Speaking at FIA’s IDX conference, Gwenyth Nurse provided an overview of the UK’s regulatory approach to wholesale financial markets, suggesting more work needs to be done to improve Mifid II. Could further divergence be on the cards for the UK?
Panellists speaking at a panel hosted by The TRADE at the London Stock Exchange were less than excited by the UK’s tape proposal in comparison with that put forward by Europe.
Following HM Treasury’s first response to its Wholesale Markets Review consultation, Annabel Smith unpacks the government’s regulatory changes including plans for a consolidated tape and changes to the systematic internaliser regime.
Government has outlined a swathe of changes across UK capital markets, including plans for a consolidated tape and changes to the systematic internaliser regime.
Among the sanctions is a ban on UK investors from engaging in transactions with the Central Bank of the Russian Federation and an asset freeze on the nation’s second-largest bank, VTB.
According to Cboe Europe’s head of equities, ESMA and the UK are aligned in their approach to how venues should communicate outages to ensure market resiliency.
The open access regime for exchange traded derivatives will be scrapped in the UK but it will continue to support the regime for the equity and OTC derivatives markets.
A consultation has been opened that could see MiFID II requirements around research and best execution scrapped in the UK’s latest regulatory divergence from Europe.
Proposed reforms to the UK capital markets include the removal of the share trading obligation and the controversial double volume caps for dark trading.
The agreement follows months of stalemate in discussions between the two entities regarding UK-EU equivalence across the financial markets.