<div dir="ltr"><br><div class="gmail_quote">---------- Forwarded message ----------<br>From: <b class="gmail_sendername">Hazel Henderson</b> <span dir="ltr"><<a href="mailto:hazel.henderson@ethicalmarkets.com">hazel.henderson@ethicalmarkets.com</a>></span><br>Date: Thu, Sep 7, 2017 at 11:38 PM<br>Subject: "WHO’S AFRAID OF MIFID 2?: Fixing Wall Street’s Broken Plumbing"<br>To: Ethical Markets <<a href="mailto:gogreen@ethicalmarkets.com">gogreen@ethicalmarkets.com</a>><br><br><br>
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<b><span style="font-size:12.0pt;line-height:150%">"WHO’S AFRAID OF MIFID 2?: Fixing Wall Street’s Broken Plumbing"<u></u><u></u></span></b></p>
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<span style="font-size:11.0pt;line-height:150%">Hazel Henderson© 2017 <u></u><u></u></span></p>
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<span style="font-size:12.0pt;line-height:150%">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. <u></u><u></u></span></p>
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<span style="font-size:12.0pt;line-height:150%">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.
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<span style="font-size:12.0pt;line-height:150%">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.
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<span style="font-size:12.0pt;line-height:150%">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:
</span><a href="http://www.ussif.org/" target="_blank"><span style="font-size:12.0pt;line-height:150%">SIF</span></a><span style="font-size:12.0pt;line-height:150%">,
</span><a href="https://www.unpri.org/" target="_blank"><span style="font-size:12.0pt;line-height:150%">PRI</span></a><span style="font-size:12.0pt;line-height:150%">, the
</span><a href="https://www.unglobalcompact.org/about" target="_blank"><span style="font-size:12.0pt;line-height:150%">Global Compact</span></a><span style="font-size:12.0pt;line-height:150%">,
</span><a href="https://www.wemeanbusinesscoalition.org/" target="_blank"><span style="font-size:12.0pt;line-height:150%">We Mean Business</span></a><span style="font-size:12.0pt;line-height:150%">,
</span><a href="http://asbcouncil.org/" target="_blank"><span style="font-size:12.0pt;line-height:150%">ASBC</span></a><span style="font-size:12.0pt;line-height:150%">,
</span><a href="https://thegiin.org/" target="_blank"><span style="font-size:12.0pt;line-height:150%">GIIN</span></a><span style="font-size:12.0pt;line-height:150%">,
</span><a href="https://www.ceres.org/" target="_blank"><span style="font-size:12.0pt;line-height:150%">CERES</span></a><span style="font-size:12.0pt;line-height:150%">, and auditors:
</span><a href="https://www.sasb.org/" target="_blank"><span style="font-size:12.0pt;line-height:150%">SASB</span></a><span style="font-size:12.0pt;line-height:150%">,
</span><a href="https://integratedreporting.org/the-iirc-2/" target="_blank"><span style="font-size:12.0pt;line-height:150%">IIRC</span></a><span style="font-size:12.0pt;line-height:150%">,
</span><a href="http://www.cimaglobal.com/" target="_blank"><span style="font-size:12.0pt;line-height:150%">CIMA Global</span></a><span style="font-size:12.0pt;line-height:150%">, as well as all the firms offering fossil-free portfolios and other superior ethical products
will have a new competitive advantage! <u></u><u></u></span></p>
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<span style="font-size:12.0pt;line-height:150%">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
</span><a href="http://www.bloomberg.com" target="_blank"><span style="font-size:12.0pt;line-height:150%">www.bloomberg.com</span></a><span style="font-size:12.0pt;line-height:150%">
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<span style="font-size:12.0pt;line-height:150%">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
</span><a href="http://www.ethicalmarkets.com/documentary-exposing-high-frequency-trading-algorithms-dominating-wall-street/" target="_blank"><span style="font-size:12.0pt;line-height:150%">"Perspectives on Reforming Electronic Markets and Trading"</span></a><span style="font-size:12.0pt;line-height:150%">
(2015), also at </span><a href="http://www.unepinquiry.org" target="_blank"><span style="font-size:12.0pt;line-height:150%">www.unepinquiry.org</span></a><span style="font-size:12.0pt;line-height:150%">
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<span style="font-size:12.0pt;line-height:150%">We also looked at the digital revolution in finance in my
</span><a href="http://www.ethicalmarkets.com/fintech-good-and-bad-news-for-sustainable-finance/" target="_blank"><span style="font-size:12.0pt;line-height:150%">"FINTECH: Good and Bad News for Sustainable Finance"</span></a><span style="font-size:12.0pt;line-height:150%">.
In our </span><a href="http://4a5qvh23tbek30e0mg42uq87.wpengine.netdna-cdn.com/wp-content/uploads/2017/05/GTS-Final-Draft-042517.pdf" target="_blank"><span style="font-size:12.0pt;line-height:150%">Green Transition Scoreboard® 2017 Report</span></a><span style="font-size:12.0pt;line-height:150%">
explored "Deepening Green Finance". Many pioneer asset managers in our global TV series
</span><a href="http://ethicalmarkets.tv/" target="_blank"><span style="font-size:12.0pt;line-height:150%">"Transforming Finance"</span></a><span style="font-size:12.0pt;line-height:150%"> distributed at
</span><a href="http://www.films.com" target="_blank"><span style="font-size:12.0pt;line-height:150%">www.films.com</span></a><span style="font-size:12.0pt;line-height:150%"> 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. <u></u>
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<span style="font-size:12.0pt;line-height:150%">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.
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</div><br><br clear="all"><div><br></div>-- <br><div class="gmail_signature" data-smartmail="gmail_signature"><div dir="ltr"><div><div dir="ltr"><div>Check out the Commons Transition Plan here at: <a href="http://commonstransition.org" target="_blank">http://commonstransition.org</a> </div><div><br></div>P2P Foundation: <a href="http://p2pfoundation.net" target="_blank">http://p2pfoundation.net</a> - <a href="http://blog.p2pfoundation.net" target="_blank">http://blog.p2pfoundation.net</a> <br><br><a href="http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation" target="_blank"></a>Updates: <a href="http://twitter.com/mbauwens" target="_blank">http://twitter.com/mbauwens</a>; <a href="http://www.facebook.com/mbauwens" target="_blank">http://www.facebook.com/mbauwens</a><br><br>#82 on the (En)Rich list: <a href="http://enrichlist.org/the-complete-list/" target="_blank">http://enrichlist.org/the-complete-list/</a> <br></div></div></div></div>
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