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Convergex CEO Eric Noll: MiFID II - Where Will All The Research Analysts Go? The Below Market Commentary Was Written By Eric W. Noll, Convergex CEO

Date 16/02/2017

Summary: 

MiFID II, an upcoming piece of legislation from European Union regulators, upends the traditional linkage between trading commissions and investment research in ways both the money management and brokerage industries have yet to fully understand.  It will force both the explicit pricing of sell-side research and the defense of those expenses to asset owners by money managers.  Moreover, while this is an EU directive, we expect many global asset owners to eventually embrace its core principles of explicit pricing and transparency.  By virtue of our market leadership in the Commission Sharing Agreement business through Westminster Research, we stand ready to offer solutions and act as a guide to our money management clients as they face these new challenges. 

Mary Jo White Returns To Debevoise

Date 16/02/2017

Debevoise & Plimpton LLP yesterday announced that Mary Jo White, who served from April 2013 to January 2017 as Chair of the United States Securities and Exchange Commission, will return to legal practice at Debevoise and serve as Senior Chair of the firm. She was Chair of Debevoise’s Litigation Department from 2002 to 2013, prior to which she served as the United States Attorney for the Southern District of New York for nearly nine years.

New York Governor Cuomo Announces First-In-The-Nation Cybersecurity Regulation Protecting Consumers And Financial Institutions From Cyber-Attacks To Take Effect March 1 - Regulation Protects Consumer Data And Financial Systems From Terrorist Organizations And Other Cyber Criminals - Regulated Financial Institutions Must Establish And Maintain A Cybersecurity Program To Protect Consumers And The Industry - Regulation Emphasizes Compliance Culture At Top Levels Of The Institution

Date 16/02/2017

Governor Andrew M. Cuomo today announced the first-in-the-nation cybersecurity regulation to protect New York’s financial services industry and consumers from the ever-growing threat of cyber-attacks will take effect on March 1, 2017. The final regulation requires banks, insurance companies, and other financial services institutions regulated by the Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers’ private data and ensure the safety and soundness of New York’s financial services industry.

TRAFiX Offering Access To Bats Options BAM Auction - OMS and EMS Platforms Now Integrated

Date 16/02/2017

Bats Global Markets (Bats: BATS) and TRAFiX, a fintech company and innovator in next-generation Order and Execution Management Systems, today announced TRAFiX will offer access to the Bats Auction Mechanism (BAM), launched earlier this year on the exchange group’s EDGX Options Exchange.

Recommended All-Share Merger Between London Stock Exchange Group Plc And Deutsche Börse AG - Dividend Update

Date 16/02/2017

London Stock Exchange Group plc ("LSEG") notes the 15 February 2017 announcement by Deutsche Börse AG ("Deutsche Börse") proposing to pay to their shareholders a €2.35 ordinary dividend per share for FY 2016.

Tadawul’s Board Of Directors Elects Chairman And Vice Chairman

Date 16/02/2017

The Board of Directors of the Saudi Stock Exchange “Tadawul” convened their first meeting in its fourth round today 16 February 2017. The meeting was held at Tadawul’s headquarters and was attended by all Board Members. 

EBA: Consultation On Guidelines On Procedures For Complaints Of Alleged Infringements Of The PSD2

Date 16/02/2017

The European Banking Authority (EBA) launched today a public consultation on its draft Guidelines on the complaints procedures to be taken into consideration by competent authorities (CAs) to ensure and monitor effective compliance by payment service providers (PSPs) of the revised Payment Services Directive (PSD2). These draft Guidelines are part of the EBA’s work to support the core objectives of the PSD2 of strengthening the integrated payments market across the European Union, ensuring a consistent application of the legislative framework and promoting transparency. The consultation runs until 16 May 2017.

FTC Provides Comment to NTIA on Multistakeholder Initiative to Improve Cybersecurity Vulnerability Disclosure

Date 16/02/2017

The Federal Trade Commission submitted public comments to the U.S. Commerce Department’s National Telecommunications and Information Administration (NTIA) on a draft template, developed by a diverse group of stakeholders, designed to be used by industry participants to communicate their policies on disclosing security vulnerabilities.

EBA Consults On Procedures For Complaints Of Alleged Infringements Of The PSD2

Date 16/02/2017

The European Banking Authority (EBA) launched today a public consultation on its draft Guidelines on the complaints procedures to be taken into consideration by competent authorities (CAs) to ensure and monitor effective compliance by payment service providers (PSPs) of the revised Payment Services Directive (PSD2). These draft Guidelines are part of the EBA's work to support the core objectives of the PSD2 of strengthening the integrated payments market across the European Union, ensuring a consistent application of the legislative framework and promoting transparency. The consultation runs until 16 May 2017.

Irish Stock Exchange: Ryanair Lists €750m Bond On The Main Securities Market

Date 16/02/2017

Ryanair has listed a €750m bond on the Irish Stock Exchange (ISE). The bond, due 2023, has a fixed coupon rate of 1.125% and is listed on the Main Securities Market (MSM).