Duff & Phelps' Nick Bayley, managing director in the Compliance and Regulatory Consulting practice, has partnered with Hedgeweek to provide a monthly blog series providing insight on this imminent regulatory change.
Hedgeweek MiFID II Blog Series: Post Five - Before You Head to the Beach
Unsurprisingly, even a MiFID II geek like me prefers to spend time enjoying the Lions tour and Wimbledon than with the FCA's second MiFID II Policy Statement which runs to over a thousand pages, including the Handbook text.
Much work is still to be done, decisions to be made, vendors to be selected and contracts to be updated. Hopefully, though, before people disappear for their summer holidays, the following mid-year checklist will help them to serve a few aces. Such that when everyone returns at the start of September, discussions can move along at a faster pace; it certainly won't be all strawberries and cream, admittedly, but MiFID firms needn't feel totally overwhelmed by task of getting to January. Read the full post here
Hedgeweek MiFID II Blog Series: Post Four - A Leviathan in Waiting?
A few weeks ago I visited South Africa where I met numerous buy-side firms, some with UK or European subsidiaries and some who operated solely out of that country. Apart from the dreaded Brexit, the other question that in came up in all the conversations was to ask how much the tentacles of MiFID II might extend beyond Europe. In short, what is the reality of its extra-territoriality? Read the full post here
Hedgeweek MiFID II Blog Series: Post Three - Dancing the Research Tango
As a former exchange regulator, I have more than a passing interest in the mechanisms for price formation and price discovery. So, it's interesting to see the start of what I think will be a extended period of price discovery for investment research, as the sell-side and buy-side try to arrive at a common foundation on which to value it, which is part of the unbundling exercise under MiFID II. Read the full post here
Hedgeweek MiFID II Blog Series: Post Two - MiFID II Vendors - Demand will outstrip supply....
Last month the Alternative Investment Management Association (AIMA) published a 'MiFID II Vendor List', to help firms that haven't made decisions about which third-party vendors to use. Choosing one's preferred suppliers should ideally be a relatively straightforward process but my advice, particularly to MiFID investment firms, is to act quickly, because some of the more recognisable names on the AIMA list could soon become saturated by client demand. This is certainly possible for those offering transaction reporting services as an Approved Reporting Mechanism (ARM). Read the full post here
Hedgeweek MiFID II Blog Series: Post One - Ladies and Gentlemen, start your engines....
There is now less ten months until the second iteration of the Markets in Financial Instruments Directive, or MiFID II, comes in effect. It will see Europe's regulators applying many of the same transparency, reporting and microstructure rules to non-equity markets as were introduced for equity markets under the first MiFID back in 2007, as well as strengthening investor protection and market resilience. Read the full post here
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