Financial Conduct Authority (FCA), UK, Securities Traders

FCA publishes observations following a multi-firm review of algorithmic trading controls

Hogan Lovells on 9/3/2025

On 22 August 2025, the Financial Conduct Authority (“FCA”) published its high level observations following a multi-firm review of algorithmic trading controls. During the review, the FCA assessed a sample of principal trading...more

U.K. Cryptoasset Sector — FCA Crypto Roadmap

Paul Hastings LLP on 11/27/2024

The U.K.’s Financial Conduct Authority (FCA) has today published its high-level proposals for a major overhaul of the U.K.’s cryptoasset regulatory regime. Whilst substantive rules have not been issued today, the FCA’s...more

EU Proposes to Amend Cash Penalty Process for Cleared trades

A&O Shearman on 9/19/2022

The European Securities and Markets Authority has opened a consultation in which it proposes to amend the cash penalty process for cleared transactions under the EU Central Securities Depositories Regulation. The EU CSDR...more

ESMA Statement Warns on Payment for Order Flow

Latham & Watkins LLP on 7/16/2021

New ESMA guidance less strict than the established UK position on PFOF. On 13 July 2021, ESMA published a statement on payment for order flow (PFOF), the practice of brokers receiving payments from third parties for...more

The Share Trading Obligations – A New Year’s Mess

BCLP on 12/23/2020

Diverging approaches to Share Trading Obligations from the FCA and ESMA pose challenges for investment firms in a post-Brexit Europe. With 1 January 2021 creeping closer and the hope of securing an effective Brexit deal...more

Financial Regulatory Observer – June 2019: No-deal Brexit: Challenges for trading venues and their participants

White & Case LLP on 7/1/2019

There is no silver bullet for maintaining cross-border trading if the UK leaves the EU without a deal. The date of Brexit has been delayed until (at least) October 31, 2019, but there is little sign that financial...more