54 Helping the buy-side make the right
decisions… for their business –
Sponsored by IPC
The buy-side may be ignoring one major part of
the MiFID II regulations around record retention,
according to Robert Powell, director of compliance
at IPC Systems.
56 Time is ticking
MiFID II’s clock synchronisation rules have given the
buy-side plenty to think about, Hayley McDowell
looks at the challenges and how technology is
62 MiFID II and trade transparency –
Sponsored by TradEcho
Per Lovén, commercial director at TRADEcho,
outlines the practical implications of MiFID II on
trade transparency, and explains how the new
regulation will affect the markets.
64 NO LEI, NO TRADE, NO EXCUSE
Just over half a million LEIs have been issued
globally in line with MiFID II’s reporting
requirements, however a large portion of fixed
income instruments are absent from this.
70 Getting value for money – Sponsored
by Haitong International
Haitong International is taking a firm value
approach when it comes to research and pricing, The
TRADE’s Hayley McDowell speaks to Mark Burges
Watson managing director, head of cash equities.
72 The real cost of research
Headlines have decried eye-wateringly high research
costs leaked in recent months, but do they reflect
the real state of unbundling?
76 Final rules leave no excuse for delay
FCA’s final rules on MiFID II revealed which services
are considered execution-related and a relaxation of
79 ALGO TRADING
82 Getting algos in order
The sheer number of different algorithms
in circulation makes selection, performance
measurement, and broker feedback difficult. So how
are the buy-side opting the right algos?
86 MiFID II’s algo plans come under fire
Rules to restrict and identify algorithmic traders
have led to a wave of criticism from market
participants, but will the rules do any good?
89 FOREIGN INVESTORS
92 A European export
As MiFID II approaches, North America and other parts
of the world need to realise it will affect them too.
95 FOREIGN EXCHANGE
98 FX: More exposed to MiFID II than you
Transaction cost analysis is finally gaining traction
in the forex market, driven by best execution
requirements, but there is still confusion over
exactly what must be reported under MiFID II.
102 FINAL THOUGHTS
103 Delegated acts
As part of the review process for MiFID II, the
European Commission released its delegated acts.
Here is a summary of the key areas of which firms
need to be aware.
109 MiFID II made easier
Industry legend and friend of The TRADE, Richard
Balarkas – now member of the advisory board for
Compliance Solutions Strategies (CSS) – gives us his
views on becoming compliant with the complex and
often overwhelming MiFID II regulations.
Thanks to our sponsors:
MiFID II HANDBOOK TheTrade 5