RRIT-Trading Venues (Exchanges, MTFs)

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SEC to Propose New Risk Management Rules for DMA and Bans Naked Access

As previously noted by A-Team Group (see here), the stage was set this week for discussions by the US Securities and Exchange Commission (SEC) on the subject of high frequency trading, dark pools and sponsored access. The talks resulted in a unanimous vote to introduce new rules regarding pre-trade risk management checks for brokerage customers directly accessing electronic markets. Should these rules come into effect, they would result in a ban on ‘naked’ or unfiltered access to exchanges or alternative trading systems (ATSs).

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15 Jan 2010

CESR Publishes Update on Assessment of the Proposals for MiFID Pre-trade Transparency Waivers

This year will see a wide scale review of MiFID, as promised by ex-internal market and services commissioner Charlie McCreevy last September (see our coverage here), but, in the meantime, the Committee of European Securities Regulators (CESR) has published an update on assessment criteria for MiFID pre-trade transparency waivers. The update follows the joint process launched by the regulator in February last year and includes information on new assessments made at CESR level regarding an application for a waiver to be granted on the basis of the MiFID Implementing Regulation that CESR considered not to be compliant with MiFID.

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11 Jan 2010

US SEC Indicates will be Discussing High Frequency Trading and Risk Issues on 13 January

Next week will see the resumption of discussions by the US Securities and Exchange Commission (SEC) on the subject of high frequency trading, dark pools and sponsored access (see the details of the meeting and contact information here). The 13 January meeting will consider two main items: whether the SEC should publish a concept release on the equity market structure and whether to propose a new rule regarding risk management controls and supervisory procedures.

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07 Jan 2010

CFA Institute Provides Research in Support of its Consolidated Tape Campaign

The post-MiFID market fragmentation has resulted in very little impact on the quality of the price formation process for equities traded in the European markets affected, however, attempting to obtain a complete and clear picture of market prices remains challenging. This is according to a recent piece of research carried out by the Chartered Financial Analyst (CFA) Institute Centre for Financial Market Integrity, which has taken up the mantle of champion for a consolidated tape for European equities.

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07 Dec 2009

Kinsley Departs LSE as Head of Regulatory Compliance, Position Yet to be Filled

Adam Kinsley has left his position as head of regulatory compliance at the London Stock Exchange for pastures new. Kinsley has been with the exchange since 1999 and in his most recent role, which he held for three years, he was responsible for the exchange’s regulation of its primary and secondary markets.

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05 Nov 2009

Dark Pools Under the SEC’s Microscope, But Volumes Predicted to Increase

At the end of October, the US Securities and Exchange Commission (SEC) indicated that it had launched a 90 day consultation period during which it hopes to come up with further proposals to increase oversight of dark pools. SEC chair Mary Schapiro has been particularly vocal in recent weeks about the “harm” she fears these alternative trading systems (ATSs) may pose by creating a two tiered market. However, it seems that volumes being traded across these platforms continue to rise and some believe they will increase yet further still over the course of next year.

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02 Nov 2009

CESR Provides Slew of Updates on MiFID Protocols and New Consultation Paper

The Committee of European Securities Regulators (CESR) has recently issued a series of updates to MiFID protocols and a new consultation paper on the subject of investment advice. The protocol updates concern recent amendments to MiFID including: rules surrounding the calculation and publication of MiFID market transparency calculations, the supervision of branches and MiFID passport notifications. All of these documents are aimed at providing member states with more guidance around increasing transparency in the fragmented European marketplace.

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19 Oct 2009

B-next Extends Data Reach with Interactive Data Agreement, Extends Ambitions to UK

Compliance and regulatory reporting platform vendor b-next has recently signed an agreement with Interactive Data under which the data vendor will provide global pricing and reference data to feed b-next’s MACOC software solutions. The deal is part of the German vendor’s ambitions to crack the UK market and should help it in the effort to streamline and simplify compliance processes via the provision of consolidated data, says Wolfgang Fabisch, founder and CEO of b-next Group.

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07 Oct 2009

Furore Over Dark Pools Continues, Causes LSE to Quit FESE?

This week more fuel has been added to the regulatory debate over the need for dark pools to become more transparent in the pre and post-trade space with the comments made by Eddy Wymeersch, chairman of the Committee of European Securities Regulators (CESR) during a European Commission conference on OTC derivatives in Brussels. He spoke about the need for bank run crossing networks to adopt a more formalised structure and organise themselves at multilateral trading facilities “or something similar”.

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01 Oct 2009

3i Infotech Signs Zagreb Stock Exchange as First European Client for AWACS Market Surveillance System FREE - A-Team Wire

21 Sep 2009

Scila Surveillance Chosen for EDX London FREE - A-Team Wire

02 Sep 2009

US Senators Calling for SEC to Investigate High Frequency Trading Practices

A couple of US senators are keen for the Securities and Exchange Commission (SEC) to examine high frequency trading practices in order to ascertain whether they constitute unfair practices within the market. Senator Ted Kaufman has cited high frequency trading as one of seven market practices that he wishes to be scrutinised by the regulator and Senator Charles Schumer, earlier this month, sent a letter to the SEC asking for it to rein in flash trading.

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27 Aug 2009

SIX x-clear Strengthens Commitment in Scandinavia, Flodström Appointed Head of the New Representative Office in Stockholm FREE - A-Team Wire

18 Aug 2009

US Government Sends Final OTC Derivatives Regulations Proposals to Congress

Following the publication of its white paper on an overhaul of the OTC derivatives regulatory regime last month, the US government has finally sent its proposals to Congress, which will vote on them once it returns from its August recess. The proposals include requirements for the more vanilla end of the spectrum of these instruments to be executed on exchanges and centrally cleared.

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13 Aug 2009

US SEC Plans to Issue More Subpoenas, Add New Groups to Bolster Industry Cooperation

The US Securities and Exchange Commission (SEC) has this week indicated that it is planning to introduce strong-arm tactics to coerce the industry to cooperate with its investigations. To this end, the regulator will be issuing more subpoenas for cases it deems to have the potential to cause “the greatest and most immediate harm and on cases that send an out-sized message of deterrence”, said Robert Khuzami, the director of the SEC’s enforcement division. It will also be adding new groups to monitor specific sectors of the financial markets.

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07 Aug 2009

Baikal Rolls Out UnaVista for Reconciliations and Confirmation Matching FREE - A-Team Wire

28 Jul 2009

ICE Enhances OTC Regulatory Framework for CFTC Compliance FREE - A-Team Wire

27 Jul 2009

Spanish Regulator Approves Conversion of Senaf into an MTF FREE - A-Team Wire

24 Jul 2009

Costs Have Come Down But Cross Border Activity in Europe Remains a Costly Business, According to Commission and Oxera Report

The costs of trading and clearing and settlement have fallen in general as a result of the introduction of MiFID and the Code of Conduct, but some problems remain to be tackled. There is significant cross border activity throughout Europe and, in general, the cost of this activity is higher than that for domestic transactions, according to a report commissioned by the European Commission and conducted by Oxera. However, this difference can largely be attributed to economies of scale, as investors investing in cross border markets will generally have lower levels of activity than domestic investors, says the report.

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21 Jul 2009

Bats Europe Plans Launch of Dark Pool for August FREE - A-Team Wire

16 Jul 2009

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