Recent articles

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 19, 2019
Launching an impact-investment effort
What is the history of Spouting Rock and who are its clients? Spouting Rock began as a single family office. It was founded by our current president, Blakely Page. He had been doing investments for his own family – he has a long career on Wall Street – and then the firm established a merchant bank and broker-dealer side. In 2017 it started an asset management division. We have a handful of investment products; they’re not necessarily go...
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Jun 19, 2019
Mifid II and the changing IR role
‘Mifid II seeks to improve transparency, reduce potential conflicts of interest and promote competition by unbundling brokers’ activities,’ said Andrew Bailey, CEO of the UK’s Financial Conduct Authority, in a speech delivered earlier this year. The European legislation has brought in ‘a number of fundamental changes,’ he added. Alexander Free, senior analyst at Nasdaq IR Intelligence, explains that these fundamental changes, since Mifid II went...
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Jun 19, 2019
How GRI targets common language for ESG reporting
What is your methodology and approach to reporting on ESG matters? The Global Reporting Initiative’s (GRI) methodology is encompassed through the GRI Standards, the most widely used sustainability reporting framework in the world. The aim is to help organizations communicate and measure their ESG impacts in a way that conforms to global best practice, understands risks and opportunities, and informs strategic decision-making. There are thre...
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Jun 19, 2019
EMEA IPO market struggles as global IPOs see big fall
Capital-raising in global IPO markets fell by 37 percent in the first half of 2019, with volume plunging 34 percent compared with the same period in 2018, according to data compiled by global law firm Baker McKenzie. A total of $69.8 bn was raised across 514 IPOs – the lowest for value and volume since 2016. The US federal government shutdown, continuing trade tensions between the US and Beijing, the ongoing Brexit saga and the decline of mega-IPOs all cont...
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Jun 19, 2019
FTSE Russell ESG data expansion boosts Australian small caps
Global index FTSE Russell has expanded its ESG data analysis to include small-cap firms, providing a coverage boost to 250 Australian listed companies, as they will now be included in FTSE Russell’s ESG coverage. Australia has been one of the most vociferous markets in the Asia-Pacific region about the need to integrate ESG into investment practice, with 129 asset owners and asset managers signed up to the United Nations Principles for Responsible Investment. ...
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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 18, 2019
NIRI 2019: IRO as chief intelligence officer
This year marks the 50th anniversary of NIRI – a milestone that was emphasized throughout the national conference held earlier this month in Phoenix, Arizona. As the association looked ahead to the next 50 years, it wanted to reflect on how the role of IR has changed and think about how it may evolve further. NIRI brought together a select group of its members to put together a ...
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