Over one year since the separation of payments for execution and research was introduced via MiFID II in Europe, Hayley McDowell examines the unintended consequences of unbundling for buy- and sell-side institutions and finds an industry still coming to terms with the change.
Linear Investments insisted that no instances of market abuse went undetected or unreported, but FCA says oversight of surveillance systems was insufficient.
Analysis from big xyt shows that some stocks will be caught in the crossfire of a UK share trading obligation, as industry’s concern on EU no-deal Brexit share trading plans heightens.
Goldman Sachs is handed largest penalty to date by the FCA after the watchdog found errors in more than 200 million transaction reports.
Major UK stocks including Vodafone and Coca-Cola would have to be traded within the EU in ‘no-deal’ Brexit scenario under the share trading obligation.
The FCA hands UBS largest MiFID transaction reporting fine to date after more than 130 million reports were found to be inaccurate.
Andrew Bailey told delegates at an event this week that the unbundling of commissions and research payments has been positive for the industry so far.
Regulators have agreed on measures to provide a “bridge over Brexit” for derivatives trading and clearing in the UK and US.
The latest set of rules introduced by the FCA come in response to its extensive asset management study which raised concerns about fund fees.
Technology outages reported to the FCA has surged 138%, with 18% of those incidents being cyber-related.