This piece was originally published in Best Execution magazine.
On the 14th January the European Parliament and Council of Ministers ﬁnally agreed a new directive to update rules for markets in ﬁnancial instruments (MiFID II). Rob Boardman, CEO of ITG Europe asks whether it was worth the wait?
Listen to a special briefing by Duncan Higgins (Head of Electronic Brokerage, London), Juan Pablo Urrutia (European General Counsel, London), and Jamie Selway (Head of Electronic Brokerage, New York) discussing MiFID II, with a focus on the European Parliament’s recent political agreement for the Level 1 Text. Our experts discuss ITG’s position, provide context on what it means for clients, and answer questions.
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.