In case you missed it, here’s the top five stories from thetrade-
news.com over the last quarter
Keeping you informed with the
latest industry news
Traders warned not to become reliant on RFQs after MiFID II
Buy-side firms should be wary of overusing requests for quote (RFQs) to evi-
dence their best execution once MiFID II comes into force on 3 January 2018,
according to a panel of experts. Speaking at The TRADE’s MiFID II Checklist
conference in London, panellists said that while RFQs could offer good proof
of best execution, there is a risk they will be overused by firms attempting to
play it safe in the early days of MiFID II.
JP Morgan establishes SI for all fixed income products
JP Morgan has become the first US investment bank to officially register to
operate a systematic internaliser for all fixed income products ahead of MiFID
II. A client note revealed the decision was made in order for JP Morgan to
continue providing market making pricing for its clients once MiFID II comes
Top dealers post $1.4 trillion of collateral for derivatives trades
The 20 largest derivatives dealers posted $1.41 trillion of collateral for cleared
and non-cleared derivatives trades, according to the International Swaps and
Derivatives Association. Initial margin posted by clearing participants to CCPs
for cleared derivatives trades totalled $173.4 billion and $107.1 billion for non-
cleared trades. For variation margin, dealers posted a total of $1.13 trillion,
with $260.8 billion for cleared and $870.4 billion for non- cleared.
E-trading picks up pace in corporate bond market
The use of electronic trading for corporate bonds has surged significantly over
the past few years, with MarketAxess being the preferred e-trading platform,
according to new research. A study from Greenwich Associates revealed 84%
of investors now trade corporate bonds electronically as of this year, compared
to just 69% in 2013.
MiFID II research tax bill to hit £40m a year in the UK
Tax bills for research under MiFID II are expected to hit £ 40 million a year,
according to documents released by the Office for Budget Responsibility.
Released alongside the Autumn budget, the research also stated that the gov-
ernment is expected to bring in £ 45 million a year by 2021/22.
in Coalition’s league table
for equities in H1 2017
Goldman Sachs saw its equities
business revenues drop