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The Board of Governors of the Federal Reserve System (the “Board”) has proposed rules (the “Proposed Rules”)1 that represent a significant shift in the terms of over-the-counter derivatives, repurchase agreement and securities lending transactions.

The first-mover advantage offered by traditional solutions doesn’t apply to blockchain and distributed ledger technology.

While the key objectives of the Markets in Financial Instruments Directive I were to bring greater standardization and improvements in collateralization and risk management, MiFID II seeks to enhance transparency and supervision to ensure methodical markets and harmonize reporting requirements across member states.

The heightened regulatory focus on the buy side serves as a catalyst not only for further data collection and operational transparency, but also for buy-side firms to measure costs and impact, and to prove best execution.

Notional volume traded in IRD has been on the rise since late 2015 within the US, but off-SEF trading still represents a majority of this volume, and the percentage captured by Swap Execution Facilities has been dropping consistently for months.

Blockchain and distributed ledger solutions seek to transform established business models, from trading to settlement.

The following data is derived from trading activity on the Tradeweb European-listed ETF platform.

Pressures from all sides are driving buy-side firms around the world to pay ever-closer attention to counterparty exposure.

Japan became only the second country after Switzerland to issue 10-year benchmark bonds at a negative interest rate, with an auction for ¥2.2 trillion government paper at an average yield of -0.024% on March 1.

Not subject to MiFID II delays, the new Market Abuse Regulation aiming to increase the transparency, safety and resilience of European financial markets is due to come into effect on July 3.