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[ C O N T E N T S ] [ H O T T O P I C | B R E X I T ] [ H O T Stepping out of the shadows 66 A year after Europe’s Market Abuse Regulation (MAR) was implemented, The TRADE discovers whether firms are compliant with the requirements and how MiFID II may have overshadowed MAR. Europe’s short selling rules up for review T O P I C | B R E X I T ] THE BREXIT EXODUS STO RY SO FAR With Brexit negotiation s well and underway, truly The TRAD E looks at investment where banks are looking new EU bases and the effect to establish s this exodu will have on the city s of London. 14 TheTrade Autumn 2017 Issue 53 TheTradeNews.c om 15 DATA 70 LiquidMetrix data Industry pressure is forcing European regulators to rethink short selling regulations they enforced post-financial crisis, so should we expect a scale back? Spreads tighten as volatility drops. 90 OPINION [ M A R K E T R E V I E W | U N B U N D L I N G ] [ M A R K E T R E V I E W | U N B U N D L I N G ] THE REAL COST OF RESEARC H 36 TheTrade Autumn 2017 [Sponsored] A sea change in surveillance 26 [Sponsored] From TCA to BXA 34 The past decade has seen a significant rise in sophistication and speed across many aspects of trading, but has also prompted a rising tide compliance regulation. Headlines have decrie d eye-waterin research costs leake gly high d in recen they reflec t months, t the real state of unbun but do John Bakie investigates dling? Issue 53 TheTradeNews.c om 37 A rethink of best execution evaluation is needed in light of MiFID II’s increased scrutiny over evidencing broker selection. SURVEYS Algorithmic Trading Survey – Hedge Funds Hayley’s comment 47 Systematic Internaliser confusion rumbles on. A comparison of hedge fund and long- only priorities on algorithms reveals some intriguing trends. Execution Management Systems Survey With MiFID II looming larger, EMS vendors set out their stalls. [ M A R K E T R E V I E W | M A R K E T A B U S E R E G U L AT I O N ] [ M A R K E T 77 94 R E V I E W | M A R K E T A B U S E R E G U L AT I O N ] A YEA R AFTER EUROP WA S I E’S MA MPLE RK MENT FIRMS E D, T H E T A B U S E R ARE C EGULA E TRA OM DE DI HOW M PLIANT WI SCOVE TION (MAR TH TH IFID I ) RS WH E REQ I M AY ETHE UI H AV E OVERS REMENTS A R ND HADO WED M AR. By Hayley 66 TheTrade McDowell Fall 2017 Issue 53 TheTradeNews. com Issue 53 67 TheTradeNews.com 5