Regulation Archive

Aug 16, 2019
Dark pool trading grows to its highest-level post-Mifid II
While equity trading in Europe fell in July, dark pool trading volumes swelled to the highest level since Mifid II was introduced nineteen months ago, according to analysis by research and consulting firm TABB Group. The research reveals that the total average daily trading volume for Europe’s equity markets during July declined 15 percent to €53 bn ($59 bn) while dark trading rose, accounting for 9.6 percent of all on-exchange activity. Such highs have n...
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Aug 09, 2019
Coming to America: US instigates major study into Mifid II
In the latest impact of Mifid II coming to America, a major investigation concentrating on research for small issuers has been successfully instigated by US politicians, on the back of the US coming closer to the European regulation. The US lower House of Congress, the House of Representatives, has passed a bipartisan bill requiring the SEC to study the provision of investment research into small issuers. The bill has been sent to the upper House of Congress, the Se...
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Aug 08, 2019
CII backs long-term focus of new exchange’s rules
The Council of Institutional Investors (CII) has welcomed plans by a start-up exchange to require member companies to develop policies based around a set of principles based on focusing corporate governance beyond immediate concerns. The Long-Term Stock Exchange (LTSE) in June proposed a set of what it describes as ‘enhanced listing standards that are designed to allow a new generation of companies...
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Aug 07, 2019
US buy side sees impact of Mifid II, reveals study
Research unbundling under Mifid II has hit institutional equities in the US, with research showing that buy-side firms have significantly reduced their commission pool over the last few years. New York-based research and consulting firm TABB Group, which spoke with 100 asset-management trading heads, reveals that investment managers have reduced their US commission pool by 42 percent since peaks in 2015. The study reveals that the unbundling of research and c...
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Jul 29, 2019
Proportionate regulation needed to address European asset management consolidation
A more proportionate approach to regulation is needed in response to increasing consolidation in the European asset management sector, according to the New City Initiative (NCI), the UK-based boutique asset management think tank. The paper – ‘M&A in asset management: Is it strangling boutiques?’ – explores the drivers behind ongoing M&A activity and questions whether decisive action needs to be taken at a governmental or regulatory level. Ther...
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Jul 24, 2019
Proxy advisers agree to greater independent scrutiny
Big-hitting proxy advisers have agreed to greater independent scrutiny involving a series of updated principles and supervision from an independent committee set up to oversee businesses involved in shareholder voting. KT Rabin, Glass Lewis CEO, tells IR Magazine: ‘As a founding signatory to the Best Practice Principles for Shareholder Voting Research and Analysis Group (BPP), launched in 2014, Glass Lewis is pleased to confirm that the revised BPP was up...
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Jul 18, 2019
Investors in South Korea embrace stewardship code
The number of institutional investors in South Korea taking up the stewardship code recently reached the 100 milestone after the government introduced the guideline to enhance the participatory role of shareholders back in December 2016. According to an announcement by the Korea Corporate Governance Service (KCGS), 100 institutional investors have mandated the code, with an additional 31 planning to adopt it. The National Pension Service (NPS) is the only pen...
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Jul 02, 2019
NIRI 2019: Nasdaq’s plan for capital markets reform
It’s just over two years since Nasdaq launched its Revitalize Blueprint – a 25-point plan for how the capital markets could function more efficiently and effectively – and just two months since Nasdaq unveiled its Total Markets Blueprint for a Better Tomorrow. At the NIRI annual conference in June, IR Magazine caught up with Randall Hopkins, vice president and head of capital markets reform and inno...
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