There’s a huge amount of work left to do, and everyone’s affected. Speakers at the FOW conference provide an update to the proprietary trading community on MiFID II implementation.
Firms that are anticipating becoming newly regulated under European Regulation, MiFID II, don’t have any time to rest and should not take the recent implementation delay for granted, said panellists at a recent conference organized by FOW.
“If you are not already covered by MiFID, and you are a direct participant of a venue, or a market maker, or have direct electronic access, you will be required to be authorized,” said Steve Hamilton, Business Development at Curve Global, the London Stock Exchange’s interest rate futures venture.
My concern is it’s a greater burden than it needs to be.
And it’s not just about getting ready to comply with new rules and regulations a firm will be subject to, but even just "simple" processing of documentation satisfying the national regulator that a firm has considered all applicable rules.
“Even with a deferral, we don’t have a huge amount of time as an industry to get…that work done,” Hamilton said.
Dmitriy Serazetdinov, Head of Compliance for trading firm OSTC, discussed a familiar theme: uncertainty.
With about a year left to go until European financial watchdog ESMA is expected to release final technical standards , one of the big concerns for Serazetdinov is “the uncertainty in terms of firms dealing with the legislation in such a big package”.
It may be true that any firm in which Risk Management is “paramount” will have some experience in keeping regulators aware of business mechanics to some extent, but there is yet work to be done in clarifying what will be explicit or implicit in terms of what needs to be prepared.
Hamilton noted that the regulation risks ultimately resulting in a “tick box and documentation exercise” - an expensive one.
The listed derivatives industry is populated by a number of smaller firms, and he questioned whether the requirements placed on them aren’t more suited to the banking industry, or investment firms with clients.
There has been some effort in the technical standards to build in a degree of proportionality.
“My concern is it’s a greater burden than it needs to be,” he said.
Stephen Hanks, Manager of Markets Policy at UK regulator FCA, said that “there has been some effort in the technical standards to build in a degree of proportionality, but inevitably some of the obligations will be fairly binary in nature, everyone will have to do”.
OSTC’s Serazetdinov said that he's hoping that there is some measure of “future-proofing” the regulation, because prescriptive rules such as those related to technology development become obsolete.
Sam Tyfield, Partner at law firm Vedder Price, warned that everybody will somehow be caught in the net: “It will fundamentally change the relationship that every firm has with its counterparties – whether it’s vendors who are unregulated, or the sell side with their clients…it will fundamentally change the way the industry works together.”
Firms that are anticipating becoming newly regulated under European Regulation, MiFID II, don’t have any time to rest and should not take the recent implementation delay for granted, said panellists at a recent conference organized by FOW.
“If you are not already covered by MiFID, and you are a direct participant of a venue, or a market maker, or have direct electronic access, you will be required to be authorized,” said Steve Hamilton, Business Development at Curve Global, the London Stock Exchange’s interest rate futures venture.
My concern is it’s a greater burden than it needs to be.
And it’s not just about getting ready to comply with new rules and regulations a firm will be subject to, but even just "simple" processing of documentation satisfying the national regulator that a firm has considered all applicable rules.
“Even with a deferral, we don’t have a huge amount of time as an industry to get…that work done,” Hamilton said.
Dmitriy Serazetdinov, Head of Compliance for trading firm OSTC, discussed a familiar theme: uncertainty.
With about a year left to go until European financial watchdog ESMA is expected to release final technical standards , one of the big concerns for Serazetdinov is “the uncertainty in terms of firms dealing with the legislation in such a big package”.
It may be true that any firm in which Risk Management is “paramount” will have some experience in keeping regulators aware of business mechanics to some extent, but there is yet work to be done in clarifying what will be explicit or implicit in terms of what needs to be prepared.
Hamilton noted that the regulation risks ultimately resulting in a “tick box and documentation exercise” - an expensive one.
The listed derivatives industry is populated by a number of smaller firms, and he questioned whether the requirements placed on them aren’t more suited to the banking industry, or investment firms with clients.
There has been some effort in the technical standards to build in a degree of proportionality.
“My concern is it’s a greater burden than it needs to be,” he said.
Stephen Hanks, Manager of Markets Policy at UK regulator FCA, said that “there has been some effort in the technical standards to build in a degree of proportionality, but inevitably some of the obligations will be fairly binary in nature, everyone will have to do”.
OSTC’s Serazetdinov said that he's hoping that there is some measure of “future-proofing” the regulation, because prescriptive rules such as those related to technology development become obsolete.
Sam Tyfield, Partner at law firm Vedder Price, warned that everybody will somehow be caught in the net: “It will fundamentally change the relationship that every firm has with its counterparties – whether it’s vendors who are unregulated, or the sell side with their clients…it will fundamentally change the way the industry works together.”
Devexperts Teams Up with nuam Exchange to Boost Equity and Derivatives Trading
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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