What we need to do to fix MIFID II Data

We attempt an analysis of available MIFID II transparency data. Analysis shows that 89% of notional in vanilla EUR IRS is reported with a four-week delay. We show that at least €800bn of transaction data for vanilla, cleared EUR IRS is missing each week. We estimate that as little as 5% of notional of off-venue […]

5 Things That Are Making MIFID II Data Useless

To all of our readers who, like me, are responding to the latest ESMA consultation, I thought I would provide a simple list of ways that MIFID II data is being made difficult to access. Hopefully this can help to get transparency right in Europe. ESMA report that the users of data that they spoke […]

ESMA: Let’s Get Transparency Right

Transparency under MIFID II has been a failure so far. ESMA is consulting to put this right. We have already lost three years of transparency. This issue is more important now than ever before as the transition to RFRs demands transparency. I return to work with possibly the most important consultation of the year to […]

MIFID II Transparency Update

Back in August 2017 I wrote that “MIFID II Transparency will leave us in the dark“. I didn’t realise at the time how right I would be. As I write this blog as of April 2019, I still feel like transparency is sadly lacking. Could things change in the future? Transitional Transparency Regular readers of […]

15 Million ISINs and Growing

I last looked into ISINs for Derivatives in my article on MiFID II – Why ISINs for OTC Derivatives are Bad for Transparency, so as we approach the end of year let’s check on what has been happening on this. ANNA-DSB The ANNA Derivatives Service Bureau (DSB) website now provides a lot of interesting information, […]

MiFID II Best Execution RTS27 – What the Data Shows

MiFID II Best Execution RTS27, requires Trading Venuesand Systemic Internalisers (SIs) to make public relevant data on the execution quality for financial instruments subject to the trading obligation. This data is published quarterly, with a quarterly lag, so the Best Execution reports for 1Q 2018 are now available from many MTFs, OTFs and SIs. In […]

MIFID II Data – It’s Finally Good News!

The availability of MIFID II data has been one of our hot topics in 2018. We’ve aired our frustrations previously. Happily, MIFID II data is about to become truly accessible to all. Find out how and why below. Questions and Answers ESMA have just released an updated “Questions and Answers On MiFID II and MiFIR […]

Identifiers, Identifiers, Everywhere

Anyone working in Capital Markets technology cannot have failed to notice the increase in global identifiers; they now seem to be everywhere for all manner of use cases, some mandatory others best practice. Often a new identifier is held up as a solution to an existing data problem and is promulgated by regulators as a […]

MIFID II Data – APA Market Share

MIFID II transparency is still falling well short of what the market needs. We can only estimate APA market share using a highly manual process. Our team have gathered data from the 5 largest APAs. We look at market shares across Sovereign Bonds. Same old gripes As we all know, MIFID II transparency is still […]