In its May 2021 edition of Market Watch, the FCA described actions it took to address the impact which a firm’s trading algorithm was having in the market. Its concerns had been raised after the Regulator’s own internal...more
Recent regulatory developments of interest to financial institutions and markets. Includes updates relating to Brexit, EMIR and more....more
Fiat Chrysler and France’s Peugeot are in the midst of merger talks that, if finalized, could “create a nearly $50 billion trans-Atlantic auto giant.” One option being bandied about in the “fluid” talks is an “all-share...more
The FICC Markets Standards Board has launched a consultation on a transparency draft of a Statement of Good Practice on algorithmic trading in the wholesale fixed income, commodity and currency markets. The draft SGP forms...more
Following its consultation in February 2018, the Prudential Regulation Authority has published a Policy Statement and final new Supervisory Statement on Algorithmic Trading. The Supervisory Statement sets out the PRA's...more
The FCA and PRA publish coordinated papers focused on risk management and governance in respect of algorithmic trading - On 12 February 2018, the UK Financial Conduct Authority (FCA) and the Prudential Regulatory...more
FCA Report on Algorithmic Trading Compliance in the Wholesale Markets - The FCA published a report on “Algorithmic Trading Compliance in Wholesale Markets” on 12 February 2018. The report followed certain research into...more
The FCA has published a report, clarifying its expectations of firms that develop or use algorithmic trading strategies. On 12 February 2018, the FCA published a report on algorithmic trading compliance in wholesale...more
The UK Financial Conduct Authority and Prudential Regulation Authority have published co-ordinated papers on their expectations around firms' use of algorithmic trading strategies in wholesale markets. Firms have had to...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of an FCA report on algorithmic trading; the publication of the FSMA (Benchmarks)...more
The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. Some aspects of this legislation are extra-territorial. New rules on inducements, the unbundling of research, legal...more
SEC/CORPORATE - SEC Commissioners Announce Search for First-Ever Advocate for Small Business Capital Formation - On September 13, the Commissioners of the Securities and Exchange Commission (SEC) announced the launch of...more
Alleged Spoofer, Blamed for Partly Causing Flash Crash, Loses UK Extradition Hearing - Navinder Sarao, the London-based futures trader who in April 2015 was sued by the Commodity Futures Trading Commission and criminally...more
Industry Comments to Regulation AT Argue CFTC Proposed Rules Too Prescriptive; Registration and Source Code Requirements Particularly Objectionable - After declining multiple requests to extend the comment period that...more
It’s a whole new ballgame for Wall Street traders—and one suspects it’s involving a lot fewer actual ballgames and a lot more algorithms, as the advanced-degree coders and their ETF firms take on the old guard – NYTimes...more
CFTC Brings First Insider Trading-Type Enforcement Action Based on New Anti-Manipulation Authority: Last week the Commodity Futures Trading Commission brought and settled its first enforcement action sounding in the...more