Updates & insights

The world of transaction reporting.

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A Buy-side Backlash Against Algo-trading?

A Buy-side Backlash Against Algo-trading? MiFID II has much to say on the organisational requirements governing investment firms engaging in algorithmic trading. Indeed, NCAs are starting to address the general strategic issues that big data (BD), artificial intelligence (AI), and machine learning (ML) raise regarding the integrity of their markets.

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ESMA issues new Opinion on Energy and Commodity Market Sizes

ESMA issues new Opinion on Energy and Commodity Market Sizes On 27th May 2019, ESMA published its latest Opinion on the overall market sizes of the range of energy, commodity, and emissions asset classes as defined under MiFID II.  Overall market size is a key input into the Ancillary Activity

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SFTR – A Look at the Data Management Issues – Part 1 The Basics

SFTR – A Look at the Data Management Issues – Part 1 The Basics On 22nd March 2019, the EU published the SFTR implementing regulation in the Official Journal of the European Union. Publication confirms the start-dates of transaction reporting for investment and non-financial companies. Data managers have a number

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Update on Market Abuse Under REMIT

Update on Market Abuse Under REMIT At the beginning of the year we predicted that a greater focus on market abuse would be one of the key regulatory themes of 2019.  ACER has recently published the latest in a series of Guidance Notes on the application of REMIT Article 5

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Beware of Relying on ‘Industry Standards’

Beware of Relying on ‘Industry Standards’ Surveillance System Calibration – Beware of Relying on ‘Industry Standards’ The FCA has been openly critical of surveillance system calibration and configuration. They disapprove of market participants’ tendency to implement vendor-supplied systems using ‘out of the box’ and ‘industry standard’ settings to calibrate their

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ESMA Publishes New Opinions

ESMA published six opinions on position limits regarding commodity derivatives under MiFID II/MIFIR. These confirm the position limits proposed by the governing NCas, so market participants can now set their trading, position management, and surveillance systems accordingly.

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Regulatory Topics for 2019

After 2018’s rush to introduce compliance with new regulations such as MiFID II and GDPR, what will 2019 bring for compliance and IT systems managers? Probably the end of any ‘amnesty’ period for poor compliance, and greater focus on tackling algorithmic trading and market abuse.

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New Examples of Market Manipulation

With the regulatory focus firmly on deterring market abuse, new exemplars of manipulation are being defined for market participants to detect. Can your surveillance system be easily configured to pick up these new cases?

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