The conference will have a considerable focus on whether the shortcomings of MiFID I will be addressed by MiFID II, though also whether the latter’s proposals will generate further concerns. For example, MIFID II requires ‘sufficient steps’ to be taken to achieve best execution rather than ‘MIFID I’s ‘reasonable steps’. This sounds tighter but the rules are not so prescriptive that they may not give rise to arbitrage between banks.
The City & Financial event will also discuss issues over ‘best execution price’, how is it defined between ‘clear price level’, ‘trader price level’ or ‘all in price’? How will client clearing really be monitored? It will need a technology solution that can look at a trade months after it has taken place and demonstrate best execution. There is thought to be a lack of clarity about the ‘systematic internaliser’ and to what benchmark the best execution price is relative.
Oriol brings over 16 years of experience in designing and implementing electronic trading solutions at banks, leading exchanges, brokers and business consulting firms. Oriol specialises in projects requiring cross-functional expertise in the business, technical and regulatory compliance domains.