澳门新葡新京在线的解决方案

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地平线上的变化

2018年1月, MiFID II (Markets in Financial Instruments Directive) will be introduced across the EU financial arena. 其影响将是重大而深远的, 影响投资银行的活动, 代理经销商, 各类资产管理公司, 私人财富管理公司, 以及各方面的财务顾问.

融入新事物

MiFID II has been drafted to address the weaknesses inherent in the original directive, 哪个是在金融危机之前推出的. 旨在加强对金融产品消费者的保护, the directive is also a response to recent technological advances in trading – particularly algorithmic trading and direct market access systems – and the need for greater transparency in investments other than shares.

该指令, which will also introduce the new Markets in Financial Instruments Regulation (MiFIR), 会给MiFID下建立的制度带来一系列变化吗. 这些核心修正案包括:

  • Greater transparency both in terms of trading in equity markets that are not exchange traded, 结构性金融产品等非股权市场也是如此, 排放交易配额和某些衍生品和债券
  • New regulations to regularise Organised Trading Facilities (OTFs) and increased regulatory focus on commodity derivative markets
  • Enhanced criteria for professional investor and eligible counterparty classification
  • 加强投资者保护措施

考虑到立法的广泛性, the impacts of the directive will be felt across most investment-related activities and functions.

改变状态

MiFID II will extend the directive’s reach to encompass assets such as over-the-counter (OTC) derivatives trading, 将使用这些工具的基金分类为“复杂”. UCITS funds that are structured/capital protected will also be labelled complex. This classification means both retail and professional investors will need professional advice if they wish to invest, 产生额外的成本. 那些被认为不复杂的产品将会, 然而, 仍然有资格在执行的基础上投资.

Another significant change will be the requirement that both retail and professional investment advice must be categorised as independent or non-independent. This will affect financial incentives as MiFID II will limit incentive bonuses only to advisors categorised as non-independent.

除了, the directive will see clients undergo more stringent appropriateness tests assessing their product knowledge, 金融稳定, 投资目标和风险承受水平. Only those products classified as non-complex will be excluded from the tests.

有组织的交易

MiFID II will also look to tackle the issue of derivative and fixed-income trading outside of organised venues through OTC, 哪些监管机构认为对金融体系构成了不透明的风险. 该指令 aims to push much of the trading in these instruments to one of the regulated trading venues for financial assets and instruments: Regulated Markets (RM), 多边贸易设施(MTF), 以及新的有组织交易设施.

Derivative contracts eligible for clearing under EMIR (European Markets Infrastructure Regulation) will now be required to trade through RMs, mtf, 和传递. MIFID II will also require that each facility continuously publish bid and offer prices for equities and other instruments.

大宗商品衍生品交易的报告要求也将发生变化. 根据指令, venues will be required to send out weekly reports on their aggregate positions, while trading organisations will need to provide daily position reports to their national regulator.

限制因素

Under Article 57 of MiFID II regulators will be required to apply strict quantitative limits on positions taken by any entity in relation to any commodity derivative traded via an EU trading venue, 加上任何经济等值的场外交易合约. The limits will be applied at investment fund level rather than manager level and therefore may impact both complex UCITS and AIF funds.

These new rules will have significant implications for the liquidity of the fixed income market, 增加了这类资产交易的成本. 除了, the commodity derivative limits may affect the fund’s portfolio construction as fund managers may look to reduce or eliminate such holdings.

更广泛的影响

鉴于MiFID II要到2018年1月才会生效, 这在很大程度上仍然是一个保持观望的案例. 然而, 在这个阶段, it is fair to surmise that the new directive will most likely increase costs for those companies it encompasses. It is therefore expected that such increases will in turn result in increased costs for trading in financial instruments.

A further possible knock-on effect will be a potential increase in independent advisors seeking non-independent status. This may reduce the numbers willing to promote smaller funds through advisors, as non-independent practitioners will focus more on larger funds which generate greater media exposure.

无论最终结果如何, it is clear that MiFID II will introduce fundamental changes into the trading environment. It is therefore a strategic imperative that all steps are taken now to ensure that the transition to this new environment is as seamless as possible.

This article was first published by Finance Malta in their January 2017 newsletter.