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Channel: Rhodri Preece, CFA – CFA Institute Market Integrity Insights
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MiFID II: Agreement Finally Reached, Implementation Challenges Ahead

The genesis of MiFID II was to bring greater transparency to financial markets and strengthen investor protection. But despite the political agreement, the process is far from over. Read more

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UCITS V Remuneration Restrictions for Fund Managers: Do They Serve Investors?

Designed to align the interests of managers with investors, will the pay restrictions serve their intended purpose? Read more

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HFT Cause and Effect: What Is the Role of Exchange Industry Economics?

The publicity frenzy over HFT in the wake of the Michael Lewis book Flash Boys has led to much conjecture, claim and counter-claim over how the current market structure serves investors. Read more

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Two Years after LIBOR Scandal: What Is State of Financial Benchmark Reform?

Need for meaningful reform was underscored recently when several banks were fined for rigging key foreign-exchange benchmarks. Read more

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2015 Market Outlook EMEA: Weak Growth and QE Policies to Shape Local Market...

Investment professionals in EMEA are gloomier than their peers in the Americas and Asia Pacific over the prospects for economic growth in their local markets. Read more

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Shadow Banking Set in Context: Unlocking Capital Markets or Migrating Risk?

What does shadow banking really mean, what does it look like, and what should policy makers care about? Read more

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Raising Bar on Finance Culture and Conduct: IOSCO Meeting and FEMR Offer...

It is time to accelerate cultural change to serve the interests of investors and society. Read more

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ESMA Sets MiFID II Rules: Complex Balance between Transparency and Liquidity

As is so often the case, the devil is in the detail. And with much of the detail applying to previously unchartered market terrain, it remains to be seen what consequences these rules will have for...

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IEX Exchange Application: Is Level Playing Field Possible with Speed Bump?

Ultimately, innovation in market design and diversity of business models that cater to different investor needs must be beneficial. Read more

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IEX Exchange Application: SEC’s Reassessment of Reg NMS Critical to Decision

Market structure issues rarely attract mainstream media attention. But IEX application gets to the heart of the integrity of the market, the efficacy of the regulatory framework, and whether investors...

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Market Fragmentation: Even the Playing Field

Traditional exchange markets in Europe have been buffeted in recent years by regulatory changes and new advances in trading technology. Market fragmentation has been the result, in which trading...

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Exchange Merger Mania

The frenzy of merger-related activity in the exchanges business shows no sign of abating. Last week, it was the turn of first BATS Global Markets and then NASDAQ/IntercontinentalExchange (ICE) to enter...

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Systemic Risk Oversight — Up and Running in the U.K.

This week marks the inaugural meeting of the U.K.’s interim Financial Policy Committee (FPC), a systemic risk oversight committee responsible for  upholding the safety and soundness of the financial...

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High-Frequency Trading: Tame the Beast, or Will the Beast Devour Itself?

High-frequency trading has been back in the news and amongst the thoughts of policymakers over the past weeks, with the publication of a speech by Bank of England Executive Director Andrew Haldane on...

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Tackling the Dark Side in Canada …

In recent weeks, Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published their regulatory approach to dark liquidity (a.k.a....

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Bringing Transparency to the Bond Market

Recently, the European Commission commenced its overhaul of securities markets regulation with the publication of the eagerly-awaited revised Markets in Financial Instruments Directive, dubbed “MiFID...

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NYSE Retail Liquidity Program: If You Can’t Beat ’em, Join ’em …

That’s seemingly the thrust of the NYSE’s plans to establish a “retail liquidity program.” Frustrated with its loss of market share to broker/dealer internalizers and other non-displayed trading...

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Australian Equity Markets: Structural Reform Continues

The Australian Securities and Investments Commission (ASIC) recently closed its consultation on the Australian equity market structure. The Commission is now considering how best to tackle a range of...

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Europe’s Fragmented Securities Settlement Landscape

Settlement is typically thought of as the dull, boring part of the financial system. Rhodri Preece, CFA, takes a look at the fragmented securities settlement landscape in Europe and finds that it's...

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LIBOR Investigation: Investor Trust at Stake

The ripple effect of the potential mis-pricing of LIBOR is huge, ranging from complex swaps and derivatives traded among sophisticated investors to residential mortgages sold to ordinary households.

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Three Lessons from the Failed BATS IPO

BATS Global Markets recently pulled the plug on its IPO after a computer malfunction caused a mini “flash crash.” Such technological glitches are not new, but they are becoming increasingly common....

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The Value of Hedge Funds: Recent Studies Reach Different Conclusions

Two recent studies offer conflicting views of hedge fund industry performance. Rhodri Preece, CFA, examines the research and offers key takeaways for investors.

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LIBOR Scandal: European Commission Steps in to Fight Future Rate-Fixing

Part of the outrage over the LIBOR scandal stems from the meager actions taken by regulators in punishing the manipulators of these interest rates, along with the feeling among investors that the...

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LIBOR Reform off to Promising Start for Investors

Since Barclays settled with U.K. and U.S. regulators in June over its involvement in the manipulation of LIBOR, investment professionals and other interested stakeholders have waited for the next...

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Automated Trading Debate Intensifies

The regulatory response to automated trading is stepping up with various initiatives globally to limit the propensity for errant technology to cause market instability. Such initiatives include...

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Dark Trading: Is It Hurting Market Quality?

Over the past decade, the trend toward larger volumes of equity-market transactions taking place away from public exchanges has led to concerns about investor access and competition with the...

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Access to Capital: Do Equity Markets Serve SMEs Well?

In the midst of the stagnation engulfing western economies following the financial crisis, policy makers on both sides of the Atlantic have turned their attention to small and medium-sized enterprises...

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Financial Transactions Tax Gets Green Light — How Will It Impact Investors?

On 22 January, European finance ministers approved a motion to allow 11 EU member states to proceed with proposals to introduce a financial transactions tax (FTT). The plans now go to the European...

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Strike Three in Libor Scandal – RBS Fined for Rate-Rigging

This week, Royal Bank of Scotland became the third bank to settle with authorities over its involvement in the rate-manipulation affair, paying a combined total of £390 million (approximately $610...

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SEC Proposals for Systems Compliance and Integrity Bring Dark Pools into Scope

In the wake of a string of technological mishaps affecting the financial markets, the SEC recently proposed Regulation SCI to strengthen the controls, policies, and procedures surrounding market...

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How to Reform LIBOR: The Debate Continues

Since the publication of the U.K.’s Wheatley Review in late September, which heralded the beginning of the reform process to fix the scandal-plagued LIBOR benchmark, a swath of regulatory initiatives...

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Impact of European Short-Selling Regulation: Mixed Effects on Markets

The jury is still out as to the overall effect of this regulation, but a recent report demonstrates that the clamor for more regulation, as well as the industry push-back, is all too often overdone.

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U.S.-EU Cross-Border Derivatives Compromise: Who is the Real Winner?

On the surface, the derivatives deal appears like a win for the EU, but a closer look reveals that this “victory” is perhaps not quite what it seems.

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Packaged Retail Investment Products (PRIPs): Delivering the KID to Aid...

CFA Institute has published a report on PRIPs that seeks to clarify what information is relevant to investors at the point of sale, particularly in the often-overlooked area of costs.

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European Commission to Regulate Benchmarks: LIBOR, Commodities Face...

The European Commission recently published a legislative proposal that sets out broad measures to improve the governance, transparency, and supervision of benchmarks, and this week there's been news of...

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IOSCO Securities Markets Risk Outlook: Leverage, Collateral, CCPs, Emerging...

The launch of IOSCO’s Risk Outlook report marks the first public foray into systemic risk monitoring by global securities markets supervisors.

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ECB Report: What Is Impact of High-Frequency Trading on Price Efficiency?

New report from the European Central Bank adds further weight to the growing body of evidence suggesting high-frequency trading has a broadly benign to positive effect on markets.

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2014 Market Outlook EMEA: Turnaround in European Sentiment, But Mis-selling...

According to the 2014 Global Market Sentiment Survey, optimism over the prospects for global economic growth is higher among CFA Institute members in the EMEA region than in the Americas or Asia...

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David Pitt-Watson Talks About New Report on Corporate Governance in the EU

A new CFA Institute report reviews the current EU corporate governance policy landscape and the reforms that have been introduced over the past 10 years and offers recommendations for improvement.

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Assessing the Implications of Brexit: What Investment Professionals Need to Know

Brexit is moving forward, and the investment management industry needs to keep up with the effects it could have on business.

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Systemic Risk Council Leaders Warn Against Rolling Back Financial Reforms

With Brexit looming, parts of Dodd-Frank on the chopping block, and other stressors on the global community, now is not the time for complacency in financial reform.

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MiFID II: A New Paradigm for Investment Management

The revised Markets in Financial Instruments Directive comes into effect January 2018, introduces a sweeping overhaul of European financial markets.

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