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The London Stock Exchange (LSE) has gone on the offensive to ensure its post-MiFID leadership. On Thursday it released a brochure and a 67-page services description pack detailing its MiFID offerings. Promising to support its clients in both becoming compliant with MiFID's regulations and in taking advantage of the business growth opportunities offered, the LSE committed itself to offering a full range of the necessary services.
These services, to run on the LSE's new technology platform, TradeElect, which went live on June 18th, will include additional SETS functionality, a pan-European OTC trade reporting, and stand-alone data services for non-SETS trades. The full MiFID requirements of pre- and post-trade transparency, best execution, market data availability and transaction reporting will be supported.
On Saturday, the LSE also announced that it had entered into an agreement to merge with Italy's Borsa Italiana to create Europe's largest diversified exchange group in the listing and trading of equities and the leader in electronic trading of ETFs, securitised derivatives and fixed income products.
This week the UK's regulator, the Financial Services Authority (FSA) has said that it will release the new client advice rules required by the changes in client classification under MiFID. This could have far-reaching effects on the distribution of investment products including saving plans and pensions. It is also expected that the FSA will overhaul the current commissions processes to eliminate current claims of unfairness and lack of transparency.
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