The days of unfettered -- and some would argue, uncontrollable -- high-speed trading appear to be numbered. In the wake of the 2008 global financial crisis and bank bailouts, and amid ongoing economic uncertainty and soaring unemployment, regulators across the globe continue to take aggressive action to right the markets, and high-frequency trading is public enemy No. 1.
The most recent regulation to target HFT is MiFID II, an update of the original directive, which was intended to level the playing field in the European markets. But European officials acknowledge that their first effort at driving transparency didn't go far enough, and this time they're cranking up the scrutiny on HFT as well as on dark pools and derivatives. Advanced Trading's December digital issue surveys the intensifying regulatory landscape and breaks down what it takes for buy-side firms to succeed in today's brave new world.
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In This Issue:
- HFT IN REGULATORS' CROSSHAIRS: European regulators are just the latest to target high-frequency trading. In an effort to pick up where the original directive left off, MiFID II aims to finally drive real transparency into HFT.
- MiFID II WILL BACKFIRE, SAYS LARRY TABB: Despite European regulators' best intentions, MiFID II is likely to backfire, hurting the markets and investors, warns contributing editor Larry Tabb.
- SHOULD THE BUY SIDE BE AFRAID OF THE DARK? In a bombshell that rocked trading desks across Wall Street, the SEC charged Pipeline with matching customer orders in its dark pool against proprietary flow. Will the buy side ever be safe in the dark?
- The Buy Side's Uneasy Relationship With High-Frequency Order Flow
- 2012 Should Be a Very Good Year for Hedge Funds
- Thriving In the Age of Electronification