Contributor: David Morgan
While discussions about the final contents of MiFID 2 seem set to continue for some while yet, the European Securities and Markets Authority has anticipated some important MiFID 2 issues in a set of Guidelines issued on February 24, 2012: Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities.... read more
Contributor: David Morgan
Interested parties have now had time to digest the European Commission’s October MiFID 2/MiFIR proposals, and major questions have been raised by a wide range of people. Looking briefly at the main areas of debate: Transparency is clearly the Commission’s central watchword in seeking to protect the interests of retail investors, but the big question is whether overly prescriptive regulation of dark pools may damage the ability of asset management firms to trade optimally on behalf of their (ultimately retail) clients.... read more
Contributor: Philippe Carré
Beyond mature markets, investors and trading firms looking for opportunities should keep in mind the potential an emerging market offers. By that benchmark, then, Colombia, Peru, Chile and Argentina should be high on peoples’ shopping lists as these countries have come a long way in improving their infrastructures and thus their links—both electronically and culturally—to the global investment community. After decades of (relative) financial discipline coupled with steady advances toward democracy and market capitalism, Colombia, Peru, Chile and Argentina have emerged with strong economies and fairly youthful populations with rising incomes. Each country has a burgeoning middle class with a keen financial awareness. It’s telling that these four nations are becoming known for their growing strengths rather than old stereotypes.... read more
Contributor: David Morgan
The MiFID II consultation period is closed and we now await the legislative proposals. What are the main implications for brokerage firms and their technology planning? ... read more
Contributor: Laurence Wormald
It’s a truth universally acknowledged that a fund manager seeking to take effective control of investment risk across asset classes must be using or looking to use risk budgeting. However, it may be a lesser known fact that to implement risk budgeting successfully, the most important element is a proper estimation of cross-asset correlations.... read more
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