The regulator’s first Trends, Risks and Vulnerabilities (TRV) report of 2023 warns that high levels of uncertainty and fragile market liquidity are limiting the resilience of the financial system against further external shocks.
The conclusion comes as part of a consultation on the scope of a multilateral trading venue launched by the EU watchdog in January last year to level the playing field.
EU watchdog has released an article exploring the use of artificial intelligence and machine learning in the markets, noting traders are utilising technology to minimise impact.
European regulators have made several U-turns in the last few months, in particular around their stance on systematic internalisers and dark trading, that mimic UK proposals.
John Keogh, managing director at Susquehanna International Securities (SIG), makes the case for banning the controversial practice, in the wake of ESMA’s latest request for industry input.
Due to data quality issues, ESMA intends to publish calculations in February next year, covering data from 1 October to 31 December 2022.
US and European regulators look set to be taking starkly different stances on the contentious practice of paying for order flow.
The TRADE sits down with managing director of Susquehanna International Securities, John Keogh, to discuss the potential implications of the recent MiFIR draft report - warning that "ambiguity is the enemy of transparency".
In a joint risk report, the European Supervisory Authorities provide five policy actions for competent authorities, financial institutions and market participants to deal with ‘deteriorating’ economic outlook.
ESMA risk report found prices dropped 15% peak-to-trough between August last year and May 2022, nearly double that seen during the pandemic.