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News Briefs March 2014
After several years of work, officials from the European Parliament and the EuropeanCouncil have finalized the revised directive on markets in financial instruments (MiFID II) and a regulation on markets in financial instruments (MiFIR).
CONTINUE READINGProminent People June 2014
The Senate approved the nomination of Sarah Bloom Raskin as deputy Treasury secretary.
CONTINUE READINGFIA submits comment letter on MiFID II position reporting regime for commodity derivatives
FIA, ISDA, GFMA, EFET, LEBA and WMBA jointly submitted a comment letter to ESMA to ask for clarification on certain aspects of the new position reporting regime for commodity derivatives under MiFID II, which will apply from 3 January 2018.
CONTINUE READINGResponse to Ofgem's open letter on market abuse under REMIT
FIA responded to an open letter from Ofgem on market abuse under the Regulation on wholesale Energy Market Integrity and Transparency (REMIT).
CONTINUE READINGFIA EPTA comments on EBA's preliminary recommendations for a new IF prudential regime
Letter to Didier Millerot (Head of Unit D2, DG FISMA) by FIA European Principal Traders Association (FIA EPTA) concerning the European Banking Authority’s (EBA) technical advice to the European Commission on a new prudential regime for investment firms.
CONTINUE READINGFIA EPTA comments in reponse to the EC proposals for a new prudential regime for investment firms
Comments from Piebe Teeboom, Secretary General of FIA EPTA, representing 30 independent proprietary trading investment firms operating in Europe, on the European Commission proposals on the new Prudential Regime for Investment Firms.
CONTINUE READINGFIA EPTA comments on the Investment Firm Review (IFR) legislative proposal
FIA EPTA welcomes the European Commission’s legislative proposals for a Directive and a Regulation on the prudential supervision, and the prudential requirements, of investment firms.
CONTINUE READINGFIA seeks additional time for implementation of IRS 871(m) and clarity on operational challenges
On Nov. 21, FIA submitted a letter to the U.S. Internal Revenue Service asking for a delay in the implementation of its Section 871(m) regulations, which impose tax withholding requirements on equity derivatives traded by non-U.S. persons.
CONTINUE READINGFlash Boys Misses the Big Picture
Richard Gorelick comments that Flash Boys, the new book on U.S. equity markets by author Michael Lewis, focuses on “business models that benefit from scaring the public” and ignores the substantial benefits for investors that have come from advances in trading technology.
CONTINUE READINGHigh-Frequency Hyperbole
Clifford Asness and Michael Mendelson of AQR Capital Management, an investment management firm with $98 billion in assets under management, comment that much of the criticism of HFT is misguided and add that their firm has benefitted from the reduction in trade execution costs associated with the use of HFT for market-making.
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