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News & Perspectives

Articles filed under: Regulation & Market Structure (10)

Regulatory Tracker – November 2016

In order to address the abundance of regulatory changes on the horizon, we’ve created a table to track them. Our Regulatory Tracker lists 17 open proposals and 4 other possible future issues relevant to the trading community, ranked by next action date.

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Market Structure Review – November 2016

KCG is pleased to distribute this edition of our Market Structure Review newsletter. This newsletter highlights and discusses what we consider to be important regulatory initiatives and developments impacting U.S. market structure. The topics we detail in this edition include: (1) The potential impact of US election outcomes on current and pending financial regulations and market structure initiatives; (2) FINRA’s expansion of TRACE to cover Treasuries; (3) New broker/dealer order handling disclosures for institutional clients; (4) A consolidated audit trail (CAT) for US equity and options markets; (5) Supplements to Regulation Automated Trading (Regulation AT) governing CTFC access to trading firms’ proprietary source codes; and (6) A potential SEC Access Fee Pilot to test the impact of reducing exchange access fee caps and liquidity rebates.

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Market Structure Review – June 2016

KCG is pleased to distribute this edition of our Market Structure Review newsletter. This newsletter highlights and discusses what we consider to be important regulatory initiatives and developments impacting U.S. market structure. The topics we detail in this edition, among others, include: (1) a request for industry feedback by the Department of the Treasury about structural changes in the U.S. Treasury market and their implications; (2) the SEC’s issuance of a proposal to enhance Regulation ATS obligations for NMS Stock ATSs; (3) the CFTC’s publication of a proposed new rule regarding automated trading; (4) the ongoing debate regarding IEX’s exchange application; and (5) continuing analysis around August 24 market volatility.

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Spotlight on the Systematic Internaliser Regime

The European Commission formally proposed that MiFID II, MiFIR will now debut in January 2018. In the meantime, it's important to be able to break down the vast amount of information being shared into manageable, actionable components. So this information graphic focuses on the Systematic Internaliser. Think of it as a quick-reference guide to all things "SI."

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Market Structure Review – June 2015

KCG is pleased to distribute this edition of our Market Structure Review newsletter. This issue highlights and discusses what we consider to be important recent regulatory developments in the U.S. and Europe. In the U.S., significant developments include: (1) the SEC’s approval of the Tick Size Pilot; (2) the filing by BATS of its “Exclusive Listing” Proposal; and (3) options industry opposition to OCC’s Capital Plan. In Europe, (1) ESMA continued to make progress on MiFIDII/MiFIR and (2) the European Commission continues to focus on recovery and resolution of CCPs.

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Market Structure Review – February 2015

This issue includes a recap on regulations, initiatives, and developments affecting US and European market structure. In the US, the most significant recent market structure developments include: (1) Tick Size Pilot Plan: KCG and more than 50 other market participants submitted comment letters to the SEC; (2) SEC adopted new Regulation SCI; and (3) ICE/NYSE and BATS offered a competing slate of market structure reforms. In Europe, ESMA continued to move forward on MiFID II and MiFIR and the European Commission is focusing on the recovery and resolution of CCPs.

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Market Structure Review – December 2014

Regulators and lawmakers continued to review and debate equity market structure issues in the third quarter. The most significant developments were: (1) Tick Size Pilot Plan that was filed with the SEC by FINRA and the equity exchanges were published for public comment; (2) SEC delayed voting on the adoption of proposed new rule, Regulation SCI; and (3) On the Hill, Representative Garrett hosted a market structure roundtable in which KCG's CEO, Daniel Coleman, participated along with other industry leaders.

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European Regulatory Update – November 2014

This issue includes a recap of developments in European market regulations: (1) Where MiFID II stands now; (2) Disagreement on FTT—no imminent deal foreseen; (3) ESMA setting technical standards on market manipulation under MAR; (4) Rate swaps rules getting finalized; (5) Target 2 Securities platform and its impact; and (6) Details on French reporting requirements for January 2015.

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Market Structure Review – August 2014

Both the tone and pace of recent regulatory commentary and directives on market structure kicked up in this quarter, signaling imminent changes. This quarter's action was highlighted by: (1) SEC's tick-size pilot directive; and (2) SEC Chair Mary Jo White's speech on her perspectives and proposed initiatives around equity market structure.

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Market Structure Review – April 2014

Market structure issues remained at the forefront for regulators, Congress, and the media during the first quarter of 2014. This quarter’s action was highlighted by: (1) Statements by SEC Chair and Commissioners on Equity Market Structure; and (2) The CFTC issued a concept release on high-frequency trading.

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