[P2P-F] Fwd: "WHO’S AFRAID OF MIFID 2?: Fixing Wall Street’s Broken Plumbing"

Fri Sep 8 09:17:28 CEST 2017

---------- Forwarded message ----------
From: Hazel Henderson <hazel.henderson at ethicalmarkets.com>
Date: Thu, Sep 7, 2017 at 11:38 PM
Subject: "WHO’S AFRAID OF MIFID 2?: Fixing Wall Street’s Broken Plumbing"
To: Ethical Markets <gogreen at ethicalmarkets.com>

*"WHO’S AFRAID OF MIFID 2?: Fixing Wall Street’s Broken Plumbing"*

Hazel Henderson© 2017

The European Union (EU) has sweeping reforms of financial markets coming
into force January 3, 2018. They will affect Wall Street firms in many
ways, covering all transactions of EU securities wherever traded
worldwide.  Whether the firm is on the buy-side: portfolio managers, mutual
funds, institutional investors, or on the sell-side: broker-dealers,
investment advisors, researchers, consultants, MIFID II will affect
business models, research, trading, reporting and order execution.

MIFID II tightens rules on high-frequency trading (HFT), requires oversight
and transparency of all trading platforms, including dark pools,
registration of all trading algorithms and monitoring of their assumptions
and performance, separates research from commission fees, requiring more
transparency on derivatives, as well as on order flows, UTC time-coding and
execution.

So we hope that Wall Street and all US firms are readying for MIFID II
compliance, after this past year’s grace period. All these reforms are
designed to secure markets from another 2008-type meltdown. Yet, in the USA
the Trump administration is bent on gutting Dodd-Frank and other reforms
--- come what may.

This is where the ethical investment market and its movement of retail
investors and concerned citizens, whether branded overall as: "ESG, SRI,
CSR," green, ethical or "impact" investing, can take wider leadership. Most
of their investments and products are already compliant with most MIFID II
reforms. They and all their trade associations: SIF <http://www.ussif.org/>,
PRI <https://www.unpri.org/>, the Global Compact
<https://www.unglobalcompact.org/about>, We Mean Business
<https://www.wemeanbusinesscoalition.org/>, ASBC <http://asbcouncil.org/>,
GIIN <https://thegiin.org/>, CERES <https://www.ceres.org/>, and auditors:
SASB <https://www.sasb.org/>, IIRC
<https://integratedreporting.org/the-iirc-2/>, CIMA Global
<http://www.cimaglobal.com/>, as well as all the firms offering fossil-free
portfolios and other superior ethical products will have a new competitive
advantage!

Anyone can get up to speed on how MIFID II works , thanks to our friends at
Bloomberg LLC . They offer guidebooks for both buy and sell side firms in
their "Becoming MIFID II Friendly" as free downloads from www.bloomberg.com

We at Ethical Markets Media, as a Certified B. Corporation with our global
outreach to our networks of ethical investors, asset managers and
entrepreneurs stand ready to help facilitate this opportunity provided by
the EU’s MIFID II. We drew attention to the corruption of Wall Street by
HFT, insider-trading, naked short-selling, speculation, kickbacks on orders
and the "maker-taker" model of some electronic venues in my "Perspectives
on Reforming Electronic Markets and Trading"
<http://www.ethicalmarkets.com/documentary-exposing-high-frequency-trading-algorithms-dominating-wall-street/>
(2015), also at www.unepinquiry.org

We also looked at the digital revolution in finance in my "FINTECH: Good
and Bad News for Sustainable Finance"
<http://www.ethicalmarkets.com/fintech-good-and-bad-news-for-sustainable-finance/>.
In our Green Transition Scoreboard® 2017 Report
<http://4a5qvh23tbek30e0mg42uq87.wpengine.netdna-cdn.com/wp-content/uploads/2017/05/GTS-Final-Draft-042517.pdf>
explored "Deepening Green Finance".  Many pioneer asset managers in our
global TV series "Transforming Finance" <http://ethicalmarkets.tv/>
distributed at www.films.com  believe, as we do, that markets cannot exist
without trust, truth honesty and transparency. Let’s leverage MIFID II to
widen such market reforms in in the USA and worldwide.

Hazel Henderson, CEO of Ethical Markets Media Certified B Corporation, is
lead author of the Green Transition Scoreboard® and nine other books on
global issues.

-- 
Check out the Commons Transition Plan here at: http://commonstransition.org

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