Market Fragmentation: Even the Playing Field
Traditional exchange markets in Europe have been buffeted in recent years by regulatory changes and new advances in trading technology. Market fragmentation has been the result, in which trading...
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Responding to Fallout from the Financial Crisis
The financial crisis and collapsing asset values have led to a substantial loss of trust by investors in both their investment managers and massive regulatory reform efforts. Whether the magnitude of...
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Bringing Transparency to the Bond Market
Recently, the European Commission commenced its overhaul of securities markets regulation with the publication of the eagerly-awaited revised Markets in Financial Instruments Directive, dubbed “MiFID...
View ArticleInterview: Transparency Reform in Bond Markets
Rhodri Preece, CFA, director of capital markets policy, and James Allen, CFA, head of capital markets policy, discuss the state of transparency in bond markets and the potential for increased...
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Automated Trading Debate Intensifies
The regulatory response to automated trading is stepping up with various initiatives globally to limit the propensity for errant technology to cause market instability. Such initiatives include...
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Financial Innovation and Complexity in Retail Investment Products
In Europe, different cases of mis-selling have caused national supervisors to take a more proactive stance on “complex” products. Read more
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“Better Finance”: More Investor Protection Could Aid Financial Stability in...
Five years since the start of the financial and economic crisis, the European Union is only now finalising the long-announced reforms of its legislative framework in the field of investor protection....
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EU Roadmap for Long-Term Financing: What Does It Mean for Investors?
More transparent, liquid capital markets will expand opportunities to European investors, but any new regulatory initiatives must have investor interests at heart. Read more
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EU Policy Update: How the New EU Parliament Is Taking Shape (Podcast)
Analysis on the next European Commission president, the makeup of parlimentary committees, and how these developments will affect the implementation of MiFID. Read more
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Views on HFT in Europe, ESMA’s Role in MiFID Shared at E-Finance Lab Event
As the MiFID II Level 2 consultation draws near, here’s the latest perspectives on liquidity, transparency, and HFT in Europe. Read more
View ArticleUnbundled Commissions: Explicit Payment for Investment Research Set to Alter...
The issue of how equity commissions are used to buy investment research takes center stage in the European Union. Read more
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EU Capital Markets Union: What Do Investors See as Hurdles to Forming Single...
CFA Institute survey reveals substantial work needed to make EU capital markets union a reality. Read more
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Takeaways on Best Execution, MiFID II, and Trading Innovation
With a delay likely, one hopes all these MiFID II issues can now be ironed out properly. Read more
View ArticleMiFID II: ESMA Races to Close the Systematic Internalisation Loophole
ESMA uses the existing rulebook to clarify the question of when systematic internalization activities cross over into functionally operating as a trading venue.
View ArticleMiFID II: A New Paradigm for Investment Management
The revised Markets in Financial Instruments Directive comes into effect January 2018, introduces a sweeping overhaul of European financial markets.
View ArticleMiFID 2.1: Some Updates are Ready to be Installed
Some aspects of MiFID II are proving difficult to implement including the double-volume cap, futures clearing, and Systematic Internaliser tick sizes.
View ArticleCFA Institute EMEA Membership Survey: Effects of MiFID II and PRIIPs on...
CFA Institute surveyed European members on product governance practices over time and the specific effects major regulatory developments like MiFID II and PRIIPs have had in this respect.
View ArticleA closer look at the Commission-proposed quick fix of MiFID II within the EU...
Since CFA Institute has been focusing particularly on the impact of the MiFID II rules for the past two and half years (the directive entered into force on 3 January 2018), we will be looking only at...
View ArticleSFDR and EU Taxonomy Disclosures: Four Data Challenges for Asset Managers
When it comes to the EU Commission's Taxonomy and SFDR statutes, good data is hard to find.
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