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Market-making and Market-breaking
As with any other time in the history of financial markets, there is much contention surrounding the extent to which the market should be regulated.
Global markets in a fractured world: In search of the right chemistry
The annual meeting of the World Economic Forum at Davos in Switzerland never fails to attract the financial world’s leading thinkers, and January 2018’s gathering was no different. We’ve recently been writing about the manner in which global markets make global rules, so one discussion that was of particular interest to us was a talk on “Global Markets in a Fractured World”. The panel was moderated by Maria Bartiromo and featured Adena Friedman of NASDAQ, Stephen A. Schwarzman of Blackstone, Frank Appel of Deutsche Post, Tidjane Thiam of Credit Suisse, and Brian T. Moynihan of Bank of America.
Global Markets Make Global Rules
It’s well known that the EU’s new MiFID II rules will indirectly influence financial practices across the world, but might this fact even change the culture of regulation itself?
Implementation vs. Intent III: MiFID II
Today marks the date of implementation of MiFID II, the most sweeping legislative package ever undertaken by the European Union, or indeed ever applied to the global financial services industry. The real effects of its implementation will take some time to become visible, and we’ll be keeping an eye out for them along with the rest of our industry in months to come. What effects might we begin to see in the shorter-term however? And to what extent will these reflect the underlying intent behind MiFID II?
Implementation v Intent I: Regulation National Market System
Only through continual comparison of implementation & impact against intent will regulatory change achieve its original goals.
The Dark Pools of MiFID II
The principal intention of MiFID II is to increase transparency in trading by moving much of it out of the dark and onto regulated marketplaces.
MiFID II: All too human
A direct consequence of regulation aimed at dismantling the cult of “Too Big to Fail” has been the struggle of younger firms who are increasingly “Too Small to Comply”.
Select Perspective
We seek to profit from our understanding of markets. In return, it is important that what we do is intelligible to anyone wishing to understand us.
