The TRADE 51 | Page 5

[ C O N T E N T S ] MARKET REVIEW misSIon impossible MiFID II’s systematic internaliser regime has been forced into the spotlight as market participants stand in fear its impact, we unravel the confusion. 50 OUTSIDE VIEW IDBs seek new identity 54 Big bang for variation margins 58 Buy-siders weather VM storm by managing in-house 63 Too big to ignore? 76 The squeeze on traditional voice broking means the sector is having to carve out a new identity to survive. Sarfraz Thind asks whether this will mean IDBs opening up to the buy-side. 82 We need to talk about management fees The UK regulator has criticised fee structures for active managers, but it could have effects right across the supply chain, says Charles Gubert. New requirements for the posting of variation margin on OTC derivatives came into effect on 1 March, but a lack of consistency between regulators on key issues has made implementation challenging. At what point does an asset manager become a systemically important financial institution? A regulatory designation that carries with it enhanced reporting, liquidity and risk management oversight, stress testing obligations and balance sheet capital requirements. Issue 51 TheTradeNews.com 5