ESMA updates guidance on algorithmic trading
The regulator has updated its Q&As on Mifid II and Mifir market structure topics to clarify guidance on automated trading functionalities and compliance when using third party systems.
Tag: ESMA
Regulation
Cat among the pigeons? New report outlines the latest Mifid II amendments
A new draft report on Mifid II amendments confirms plans to ban payment for order flow (PFOF) in Europe, as well as removing dark pool caps and supporting a pre-trade consolidated tape, among others. The TRADE explores these legislative updates in detail to provide a comprehensive summary of the proposed changes.
ESMA opens consultation reviewing clearing and derivatives trading obligations
New consultation builds on the progress made with the benchmark transition in the interest rate derivative market.
ESMA revisits third country CCP recognition applications
Applications had been suspended until 28 June; Chile, China, Indonesia, Israel and Malaysia will receive recognition status pending relevant conditions.
ESMA stress test finds that concentration and operational risks should be reduced in CCPs
The regulators fourth test of Central Counterparties (CCPs) showed proof of resilience but found that there was room to improve risk management frameworks.
ESMA recognises US-based clearing houses OCC and FICC
In contrast, UK-CCPs have only been granted time limited equivalence of three years to reduce EU institutions reliance on them.
AFME warns Mifir review could harm liquidity
Instead, the association has laid out its own recommendations which it predicts will protect the role of a market maker as a liquidity provider and banks as shock absorbers.
ESMA postpones buy-in regime under CSDR by three years
Industry gets clarity on buy-in timeline after regulators had previously warned they could be introduced if fail rates didn’t improve.
Archegos collapse caused by synthetic prime brokerage and risk management failings, says ESMA
In a new study, ESMA analyses how the use of synthetic prime brokerage allowed the family office to remain ‘largely invisible’ to regulators.
Fund managers have obligations to investors amid war in Ukraine, says ESMA
The securities market regulator plans to improve investor protection and convergence, while providing guidance to fund managers.