MiFID II and Financial Markets

This intensive one-day course will help you understand, analyze and identify the key practical challenges and solutions related to MiFID II in both equities and fixed income markets. We will examine all the major features of the regulation and all the intended and unintended consequences of this legislation for both buy-side and sell-side firms.

Case studies and workshops will be applied to aid a more detailed understanding of the legislation.

• Business managers
• Portfolio managers
• Compliance officers
• Risk managers
• Brokers and vendors
• Traders and execution desks
• Quants / Financial engineers
• Technology project owners

• Understand the primary goals of MiFID II
• Get an overview of the main elements required by the regulation
• Analyze the consequences of the directive for the financial community
• Gain familiarity with the key terminology from the legislation
• Focus on the impact to trading particularly around pre- and post-trade transparency
• Find the answers to your questions and concerns about MiFID

A basic understanding of capital markets and securities trading.

MiFID II - Fundamentals

• Comparison with MiFID I
• Start dates - relevant dates for compliance and data submission
• Scope and extraterritoriality
• What about Brexit? Passporting and the single market
• Buy-side vs. sell-side - extension of regulations to asset managers
• Equities vs. Fixed Income - the move to exchange-like facilities
• Key terms for MiFID II - a guide through all the acronyms

Pre-trade Transparency

• Liquid instruments - changing definitions, large in scale, ESMA’s role
• Systematic Internalizers - when do you fall under this definition? What is your role?
• Venues: RMs, MTFs, OTFs and BCNs

Best Execution

• What does this mean in fixed income markets?
• Transaction cost analysis

Post-trade Transparency

• Block sizes and reporting rules
• APAs and the availability of post-trade data

Workshop: The impact of transparency rules on trading

Regulations for Execution

• Limits on Dark Pool trading
• Algorithmic trading
• Direct Electronic Access
• Derivatives trading, clearing and compression

High-frequency Trading

• Authorization and limits
• Stress testing, clock synch

Surveillance

• Market monitoring, manipulation and abuse
• Record keeping and recording of conversations

Further aspects of MiFID II

• Research Unbundling
• Related Regulations: GDPR and MAD II

Case Studies: How MiFID will affect financial firms globally

Review and Conclusions