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Higher cost, higher risk: The impact of the closed market structure on the European warrants market: price analysis and recommendations
In June 2020, FIA EPTA conducted research on the impact of the single liquidity provider structure on the European warrants market and compared it with the listed options market. We examined the pricing of comparable warrants and options products with matching risk/reward profiles and the impact of differing market conditions on investors’ ability to trade in both markets. The conclusions of this research are clear: investors trading on Europe’s warrants markets are losing millions of euros a year because of its ‘closedshop’ structure which inflates prices compared to comparable products on more open and competitive markets.
CONTINUE READINGETD Volume - October 2020
Worldwide volume of exchange-traded derivatives was 4.01 billion contracts in the month of October, down 5.4% from the previous month but up 34.7% from October 2019.
CONTINUE READINGMarket Surveillance Guidelines
In this webinar, speakers discussed the recently published FIA Market Surveillance Guidelines and addressed requirements expected by the UK’s Financial Conduct Authority relating to market abuse systems and controls that market participants are required to have pursuant to Article 16 MAR.
CONTINUE READINGFIA and ISDA comment on the design of CCP default management auctions
FIA joined with the International Swaps and Derivatives Association in responding to a discussion paper on the design of default management auctions conducted by central counterparties in case of a member default.
CONTINUE READINGFIA responds to the CFTC supplemental notice of proposed rulemaking regarding exemptions from speculative position limits
FIA filed a comment letter with the Commodity Futures Trading Commission (CFTC) today in response to the Commission’s supplemental notice of proposed rulemaking regarding exemptions from speculative position limits.
CONTINUE READINGFIA joins industry letter requesting extension to BMR third country regime transitional period
FIA, working with 13 other trades associations representing all corners of financial markets, has published a paper expressing concern that the EU Benchmarks Regulation third country benchmarks regime transition period should be extended to end-2025. It is currently set to expire at the end of 2021.
CONTINUE READINGFIA supports ASX default management proposals
In recent comments to an ASX consultation on default management issues, FIA’s members are strongly in favour of consultations with a CCP’s wider membership on default management arrangements.
CONTINUE READINGResponse by the FIA EPTA to the ESMA consultation on MiFID II/ MiFIR review on the functioning of Organised Trading Facilities (OTF)
FIA EPTA supports transparent, robust, and safe markets with a level playing field and appropriate regulation for market participants. We consistently support the aim of the market structure reforms laid out in MiFID II/MiFIR and welcome the opportunity to respond to this consultation on MiFID II/ MiFIR review on the functioning of Organised Trading Facilities (OTF). Our members are aware of various systems and market practices which seem to conflict with MiFID II expectations for multilateral systems.
CONTINUE READINGResponse by FIA EPTA to the ESMA consultation on MiFIR review report on the obligations to report transactions and reference data
FIA EPTA supports transparent, robust and safe markets with a level playing field and appropriate regulation for market participants. We consistently support the aim of the market structure reforms laid out in MiFID II/MiFIR and welcome the opportunity to respond to this consultation on the obligations to report transactions and reference data.
CONTINUE READINGFIA submits response to FCA Consultation Paper on its approach to international firms (CP20-20)
On 27 November, FIA responded to the UK Financial Conduct Authority’s consultation on its approach to international firms.
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