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When you type MiFID II into a search engine, most of the three million results available are compliance related. Now In my era, regulation was light, indeed too light, and market abuses certainly occurred. But most of these abuses were handled internally by market participants. A compliance officer was more often than not called to advise on a trade that had already taken place, not, as now, an impending trade. “Is it OK to do this trade” is the thought uppermost in brokers’ minds now, one sign that markets are over regulated. It will only get worse, too.
Some regulation seems designed to hamper the markets and ironically harm the very people, the small investor, who it was intended to protect. Transparency has always existed in the wholesale markets, and if a broker tried to hide a price he would surely be found out. On many occasions, a broker will have a market (in no particular instrument) of, say, 92-96. You can quote 92-96 till the cows come home and not trade. But the broker who closes the price to 93-95, previously flirting only with a difference but now also with the regulator, will trade. He has taken a market risk through his skill and knowledge, tightened the market and one would hope facilitated a trade by doing so. Under MiFID II, he will have to be imaginative in how this is executed. Would dealing tops and bottoms really help the small investor? I don’t think so, as the worsening in the price will always be passed down to them. (LiveSquawk – Continue Reading)
German soccer coaching legend Sepp Herberger once noted: “After the game is before the game,” a suggestion that planning for the next match begins while opposing players are still exchanging jerseys.
The phrase, commonplace in Germany, also rings true for the nation’s elections. Berlin’s grand coalition dissolved while votes from September's federal balloting were still being tallied, but German political leaders had other concerns: voters in Lower Saxony would be selecting a new state parliament in a fortnight, and a shift right at the federal level had the mainstream conservative party in Bavaria sounding alarm bells ahead of elections there next year.
For the first time, a partnership of more than two political factions could be governing Germany, but coalition talks took a back seat to the snap election in Lower Saxony. With balloting there now complete, political maneuvering in Berlin is in focus. (LiveSquawk – Continue Reading)
The tightness in the UK labour market may be starting to slowly feed through to stronger pay growth, if today's data is replicated in coming months.
In nominal terms average weekly earnings rose by 2.2pct including bonuses in August 2017, and by 2.1pct excluding bonuses compared to a year earlier. In cash terms, average weekly earnings fell 0.4pct on previous year (ex-bonus) and 0.3pct (incl. bonus)
The number of people in work was up by 94K in the three months to August compared with three months ago. Whilst, over the same period there were 78K more women in employment. (LiveSquawk – Continue Reading)
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