European Securities and Markets Authority (Esma)
Non-banks eye EGBs as primary dealers retreat
Primary dealers warn of further exits as principal trading firms wait in the wings
Energy industry dips toe in choppy blockchain waters
Tests of permissioned distributed ledger technology display efficiency gains, but complications persist
Lawmakers seek to harden Mifid SI limits
European Parliament calls for guidance restricting riskless trading to be codified into law
Dealers struggle with VM in non-netting jurisdictions
EU exemptions from margin posting are either hard to obtain or face client resistance
Blockchain smart contracts raise systemic risk concerns
Automated swaps margin payments could exacerbate systemic risks, regulators warn
Esma turns the screw on direct electronic access
Guidance thwarts narrower definition adopted by Eurex to help third-country clients
Identity crisis: venues still struggle with Mifid designations
Lack of clarity on multilateral and matched principal definitions leaves market participants guessing
Traders wary of censure for being a ‘few bips out’
Mifid II best execution requirements intrusive and painful, say asset managers at Buy-Side Risk Europe 2017
Regulatory arbitrage fears over Mifid post-trade reporting
EU regulators may use different reporting deferral periods for large or illiquid trades
Brexit preparations block Mifid third-country guidance
EU authorities see keeping rules vague as a way to maximise leverage in negotiations with UK
The long arm of European law: Mifid alarms the world
Non-European firms may have to undertake compliance projects without knowing the final rules
Mifid trading rules cast a shadow over position limits
Contracts caught will depend on trading obligation rules that are still unclear
FCA: ‘wait and see’ if Mifid swaps rules are ready in January
Trading obligation consultation due by May, as industry urges clarity rather than speed
Systematic internaliser loophole ties Mifid in knots
Banks warn attempts to limit connections between SIs could undermine best execution
Brexit and financial regulation: a delicate negotiation
The UK needs access, the EU needs regulatory data, but a mutually beneficial deal could be elusive
Swinburne hits out at ‘politicised’ EU equivalence process
Politics could further frustrate equivalence decisions in the future, particularly after Brexit, warns MEP
Esma to referee AMF-FCA dispute over inducements
EU authority set to clarify whether buy side needs to pay for macro research in Mifid II
EC to miss Mifir equivalence deadline
Draft timetable would leave some jurisdictions inaccessible to European Union firms from January 2018
Mifid malfunction: Brexit breaks data foundations
Removing the UK from EU markets could derail new European trading and transparency rules
Emir reporting updates put energy firms on alert
New reporting regime marks start of increased scrutiny for big players
EC could use thresholds to squeeze London euro clearing
Most euro clearing could be repatriated after Brexit without hitting other jurisdictions
Energy firms seek Mifid II data solution amid deadline fears
Lack of reliable market share estimates for crucial Mifid II test spurs action from industry
Indirect clearing rules too demanding, warn EU regulators
EBA and Esma call for clarity on capital relief for exposures to clearing members
CCP rules are unclear and risky, EBA and Esma warn
Agencies query areas of ambiguity for clearing houses’ derivatives transactions