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FIA PTG Comment Letter on IEX Application for Registration
1. IEX’s proposal to give protected status to its quotes despite their being subject to an intentional access delay
CONTINUE READINGPresentations from InfoNet: MiFID II/R seminar on Transparency
The InfoNet MiFID II/R seminar on transparency focused on the final draft regulatory technical standards and the effect of the regulations on market participants and trading venues.
CONTINUE READINGPresentations from InfoNet: MiFID II/R seminar on Indirect Clearing
The MiFID II/R seminar on indirect clearing began with a presentation from Clifford Chance's Jeremy Walter, who explained the key issues with the requirements under MiFID II/R. A panel discussion followed, where participants representing legal, regulatory, infrastructure and practitioner views debated indirect clearing for ETD and OTC and the number of legal and operational complexities such as: territorial scope, account segregation options and longer chains as well as default management requirements which, for example, include porting and leapfrog payments.
CONTINUE READINGPresentations from InfoNet: MiFID II/R seminar on Investor Protection
The MiFID II/R Seminar investor protection included a presentation from speakers from Norton Rose Fulbright on the four aspects that will have the greatest effect on ETD markets. These are communication, information and analytics, systems and controls and product life cycle. David Dudeney from Trading Compliance then spoke about best execution, another subject high-up on the industry's list of concerns.
CONTINUE READINGPresentations 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.
CONTINUE READINGPresentation 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.
CONTINUE READINGFIA PTG Comment Letter on Swap Dealer De Minimis Exception Preliminary Report
FIA PTG submitted comments to the CFTC on the Swap Dealer De Minimis Exception Preliminary Report, focusing on the Report section entitled “Swaps Executed on a SEF or DCM and/or Cleared.”
CONTINUE READINGFIA Law and Compliance Division releases notice to omnibus accounts regarding restrictions on exchange access for sanctioned parties
The FIA Law and Compliance Division today published a standard notice to help firms comply with exchange rules that require clearing members to notify their omnibus customers of restrictions on access for “sanctioned parties” or similar entities under exchange rules. In particular, CME, CBOT, NYMEX and COMEX have notified the CFTC that they will amend Rule 960 to require that clearing members notify their omnibus customers of restrictions against dealing with sanctioned parties and that the omnibus customers do the same with respect to their own omnibus customers. The revisions to Rule 960 are set to be made effective by the exchanges on Feb. 29, 2016.
CONTINUE READINGFIA PTG requests no-action relief from the swap dealer de minimis threshold under certain conditions
FIA PTG sent a letter to the CFTC requesting no-action relief from the swap dealer de minimis threshold for registered floor traders under certain conditions.
CONTINUE READINGFIA PTG Comment Letter in Response to Amended IEX Application for Registration
FIA PTG submitted a second comment letter to the Securities and Exchange Commission regarding amendments to the IEX application for registration as a National Securities Exchange urging the Commission to re-open the comment period in light of the recent IEX amendment to afford the public adequate opportunity to review and provide feedback on IEX’s proposed changes.
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