Insights

MIFID II – TOP FIVE ACTIONS THAT PENSION SCHEMES NEED TO TAKE

The PLSA has issued a list of the top 5 actions that schemes need to take ahead of Mifid.  You can read their article here.  In essence, schemes need to: Assess the value of investment research. LGPS schemes need to "Opt Up" from retail to professional status in order...

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Has the EU seen the light on FX variation margin?

European Council changes tack on FX Variation Margin Change could be afoot in the FX margining requirements under EMIR.  On 15th November, the Council of the European Union published a proposed amendment to the text.  The text includes the following on page 30 of the...

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ESMA updates the PRIIPS rules

New Change FX (NCFX) welcomes the recent confirmation of the PRIIPS rules on FX transaction cost analysis (TCA).  Andy Woolmer, CEO of NCFX said: “This FX TCA clause provides a clear and firm basis on which to conduct FX TCA.  The rule clarifies that when measuring FX...

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Why You Can’t Mark Your Own Exam Paper

Some thoughts from NCFX on using conflicted data to measure FX trades. The problem with conflicted data, or why you can’t mark your own exam papers… The last few months have seen a change in pace for the FX transaction cost analysis (TCA) business.  Financial firms...

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MiFID 2 and your FX execution policy.

They unbridled joy of reading MiFID 2 in full should not be missed, but in case you're a little busy with other things, here is the NCFX summary of the key points from MiFID 2 (and a few other pieces of regulatory legislation) as they related to Foreign Exchange: A...

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ESMA updates the PRIIPS rules

New Change FX (NCFX) welcomes the recent confirmation of the PRIIPS rules on FX transaction cost analysis (TCA).  Andy Woolmer, CEO of NCFX said: “This FX TCA clause provides a clear and firm basis on which to conduct FX TCA.  The rule clarifies that when measuring FX...

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FX TCA: The Regulators Speak.

Foreign Exchange and the Transaction Cost Analysis obligation. The world of Transaction Cost Analysis (TCA) has now been greatly simplified by the regulators, with a clear and simple definition that unequivocally applies across asset classes.  Byzantine processes that...

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FX Transaction Cost Analysis defined by European Regulators

Foreign Exchange Transaction Cost Analysis (TCA) has historically been an ill-defined topic, with suppliers offering subjective interpretations according to their own goals.  In addition, many asset managers have apparently felt that TCA is unnecessary.  This is...

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What Your Benchmark Won’t Tell You.

The Investment Association has recently drawn attention to the question of implicit, or hidden fees in asset management.  The IA’s report, Investment Costs and Performance: Empirical Evidence of UK Fund Industry Delivery was dismissive of hidden fees, suggesting that...

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FX Benchmarks. Everyone’s a loser baby.

FX is back in the headlines, but the issue is the same as ever. A bank, or rather the staff at a bank, stand accused of manipulating the FX markets to profit from an unsuspecting client's FX need. Why did this situation arise, and how have things changed since to stop...

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