Many small to medium-sized investment firms have been forced to start again from scratch following the FCA’s July guidance, with retail platforms removing US-manufactured products in the meantime
Banks have not been able to engage in proprietary trading since the financial crisis. But reform could be on the cards, says Tom Quaadman, executive vice president of the US Chamber of Commerce’s Center for Capital Markets Competitiveness
Thirty lawyers, regulatory strategists and market structure specialists share their views on trade and transaction reporting in part two of our special report. Respondents from banks, trading venues and APAs are divided over the true meaning of traded on a trading venue, what systematic internalisers can and can’t do and how trading venues should make their data available
Several banks tell us their biggest gripes with the two new investor protection regimes that are forcing an overhaul of business models, from concerns over liability to sheer scope. The rules are applied inconsistently, with some banks disagreeing over the suitability of the exact same product for nonprofessional investors - leaving a huge margin for error
According to banks, trading venues and lawyers, a small detail in the new directive that requires all listed securities to have a legal entity identifier is already prompting regulatory arbitrage and sending non-EU issuers to exchanges in Hong Kong, Singapore and New York
Almost two years after implementation, in-house lawyers, bankers and buyside firms reflect on the regime's impact on deals. Call recordings have caused a particular headache with some investors reluctant to provide full feedback, infuriating bankers, but general feeling is that the true impact won't be known until markets move and pre-soundings become even more important
