News analysis on how banks, asset managers and trading venues are implementing new rules, from the changing nature of market structure under Mifid II, to how firms are grappling with transparency obligations and transaction reports.

Mifid II drives reversal of smart order routing

Jul 19, 2018

The new directive is reshaping trading activities, giving low-frequency traders an edge and driving a shift towards large-in-scale as the buyside gets more comfortable with the new environment

SFTR: market seeks alternative securities financing options

Jul 16, 2018

Corporates are looking at other options for securities lending due to the delay in the new regulation’s RTS. Firms are frustrated, as they cannot make concrete budgeting and resource plans

Firms are struggling to implement SFTR

Jul 12, 2018

Securities lending desks and trade repositories feel that the new regulation’s 153 data fields are cumbersome, with significant potential for errors and duplication. The UTI requirement is a particular headache

Mifid II: research unbundling goes global

Jul 12, 2018

In the latest example of the new directive's extraterritorial reach, here portfolio managers and research providers explain that just six months in, the unbundled model has already become the norm

Mifid II: systematic internalisers panicked by FIRDS data

Jul 5, 2018

SIs are worried that the poor quality of data will impede future policy decisions, with a knock-on effect on market structure. Esma, meanwhile, is on the defensive

Market sick of Emir and Mifid II double-reporting

Jun 21, 2018

Banks are tired of the constant duplication of data under various regulations and are urging authorities to streamline the process. Minor linguistic differences can make it practically impossible for machines to read and interpret information efficiently

Mifid II & packages: firms still diverging on transparency

Jun 7, 2018

Transparency obligations for packaged transactions are still causing confusion. Some firms are conducting the assessment at package level, while others are breaking the deal down into individual components. While both approaches are fine from a regulatory perspective, Isda continues to work with the industry towards consensus

Mifid II's issuer LEI rule could boost voice trading

May 31, 2018

Esma’s six-month grace period for certain issuers will soon be over. Trading venues are preparing to delist thousands of bonds without the 20-digit code, warning those trades will either shift to voice or non-EU markets

Special reports

Libor Survey Report

Latest report

This landmark Libor reform survey finds a market split on everything from managing the transition and minimising disputes to impact on documentation and pricing. In-house lawyers, heads of rates, traders and corporate treasurers tell us how the upheaval will affect them