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  • FESE: The Issue Of Payment For Order Flow

    Date 27/05/2021

    Payment for order flow (PFOF) has become more and more widespread over the last years and has recently gained significant attention following the GameStop short squeeze in the US and related developments like the growth of discount brokerages. A PFOF arrangement is one in which a broker systematically routes its retail order flow to a single market maker, a systematic internaliser (SI) or other execution venue in return for a payment. PFOF is however detrimental for the investor as it may increase bid-ask spreads, distort competition, and make the price formation process less transparent and efficient. Although the broker is obliged to act in the best interest of its clients, it has an economic incentive to direct order flow to the execution venue that offers the highest payment to the broker. Consequently, the best execution duty of the broker gets compromised. This conflict of interest is systematic in the retail market and FESE believes that it is currently not appropriately addressed. Whilst in some Member States PFOF is banned, such as in the Netherlands, other Member States are less strict. This creates regulatory arbitrage opportunities in the EU.


  • Barclays Adds Streaming Firm Pricing To MarketAxess' Live Markets Order Book

    Date 27/05/2021

    MarketAxess Holdings Inc. (Nasdaq: MKTX) today announced that Barclays (NYSE: BCS) has committed to become a dedicated market maker and is actively contributing streaming prices for US investment grade corporate bonds to the MarketAxess Live Markets™ order book for institutional credit markets.

  • ESMA Consults On Synthetic Securitisations RTS And Amendments To STS Templates

    Date 27/05/2021

    The European Securities and Markets Authority (ESMA), the EU’s securities and markets regulator, published today a Consultation Paper (CP) on draft regulatory technical standards (RTS) implementing the amended Securitisation Regulation (SECR).

  • Sova Joins Ranks Of AFME

    Date 27/05/2021

    Sova Capital is now a full member of the Association for Financial Markets in Europe (AFME), a designation which enables the London-based broker to expand custody services for a number of Russian clients.

  • Bank Of England Executive Director And Financial Policy Committee Appointment

    Date 27/05/2021

    The Court of the Bank of England today appointed Sarah Breeden as Executive Director for Financial Stability Strategy and Risk (FSSR). Sarah will also become a member of the Financial Policy Committee (FPC).

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