Regulator

SEC Fixed Income Committee: Debate on liquidity metrics

By Flora McFarlane. The often narrow focus of liquidity metrics in research was raised as a concern by the first meeting of the Security and...

BTMU fined for spoofing in Treasury futures

By Flora McFarlane. On 7 August the Commodity Futures Trading Commission (CTFC) fined The Bank of Tokyo-Mitsubishi UFJ (BTMU) for spoofing, submitting orders that are...

SEC requests comment on evolution of buy-side internal crossing rules

The US Securities and Exchange Commission’s Division of Investment Management Staff has published a statement to elicit feedback on ways to enhance its regulatory...

ESMA lacks data to test bond market concerns

By Pia Hecher. Regulators have acknowledged that bond market data is so sparse, even post-MiFID II, that they are unable to test execution quality concerns....

The US: Too big to Fitch?

Ratings agency Fitch has downgraded the United States’ long-term credit ratings to AA+ from AAA and removed the rating ‘Watch Negative’ stating “ reflects...

Controversy as buy side forces U-turn on US liquidity rule

By Jonathan Weitzmann. The liquidity risk management financial rule (Rule 22e-4) was approved on 28 June 2018 by US regulator the Securities and Exchange Commission...

JP Morgan restricted from onboarding new venues and fined US$350 million

JP Morgan has been fined US$350 million and may not onboard new trading venues without receiving prior written non-objection from the Federal Reserve Bank...

EC launches wide ranging review of MiFID II/MiFIR and investment firms

The European Commission (EC) has launched a ‘Review of the regulatory framework for investment firms and market operators’ to capture any perceived changes needed...