Pre and post trade transparency rules were given a big overhaul under MiFID II, especially for non-equities (bonds, derivatives) and it’s likely to continue being an area of focus as regulators watch the impact of these rules on the markets. But before getting into the nitty gritty of double volume cap, waivers, deferrals and all the rest, the first question is do you know what pre and post trade transparency is? (And if you don’t, you’re not alone). Read on…
Janesville: a small city in the state of Wisconsin, home to the oldest General Motors factory - main Janesville employer - before it closed in 2008, right in the middle of the Great Recession causing large scale unemployment. This is the story of what happens next. Worth reading? Absolutely. Winner of the 2017 FT and McKinsey Business Book of the Year Award, this book lives up to its hype
In Showbiz you know you’ve made it when people know you by your first name (think Elvis, Madonna, Rihanna). In finance, it’s different: be you a firm, a financial instrument, a regulator, a regulation or trade association, you’re really looking to be known by a short jumble of letters – your acronym. This is the first in a series of posts called “Acronyms ahoy” to help you navigate through these letter strewn waters. There really is an embarrassment of riches in the financial sector but for the inaugural post there can only be one choice – MiFID II, and there are so many of them, this is a three-parter.
It's rumoured there are over a million paragraphs of MiFID II rules and you can forget thinking you might find them neatly filed in one place: different parts are written by different authorities, published on different websites. Plus MiFID II is EU law and whilst EU rule-making may be second nature to those involved in the process, it’s as opaque as the Enigma code to most people. But it's not a problem: to make this as painless as possible for you, here are the links to the rules in one place plus the bare-bone-notes on what you need to know to understand where they fit into EU rule-making jigsaw.
An outsider tries to prise open the secret world of London finance. Worth reading? A lot of this is unlikely to be new to those who work in London’s financial sector but the fresh perspective of an outsider will bring a few new insights. To those outside this world, this is an excellent primer.
Financial services regulatory consultancy, specialising in MiFID II: resources, training & tips