Sometimes you know something is coming but still remain surprised as to the potential consequences. This is one of those occasions. In our view, this is "MiFID III" ("this time it's retail"). That said, the changes it will bring are not solely ring-fenced to retail ...
doi:10.1002/9781119208464.part3Chris SkinnerJohn Wiley & Sons, Inc.
然而,某些加密资产没有可识别问题的事实并不排除对CASP和市场滥用的标题应用,正如序言22的最后一句话所规定的那样,它只是将此类加密资产排除在该法规的第II, III或IV章之外,并澄清CASP“就此类加密资产提供服务应该被法规所涵盖”。 因此在这个阶段,可以确定MiCA不解决“去中心化”问题的明确意图。尽管这并不意味...
具体调整如下方面:(i)头寸限制(ii)LME头寸管理规则(iii)头寸报告(iv)交易者承诺报告(CoTR)。 2.市场微观结构 MiFID Ⅱ引入了对市场基础设施提供商的各种义务,对象也包括LME,据此LME对其规则进行修改,各会员需持续了解并遵守新规,主要包括以下方面:(i)防止无序交易条件(ii)会员尽职调查(iii)一致性测试。 3.透明...
MiFID II监管要求提升,同时巴塞尔协议iii和资本要求指令 iv对银行资本金和流动性要求提高,欧盟证券期货经营机构的资金成本将有所上升。随着场外交易部分迁移至场内市场,注重场内交易的经营机构将会获得新的发展机遇,场内交易业务收入占比可能有所提高。由于MiFID II加强了交易报告、高频交易等方面的监管要求,部分中小型...
transactions that are used in order to facilitate payment for identifiable goods, services or direct investment. You can read more about this exemption in an excerpt of the FCA consultation paper:‘Markets in Financial Instruments Directive II Implementation – Consultation Paper III’ (PDF, 158KB)...
(a)(iii)Equities - Shares and Depositary Receipts: Tick size liquidity bands 1 and 2 (from 0 to 79 trades per day)N/AN/ACSV (1KB)N/AN/AN/A (b)(i)Debt Instruments: BondsN/ACSV (1KB)CSV (1KB)N/AN/AN/A (b)(ii)Debt Instruments: Money markets instrumentsN/ACSV ...
or iii) the firm or the relevant business unit suffers a material failure of risk management, and clawback should always be applied in cases of fraud or other conduct with intent or severe negligence which led to significant losses. For large non-SNIs, their remuneration policies must include ...
integrity.“Trading venue s shall operate…..:(a) price collars, which automatically block orders that do not meet set price parameters on an order-by- order basis” – RTS 7, Article 20 (1) (a)✓Managing at source provides uniformity and certainty, and reduces risk for all participants...
Recently, Kay Swinburne, a Welsh Conservative Member of the European Parliament commented that MiFID III could be “just around the corner”. I don’t know whether to be alarmed at the thought of the EU continuing to legislate in this way. But what I do know is that Mi...