Europe News
The latest industry and regulatory news affecting the EU and the UK
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IDX Video: IOSCO targets clearing issues
Paul Andrews, the new head of the International Organization of Securities Commissions, is planning to stake out positions on two issues of critical importance to the derivatives markets: equivalence determinations and the leverage ratio.
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Cultivating Fintech: Deutsche Boerse Invites Startups to Frankfurt
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FIA updates its set of standard recommendations for ETD eTrading under MiFID II
FIA’s set of MiFID II minimum standard recommendations for ETD eTrading for EU exchanges has now been updated to include an algo conformance statement on materiality.
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Open Outcry
The London Metal Exchange in February unveiled its newly built Ring, the exchange's open-outcry trading floor, after relocating to Finsbury Square in London. The Ring has moved four times since it was established above a hat shop in Lombard Court in 1877. The latest move is the next step in the modernization of the metals exchange, which was acquired by HKEX in 2012.
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IDB Consolidation
ICAP in November entered into an £1.1 billion ($1.63 USD) agreement to sell its brokerage business to Tullett Prebon. Although ICAP will retain some ownership of the combined company, the move marks a decisive shift away from ICAP's origins as a voice broker. Going forward, the company will focus primarily on two main lines of business: post-trade services and electronic markets.
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MiFID Delay
A one-year delay to the implementation of MiFID II/MiFIR is widely anticipated following a number of presentations and petitioning by regulatory officials at the European Securities and Markets Authority and the European Commission.
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Cybersecurity: New Standards for Market Infrastructure
Efforts are underway in Europe and the U.S. to strengthen industry protections against attacks on computer systems. Regulators in both regions are developing new standards for exchanges and clearinghouses, which are seen as critical to the operational security of financial markets.
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Presentation from InfoNet: MiFID II/R seminar on Microstructural Issues
This Seminar focused primarily on the organisational requirements of investment firms engaged in algo trading, providing DEA and acting as GCMs (RTS 6) and also touched on key requirements from the organisational requirements for trading venues (RTS 7), market making agreements/schemes (RTS 8) and business clock synchronisation (RTS 25). The session also included this presentation from Norton Rose.
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Presentations from InfoNet: MiFID II/R seminar on Reporting
This seminar provided an update on the transaction reporting requirements under MiFID II. The FCA provided members with an up to date view on the requirements from a regulatory perspective and speakers from Norton Rose included a presentation providing an update on the requirements from a legal perspective.
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