Following the publication of the FCA’s Thematic Review and the PRA’s Consultation Paper on Algorithmic Trading in February, the PRA has now published its concluding Supervisory Statement, SS 5/18, which came into effect on 30th June.
The Investment Association (‘the IA’) which represents UK investment managers and has over 220 members who collectively manage more than £6.9 trillion of behalf of clients, has published a position paper on ‘Last Look’.
The FCA has published a thematic review for FCA solo-regulated firms on algorithmic trading. Their report summarises five key areas of focus, highlighting good and bad practices.
The FCA has published a research paper analysing the impact of the introduction of EMIR variation margin requirements in 2017 and whether small firms were locked out of the derivative markets as a result.
The Bank for International Settlements has published its long-awaited second and final phase of the Global FX Code, which has been created to restore confidence in FX markets following recent public scandals about market manipulation.
‘Make America Great Again’ was the campaign watchword of President-elect Donald Trump and bankers and investors are watching with interest to see what this will mean for U.S. banks. Trump’s dislike of anti-competitive regulation is well known.
The FCA publishes a paper on asymmetries in dark pool reference prices to analyse the role of participant speed and sophistication in driving outcomes in today’s markets.
The FCA has recently completed a review of four key areas in the market abuse systems and controls employed at several market-making firms. The firms were positioned in the small and mid-cap equity market making space but their findings are relevant to most trading firms which undertake a broad range of activities, where conflicts of interest could arise.
Last year the focus of the UK financial services regulatory landscape shifted from high-profile fines levied by regulators on banks for Libor and FX rigging towards individuals’ conduct and their responsibility for abuses.
