Firms explain how they're ensuring the masses of data created by Mifid II remains compliant with the EU's new data protection regulation when it becomes effective in May. Solutions are available but with just a few months to go, the industry is still far from consensus
Banks, trade associations and lawyers explain the range of bespoke temporary workarounds the market has found to Mifid II’s complex trading obligation rules and how they apply to packaged trades
Banks, regulators and research providers speak honestly on the directive's 'idiotic' rules on research. As usual, the market is divided: as some predict a global rollout of the unbundling approach as non-EU firms bow to client pressure, others hold out for a rollback. The AMF also reveals its stance on enforcement
Banks are advising issuers not to take advantage of a rule relaxation which allows the sale of up to 20% of existing shares without a prospectus. Although the documentation burden can at times put issuers off, here in-house ECM lawyers and analysts explain the real reason why no one has made the most of the amendment
The last instalment of the Mifid II & market structure survey sees 30 market participants look ahead to the future, with differences in opinion on the future of on-venue trading, systematic internalisers' impact on liquidity, and the usefulness of dark pools
Fund managers explain just how little interest retail investors have shown in the key information document that sits at the heart of the EU's new Priips regime. "Everyone has been so confused by KIDs that no one has even bothered to use them," said one. The majority of the market is viewing the document purely as a regulatory requirement, not the useful comparison tool intended by the regulators
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
