Regulatory and contractual solutions are needed to minimize negative impacts.
Traders will continue to exploit any cracks in the system.
Treatment of initial margin can be a disincentive for client clearing.
Challenges include changing market dynamics and increased regulation, GLMX notes.
The regulator is asking whether they can be used to circumvent MiFID II.
UK will have a limited exemption from the clearing obligation to facilitate novations.
Change of leadership is met with low expectations and expected gridlock.
The Investment Association wants a consolidated tape and reduced market data costs.
HYBSE International Marketplace will give institutions access to crypto-instruments.