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MiFID II - Key Challenges for Equity and Fixed Income Markets

Day One

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



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