On forecasting the likely actions of Russia during the Second World War, UK Prime Minister, Sir Winston Churchill, spoke of it as a ‘riddle wrapped in a mystery inside an enigma'. Alternative asset managers might be forgiven for thinking the same about the devilish complexity of MiFID II.
MiFID II aims to increase the accountability and transparency of the financial services industry and represents the latest in a long line of regulatory developments since the '08 global financial crash.
Colt Technologies is a private telecoms company owned by Fidelity. It delivers secure, on-demand services designed to meet the stringent requirements and speed of the financial markets. Among the more than 400 capital markets firms it supports worldwide includes 18 of the 25 largest global banks and 13 European central banks. With both sell-side and buy-side firms looking for reliable access to market data under MiFID II, having the requisite market infrastructure in place is a potentially daunting task.
At the last count, there were approximately 1,384 pieces of information to look through under MiFID II. For Chief Compliance Officers, that is an awful lot of work to get on top of, which is why implementing a compliance roadmap as early as possible is so important.
MiFID II comes into effect on 3 January 2018 and will likely require fund managers to make significant changes to their systems, governance and controls & procedures.
The introduction of MiFID II and MiFIR on 3 January 2018 will impact every aspect of how financial institutions do business. The scale of the task cannot be underestimated. For buy-side firms, getting the right vendor relationships in place will be vital to ensuring that they operate under the regulations in as efficient and compliant a way as possible.
The INREV Annual Index for 2017 reveals that the Netherlands posted the strongest non-listed real estate performance on record with total returns of 14 per cent. Despite this boost, annual returns across Europe dropped to 6.0 per cent in 2016 from a nine-year high of 9.7 per cent in the previous year, the survey finds, ascribing much of the fall to weaker performance in Q2 and Q3 which stemmed from much lower valuations in the UK during the turmoil of a Brexit referendum.
Leading market participants have published final guidelines that clarify expected behaviour during the new issue process for fixed income bonds in Europe.
The Pensions and Lifetime Savings Association (PLSA) has welcomed the Department of Work and Pensions’ (DWP) consultation on occupational pension schemes.
The International Stock Exchange (TISE) has received recognition from the German Federal Financial Supervisory Authority, BaFin.