Banks lose 7,500 years of analyst experience since MiFID II unbundling
Substantive Research report found European brokers and banks have lost 3,074 years of analyst experience in recent years.
Regulation
Libor end date confirmed as 31 December
FCA has confirmed all Libor settings will cease immediately on 31 December for major currencies as firms are urged to complete transition plans.
UK further loosens dark trading restrictions in post-Brexit strategy
FCA has changed the UK’s approach to the double volume caps following a shift of share trading from London to the EU after Brexit.
ICE Benchmark Association launches beta SONIA indexes for UK testing
The Indexes provide a daily value for accrued compound SONIA interest relative to the first day value of 100 on the date when the Bank of England took responsibility for SONIA.
FCA chief executive appoints director of markets among swathes of leadership changes
Sarah Pritchard joins the FCA as director of markets after five years with the National Economic Crime Centre as part of leadership shake-up by new chief executive Nikhil Rathi.
BoE governor warns of rising tensions as EU derivatives clearing power struggle continues
Andrew Bailey says the UK must “resist very firmly” the EU’s attempts to force all euro-derivatives clearing into the bloc.
Industry associations relentlessly protest the SDR buy-in regime
As the consultation period for Europe’s Settlement Discipline Regime concludes, industry associations again step up calls for the removal of mandatory buy-ins.
Bank of England boss slams EU approach to UK equivalence
Andrew Bailey says EU and UK equivalence process has not been straightforward as he urges now is not the time to have a regional argument.
Trading in dark pools and periodic auctions lowers execution costs, FCA paper concludes
Analysis from the UK’s regulator has said that dark trading, which the EU has restricted under MiFID II rules, can reduce costs for investors.
ETFs have highest percentage of turnover traded in the dark, ESMA report finds
An analysis from the EU regulator revealed that the LIS waiver was most commonly used, with ETFs accounting for around 64% of the turnover executed under the waiver.