Regulation

February 13, 2018 In Regulation, Uncategorized

Systematic Internalisers: closing the loopholes

Since the introduction of the original MiFID Directive, the European legislator has distinguished between several types of "execution venues": regulated markets and multilateral trading facilities on the one hand (jointly referred to as "trading venues"), subject to broadly similar rules, and "systematic internalisers"(SI) and other...

January 22, 2018 In Regulation

Switzerland proposes to abolish bearer shares (again)

Last week, the Swiss Federal Council published a consultation regarding its proposal to abolish bearer shares. The French text is here. It is a bit of a déjà-vu, because the abolishment was already proposed by the Federal Council in 2005, on the basis of one of...

January 18, 2018 In Regulation, Technology

Temenos survey: 80% of bankers positive about open banking (PSD2)

Temenos, a leading banking software vendor and FinTech champion, published the results of its latest survey. These show that bankers seem remarkably upbeat about the changing banking landscape. Close to 80% stated that open banking, which has been facilitated by PSD2 in Europe since 13 January...

January 15, 2018 In Finance, Regulation

MiFID 2: Drip Feed instead of Big Bang

As was clear from the outset, MiFID 2, despite its thousands of pages or regulation and the additional one year delay in its effective date, is still a work in progress. ESMA had to announce a delay in implementing the double-volume cap mechanism (to limit the...

January 15, 2018 In Finance, Regulation

Research unbundling: is it worth it?

One of the most discussed MiFID 2 issues is the obligation to unbundle research from brokerage commissions. It was not part of the original Level 1 text, but is a Level 2 "implementation" by the European Commission (on the advice of ESMA) of the new framework...

January 3, 2018 In Regulation

D-Day

For finance professionals, 3 January 2018 has been marked in red in their calendar for some time. Today, most of the MiFID 2 regulatory framework has entered into effect. These new regulations have a significant impact on the manner in which financial service firms operate,...