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On 26 March 2018, the European Securities and Markets Authority (ESMA) published its final report on proposed amendments to Commission Delegated Regulation (EU) 2017/587 (RTS1) which details the transparency requirements for equity instruments, including the quoting obligations for systematic internalisers (SIs). The final report has been submitted to the European Commission (Commission). The Commission has three months to decide whether to endorse the proposed amendments to RTS 1. Over recent months, ESMA identified that further…
The European Securities and Markets Authority (ESMA) has published trading volumes and calculations regarding the double volume cap (DVC) under MiFID II and MiFIR. ESMA has published DVC calculations for January 2018 and February 2018. Based on this data, two caps will limit dark trading in equity and equity-like instruments, namely for: 17 instruments for January 2018 and 10 instruments for February 2018 for which their percentage of trading on a single trading venue under…
The FCA has published its latest Handbook Notice (No. 52). This Handbook Notice describes the changes that the FCA board made to the Handbook on 22 February 2018 under the following instruments: Financial Services Compensation Scheme (Transitional Levy Provisions) Instrument 2018; Supervision Manual (Financial Crime Report) (Amendment) Instrument 2018; Decision Procedure and Penalties Manual (Amendment) Instrument 2018; and Advising on Investments (Article 53(1) of the Regulated Activities Order) (Perimeter Guidance) Instrument 2018. The Handbook Notice…
The PRA has published Consultation Paper 5/18: Algorithmic trading (CP5/18). CP5/18 is relevant to PRA regulated firms in scope of the Capital Requirements Regulation that engage in algorithmic trading and are already subject to the rules in the algorithmic trading part of the PRA rule book (firms). In CP5/18 the PRA sets out for consultation its proposed expectations regarding firms’ governance and risk management of algorithmic trading. The PRA proposes to set out these expectations…
The Bank of England (BoE) has issued statements of commitment to the FX Global Code, the UK Money Markets Code and Global Metals Code. By issuing these statements the BoE is demonstrating that it is committed to adhering to the principles of these codes when acting as a market participant in the relevant markets, and that its internal practices and processes are aligned with the principles of the codes. View Statements of commitment to market
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers (Q&As) document on the Benchmarks Regulation (BMR). The following topics have been updated in the Q&As: scope – commodity benchmarks – Article 2(2)(g) BMR; and definitions – investment funds – Article 3(1)(3) BMR. View Questions and Answers on the Benchmarks Regulations, 5 February 2018…
The European Parliament’s Economic and Monetary Affairs Committee (ECON) has published its draft report on the proposal for a Regulation amending the European Market Infrastructure Regulation (EMIR). The draft report contains an European Parliament legislative resolution, the text of which sets out suggested amendments to the proposed EMIR Refit Regulation. The new text is highlighted in bold italics. Deletions are indicated using either a symbol or strikeout. Replacements are indicated by highlighting the new text…
The FCA has published Policy Statement 18/2: Client money and unbreakable deposits – feedback to CP17/29 and final rules (PS18/2). In PS18/2 the FCA provides feedback and final rules on its proposed amendments on the client money 30-day rule and unbreakable deposits (UDs) as set out in Consultation Paper 17/29: Client money and unbreakable deposits (CP17/29) (our blog is here). Among other things the final FCA rules provide that: firms may hold a proportion…