By: Sviatoslav Rosov

Sviatoslav Rosov, PhD, CFA, is an analyst in the capital markets policy group at CFA Institute. He is responsible for developing research projects, policy papers, articles, and regulatory consultations that advance CFA Institute policy positions, focusing on market structure and wider financial market integrity issues.

All 10 Articles

Mifid II loopholes are already paving the way for Mifid III

City Talk

It has been about eight months since the EU’s implementation of the Markets in Financial Instruments Directive (MiFID II) and some early results are starting to come in. In June, the French market regulator Autorité des Marchés Financiers (AMF) voiced disappointment about the impact of MiFID II on market transparency, one of the directive’s key [...]
Initial public offerings: Is there still a pulse?

City Talk

The decline in the number of public companies across developed markets is well-documented with, for example, the number of public companies in the United States declining by nearly half since 1996. The picture is qualitatively similar in Europe. For example, Jason Voss, CFA, wrote in a post on Enterprising Investor that equity listings in Europe [...]
Behind the hype: Machine learning in investment management

City Talk

In a recent article, I discussed some of the significant progress being made in machine learning–enabled artificial intelligence and some of its potential drawbacks as well as the challenges it poses for regulators. Now, I want to bring your attention to a very interesting Barclays report that looks at the deployment of quantitative fund strategies, [...]

Machine learning, artificial intelligence and robo-advisers: The future of finance?

August 4, 2017

The topic of machine learning-enabled artificial intelligence (AI) is gaining increasing visibility in the world of investment management. Of particular interest is the application of AI to the development of smarter robo-advisers that some hope, while others fear, will yield 'intelligent' and cost-effective investment management advice. This topic was raised by investment professionals during the [...]
Initial Coin Offerings: Are they a solution to Bitcoin woes?

July 11, 2017

Initial Coin Offerings (ICOs) have taken the fintech world by storm the last few months. ICOs are tokens, typically based on the technology underlying Bitcoin’s more versatile cousin Ethereum, that entrepreneurs sell to investors in exchange for cryptocurrency – typically either Bitcoin or Ether, the cryptocurrency of the Ethereum network. Interestingly, these tokens do not [...]
How regulation and market priorities drive fintech focus globally

June 28, 2017

The interest in fintech worldwide shows no signs of abating, as illustrated by the strong attendance at each stop on our recent CFA Institute speaker tour throughout Central and Eastern Europe and the Middle East. But even more interesting is the regional variation in what 'fintech' means to local entrepreneurs. Talking to investors, company founders, [...]
What’s new for MiFID II?

May 18, 2017

With the start date for Markets in Financial Instruments Directive (MiFID II) fast approaching in January 2018, a renewed focus on implementation is gripping investment firms and market participants. Of particular interest are the issues relating to dark pools and high-frequency trading (HFT), topics on which CFA Institute has written before (see Takeaways on Best [...]
Regulators welcome fintech but aren’t sure what to do with it

February 23, 2017

Regulators have a 'wait and see' attitude about regulating fintech. Two governmental organisations recently released reports on regulatory approaches to fintech advances, including blockchain. First, the US Federal Reserve Board released its report on distributed ledger technology (i.e., blockchain) in payments, clearing, and settlement. Following that release, the European Supervisory Authorities (ESAs) — a joint [...]
Regulators welcome fintech but aren’t sure what to do with it

February 23, 2017

Regulators have a 'wait and see' attitude about regulating fintech. Two governmental organisations recently released reports on regulatory approaches to fintech advances, including blockchain. First, the US Federal Reserve Board released its report on distributed ledger technology (i.e., blockchain) in payments, clearing, and settlement. Following that release, the European Supervisory Authorities (ESAs) — a joint [...]
MiFID II has gone into effect. At least, some of it has…

January 25, 2017

The entry of the Markets in Financial Instruments Directive (MiFID II) into force on 3 January 2018 was a momentous occasion in European, and possibly, global financial markets. One of the more controversial elements of MiFID II is the unbundling of research payments by investment banks and brokers into a separate, disclosed fee for research; [...]

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By: Sviatoslav Rosov

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