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The Trading Mesh

Sam Tyfield's Blog


July 25, 2013 Comments (0)           

By Sam Tyfield
The UK Department of Business, Affairs and Innovation has announced that it believes that the Government should convene an impact assessment of a FTT. This follows-on from the Lord’s Economic and Financial Affairs Sub-Committee’s recent findings that both the EU Commission’ and the UK’s analysis of and responses to questions on the potential impact of a FTT (particularly on ‘high frequency trading’ and extra-territorial effect) had...

Irish Presidency Compromise Draft MAR - Issues for All Market Participants, Not Just Algo

July 1, 2013 Comments (0)           

By Sam Tyfield
Last week, the Irish Presidency released its compromise draft of the Market Abuse Regulations. There are some interesting proposals following the Commission’s, Council’s and the Parliament’s previous texts. My bold emphasis included.

The recitals (the introductory language) now indicate that there should be a definition of market manipulation providing examples “of specific abusive strategies that may be carried out by any available means of...

EU FTT - EU Parliament proposals - HFT, CFDs and FX spot

June 28, 2013 Comments (0)           

The Economic and Monetary Affairs Committee of the European Parliament has voted this week on a number of proposed amendments to the EU Commission’s proposals for a FTT.  
Important points to note: 

Spot FX transactions are now proposed to be included within scope of the FTT;
OTC trades should have higher tax rates applied;
CfDs and forwards are now proposed to be included within scope of the FTT;
It is proposed to implement a regime whereby where “a...

Accurate Time Stamping

May 14, 2013 Comments (0)           

The National Physics Laboratory (the NPL) held an interesting Q&A this morning on accurate time stamping. The presentation also involved the UK FCA and the (ex-)Chief Scientific Adviser to HMG, Sir John Beddington. The main topic of the discussion was what role Coordinated Universal Time (UTC) (of which NPL is the UK’s ‘keeper’) could play in time stamping for the financial markets.
The FCA’s concerns were that:

the markets and their regulators...