Systematic internaliser (SI)
Regulators split on Mifid swaps transparency
Esma and FCA divided over when participants must determine whether derivatives are trading on-venue
Numbers game: Mifid guidance adds to swaps trading confusion
Market participants say using strike price to determine trading obligation will be impossible
The changing face of European interest rate swaps trading
Sponsored webinar: Tradeweb
Banks split on Mifid II pre-trade compliance
Esma promises guidance, but some say ‘firm, executable’ quotes are impossible
Banks weigh Mifid II pre-trade price publication venues
Anonymity will be key factor in final decision, say dealers
Lawmakers seek to harden Mifid SI limits
European Parliament calls for guidance restricting riskless trading to be codified into law
The spirit is willing, but the drafting is weak
Asking firms to operate in the spirit of the law will not solve Mifid trading venue confusion
Identity crisis: venues still struggle with Mifid designations
Lack of clarity on multilateral and matched principal definitions leaves market participants guessing
Regulatory arbitrage fears over Mifid post-trade reporting
EU regulators may use different reporting deferral periods for large or illiquid trades
EC angers Mifid zealots on equities trading loophole
Systematic internaliser networks will be addressed within the existing rules, says Dombrovskis
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
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
Data providers wrestle with systematic internaliser status
Covering 80% of venues is considered enough to approximate total market size under Mifid II
Dealers leave buy side guessing on Mifid trade reporting
Clients face tougher reporting rules if dealers don’t become systematic internalisers
Voice-to-text software touted as Mifid II quoting fix
Quotes given over phone can be transcribed and broadcast, claim ‘soft turret’ firms
Data muddle fears follow EC adoption of key Mifid RTS
Industry wants to avoid the emergence of multiple identifiers and is worried ISINs will not be adopted globally for derivatives
Dealer-run platforms face hard choices under Mifid II
MTF, OTF or SI: three options, but none that banks like
Mifid II threatens best execution data 'nightmare'
Buy- and sell-side critics attack requirement to publish all RFQs
Confusion reigns over Mifid transparency in forex
Banks could still be forced to disclose quotes under Mifir despite Mifid reprieve
Industry expecting Mifid II delay
September 24 deadline likely to be missed, banks and lobbyists fear
Banks bemoan data gap in Mifid II systematic internaliser test
Required EU trading data non-existent, dealers complain