With the German Federal Elections occurring Sunday, European investors are curious about what impact the elections may have on the European regulatory environment. In this version of The Blotter, ITG's European General Counsel, J.P. Urrutia, summarizes some of the expected results and potential impacts, highlighting Germany's importance to regional policy.
In this edition of The Blotter, Juan Pablo Urrutia, European General Counsel, weighs in on the Financial Times report that The Council Legal Service is advising the national governments that the European Financial Transaction Tax (FTT) is illegal.
ITG appreciates the opportunity to comment on proposed Regulation SCI.
On December 18, Bob Gasser testified before the U.S. Senate Subcommittee on Securities, Insurance and Investment that dark pool growth has improved market quality, in response to the topic of "Computerized Trading Venues: What should the Rules of the Road Be?".
Could the much-debated European Financial Transaction Tax (FTT) proposal come to pass? JP Urrutia discusses new developments among EU member states.
Concerns about dark pools have come to a head and alternative markets in Asia Pacific are among those under scrutiny. This week’s edition of The Blotter explores this topic with a focus on the Australian market.
The previous installment of “Badges” equates them to definitions of market participants. The focus was on a CFTC-proposed definition of high frequency trading, or HFT. The conclusion reached is that strict classifications for the purpose of regulation are inappropriate in today’s environment. The idea is broadened here, with respect to market structure regulation. In this week's edition of The Blotter, the focus is on the exchange/broker divide.
Financial regulation lives on the legally assigned characteristics of participants. The definitions of broker-dealer and exchange provide the underpinning of U.S. regulatory fabric and yet it took almost 30 years to craft a definition for ‘the alternative trading system’. Herein lies a lesson: a world in which technology, product strategy, and business models evolve faster than language may be a poor place to apply regulation based on participant silos. Market structure expert, Ian Domowitz, considers this issue and regulatory alternatives in this week’s edition of The Blotter.
July 5, 2012, the SEC approved NYSE’s Retail Liquidity Program, or “RLP,” for a oneyear pilot for all NYSE and NYSE MKT (AMEX) listings. We provide an overview and offer our thoughts on implications in this edition of The Blotter.
On June 26, 2012 Japan's financial markets regulator, the FSA, took another step to promote market competition by revising exemption from the 5% Takeover Bid (TOB) rule. This move may have a profound effect on Japan's Proprietary Trading System (PTS) providers over the coming months. This edition of The Blotter examines the history and development of PTSs in Japan and what this planned exemption may entail.