Wholesale and markets

Our broad range of clients includes investment banks, institutional and private client brokers and dealers in equities, derivatives, currencies, commodities, CFDs and spread bets, proprietary trading firms, multilateral trading facilities, systematic internalisers, broker crossing networks, corporate financiers, introducers and service companies. 

We routinely advise wholesale and markets clients on both the scope of regulation in the UK and regulatory compliance issues.  This may result in assisting our clients in structuring their businesses so as to operate outside the scope of regulation or, if obtaining or varying a regulatory permission is necessary. We have extensive experience of assisting clients in applying to become FSA authorised, varying permissions or passporting businesses out of or into the UK. Once authorised, our extensive experience enables us to ensure that our clients are fully prepared, aware of what is expected of them and are able to comply with all regulatory and legal requirements when conducting their business.

We assist our wholesale and markets clients to develop terms of business and agreements with clients, users and service providers and related documentation and to review or update the same to accommodate product and technological developments and regulatory change. We also regularly assist in dialogues with the FSA and other regulators. 

Markets

We have a leading reputation in the markets sector largely built on our strong experience, particularly in relation to advising multilateral trading facilities (“MTFs”), systematic internalisers ("SIs”) and broker crossing networks. Since the introduction of the Markets in Financial Instruments Directive (“MiFID”) in November 2007, which introduced the concept of MTFs and SIs, we have been at the forefront of advising clients on the regulatory and legal implications of establishing and operating trading venues in the UK and Europe. In addition to ongoing regulatory advice, we have advised on the set up and authorisation of two of Europe’s most active, leading MTFs together with a number of smaller niche MTFs and other execution venues.  We have assisted many clients to adapt existing business models in the post MiFID environment, to open non European trading venues to UK participants and set up new trading venues in the UK.

Our work with markets clients covers all aspects of advice and assistance from setting up and incorporating in the UK, applying to the FSA for a Part IV permission, negotiating terms with service providers (including data centres, data vendors, clearing and settlement agents) through to developing trading rules and participant documentation for execution venues and keeping that documentation up to date to accommodate new products and technology or regulatory developments.

Wholesale

Speechly Bircham advises a wide range of wholesale and sell side firms, many providing unique and specialist services. We provide general advice relating to on and off exchange trading, clearing and settlement issues for our diverse range of clients involved in trading or dealing in a multitude of investment products. We also prepare and review a broad range of documentation for wholesale clients including terms of business, service provider agreements, internal policies and procedures and assist with keeping that documentation up to date to accommodate business developments, new products and services, new technology or legal and regulatory developments.

We deal with a wide range of trading issues including in relation to order entry, smart order routing, DMA, sponsored access, co-location, execution, matching, clearing and settlement as well as pre and post trade disclosure requirements, transaction reporting and post trade assurance. We also advise on back office issues including safe custody issues, stock lending and borrowing, collateral management, margin, managing reporting obligations and regulatory capital requirements to optimise efficient use of capital.

We have a leading reputation in advising all types of proprietary trading firms and act for a large number of the leading firms operating in Europe.  We have assisted many overseas clients to adapt existing business models and trading strategies into the European environment.  Our advice covers everything from perimeter regulatory advice (such as advising on remaining unregulated or becoming regulated) and ongoing regulatory advice through to issues surrounding stamp duty and SDRT (such as applying for intermediaries relief), and personal and corporate tax structuring work.