ESMA Europe members see MiFID II driving business away from Europe


LSE's MTS, NEX Group, MKTX and Tradeweb, as members of the Electronic Debt Markets Association Europe, sent a letter to EU policy makers stating that MiFID II will drive business off venues and away from Europe. ESMA’s standards would require regulated venues to collect significant amounts of personal data in relation to clients from overseas, specifying who is executing the trade and who is making the investment decision. “A material proportion of trading volumes in our impacted markets would be incentivized to leave Europe altogether. (...) Crucially, there is no requirement to trade fixed income products on a regulated venue and there are no comparable data collection rules when a non-MiFID firm trades bilaterally/over-the-counter, or on a non-EEA venue, for example, in Singapore, Hong Kong or New York."

CBOE plans to launch options on the 10 S&P Select Sector Indices that comprise the S&P 500. European investors who cannot currently hold options on ETFs due to obstacles presented by certain regulations will be able to implement sector-investment strategies. The new options will be cash settled, with monthly expirations and European-style exercise.

DB1: Eurex Clearing announced that PGGM, pension fund management, policy advice and management support, is the first buy-side client to become a direct participant of Eurex Clearing’s Securities Lending central counterparty (CCP).

LSE purchased 46k shares at 3,885 per share. LSE has 3.38m shares held in treasury.

SEC: ITG's Jamie Selway, the candidate to head the SEC Division of Trading and Markets, has withdrawn his name from consideration.