Regulation Archive

Jun 20, 2019
ESMA not to take action against periodic auctions
The EU’s financial regulator, the European Securities and Markets Authority (ESMA), has highlighted that it does not intend to introduce restrictions on trading that has come under criticism for supposedly undermining stock market transparency regulations. ESMA has been assessing the issue of so-called ‘periodic auctions’, which allow fund managers to trade larger blocks of shares while limiting the amount of order information revealed to the market before tra...
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Jun 18, 2019
Fee pilot debates reignite at NIRI and CIRI conferences
‘While many market participants have suggested something should be done to address maker-taker pricing and transaction fees, there is less agreement about what specifically should be done,’ said Brett Redfearn, director of the SEC’s division of trading and markets, at the NIRI national conference earlier this month. Redfearn is the man behind the SEC’s transaction-fee pilot, which has ...
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Jun 17, 2019
Historic Shanghai-London Stock Connect approved
The UK financial regulator the Financial Conduct Authority (FCA) and the China Securities Regulatory Commission (CSRC) have today made a historic joint announcement approving the Shanghai and London bourses’ proposed new Shanghai-London Stock Connect. Stock Connect is an arrangement between the Shanghai Stock Exchange (SSE) and London Stock Exchange (LSE) to boost cross-border investment between the countries and provide investors and companies in the UK and China...
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Jun 11, 2019
UK and Dutch financial regulators sign agreement to protect financial markets
Financial regulators the Financial Conduct Authority (FCA) and the Dutch Authority for the Financial Markets (AFM) have signed a joint agreement to protect and enhance the stability of the UK and Dutch financial markets. Ever since the UK announced its intention to withdraw from the EU, a number of financial institutions operating in the UK and the Netherlands have been uncertain about operating in the respective countries – something this arrangement hopes to nul...
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Jun 05, 2019
Brexit could lead to Mifid III, say experts
European regulators have long held opposing views on unbundling, the process of separating the costs of research and trading. The UK’s Financial Conduct Authority (FCA) successfully pushed for strict unbundling rules to appear in Mifid II, against the wishes of French financial regulator the Autorité des marchés financiers (AMF). Now, with the UK set to leave the EU, could some of those rules be pared back? There’s ‘definitely talk about Mifid III’ and it ...
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May 28, 2019
Impact of Modi 2.0 on Indian markets and IR
Last week, India, the world’s largest democracy, voted for Narendra Modi for a second straight term as its premier. The country saw the largest voter turnout in history, with 67 percent of its 900 mn eligible voters heading to the ballot. For the first time since 1984, the trend for a coalition-led government was reversed and a single political party won 55 percent of the electoral seats, paving the way for decisive reforms. When Modi was elected India’s Prime M...
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May 23, 2019
Warning about excessive regulation for US companies wanting to list
A leading US think tank policy adviser has said US listed firms face too much regulation, resulting in companies not going public, and warned about adding to this regulatory burden. James Copland, director of legal policy at the New York-based conservative think tank the Manhattan Institute for Policy Research, gave his views on the issue at a hearing on economic growth and efficient capital markets at the US House Committee on Financial Services. He said: ...
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May 17, 2019
FCA highlights technology challenges
The UK’s Financial Conduct Authority (FCA) director of strategy and competition has warned that technology is changing not only the markets the regulator regulates, but also the way in which they regulate. Christopher Woolard says in a recent speech: ‘The argument about considering our use of technology to deliver better regulatory outcomes while managing the impact of our regulation fits closely with the wider questions on the future of regulation. ‘Th...
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May 01, 2019
Hong Kong exchange sees benefits of introducing dual-class shares
The introduction of dual-class share listings on the Stock Exchange of Hong Kong last April, designed to make the exchange a hub for technology and biotech firms, has come to fruition. A year on from the changes, nine biotech companies have joined the Hong Kong exchange, raising a combined $3.8 bn by IPO, making Hong Kong the second-largest public biotech hub worldwide after leader Nasdaq, according to Refinitiv data. Over the same period, Nasdaq welcomed 57 new bi...
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