the trading obligation (TO). These classes of derivatives must be traded on trading venues and cleared by CCPs. There is considerable […]