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FIN5509 Mastering MiFID II for Program Traders in Global Financial Markets

$199.00
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A tailored course, built for your situation

Mastering MiFID II for Program Traders in Global Financial Markets

A structured path to owning compliance-critical trading decisions with precision and visibility

$199 one-time
24-hour access provisioning 30-day money-back guarantee Hand-built implementation playbook
12 modules. 12 chapters per module. 144 chapters total.
12 modules, each with 12 chapters (144 chapters total), text-based, plus downloadable templates and a hand-built implementation playbook delivered alongside course access.
Trade review packages requiring last-minute fixes under audit pressure

The situation this course is for

Mid-tier trading roles often produce detailed trade records that get reworked during compliance spot-checks or regulator-driven reviews. The issue isn't accuracy, it's formatting for decision-ready consumption by senior risk and legal stakeholders. Without structured workflows, valuable work gets buried in technical detail and loses visibility.

Who this is for

Program trader at a global investment bank managing algorithmic or structured trading strategies under MiFID II requirements, responsible for both execution efficiency and compliance hygiene

Who this is not for

Junior traders executing standard scripts, compliance auditors without trading experience, or technologists building trade infrastructure without direct regulatory accountability

What you walk away with

  • Produce trade oversight memos that pass senior legal review without rework
  • Reduce time spent on post-trade compliance packaging by 80%
  • Earn repeat invitations to pre-trade risk alignment sessions
  • Build a personal repository of reusable control evidence templates
  • Shift from reactive reporting to proactive trade governance leadership

The 12 modules (with all 144 chapters)

Module 1. Foundations of MiFID II in Algorithmic Trading
Understand how MiFID II’s conduct, reporting, and transparency rules specifically apply to automated trading strategies, with emphasis on transaction reporting (TR) and best execution obligations.
12 chapters in this module
  1. How MiFID II defines algorithmic and high-frequency trading
  2. Key obligations under RTS 27 and RTS 28 for trade transparency
  3. Reporting requirements for post-trade data under EMIR overlap
  4. Trade classification: own account vs client-initiated flows
  5. Understanding the double volume cap mechanism
  6. Best execution rules for program-driven order routing
  7. Systematic internaliser (SI) status and its impact on execution
  8. Clock synchronization requirements for trade timestamps
  9. Detecting and reporting suspicious market activity
  10. Obligations around trade data publication and access
  11. Role of APA and ARMs in transaction reporting
  12. Common misclassifications that trigger regulator follow-up
Module 2. Trade Reporting Under RTS 27 and RTS 28
Master the structure, fields, and timing of transaction reports required under MiFID II, including practical automation strategies.
12 chapters in this module
  1. Overview of RTS 27 transaction reporting scope
  2. Identifying reportable events in automated trade flows
  3. Data fields required in Form B submissions
  4. Timing of report submission: T+1 expectations
  5. Handling after-hours and cross-border trades
  6. Validation rules to avoid ESMA rejection
  7. Internal logging to support reporting integrity
  8. Common errors in trade timestamp assignment
  9. Client identification requirements in bulk flows
  10. Trade aggregation vs individual reporting logic
  11. Reconciliation of trade reports with internal ledgers
  12. Audit trail standards for reporting workflows
Module 3. Best Execution Analysis for Program Trading
Build defensible, regulator-ready analysis of execution quality across algorithmic strategies.
12 chapters in this module
  1. Defining best execution in non-discretionary trading
  2. Benchmark selection for automated execution
  3. Slippage measurement across multiple venues
  4. Time-weighted vs volume-weighted performance
  5. Venue ranking based on net cost metrics
  6. Impact of latency on execution quality
  7. Attribution of slippage to strategy vs environment
  8. Reporting best execution results to compliance
  9. Frequency of analysis cycles: daily vs monthly
  10. Documentation required for regulator review
  11. Handling client-specific execution instructions
  12. Updating benchmarks as market structure shifts
Module 4. Trade Surveillance and Market Abuse Detection
Implement practical detection rules to flag potential market abuse within automated trade patterns.
12 chapters in this module
  1. Understanding market abuse under MAR and MiFID II
  2. Common manipulation patterns in algorithmic trading
  3. Setting thresholds for spoofing and layering
  4. Detecting wash trades across internal legs
  5. Identifying round-trip trades with unusual timing
  6. Monitoring for quote stuffing and layering
  7. Time-series analysis of order-to-trade ratios
  8. Correlating strategy behavior with market volatility
  9. False positive reduction techniques
  10. Escalation paths for suspicious activity reports
  11. Documentation for internal trade reviews
  12. Regulator expectations for anomaly response
Module 5. Pre-Trade and Post-Trade Transparency
Navigate the publication and access rules for trade data under RTS 27 and RTS 28.
12 chapters in this module
  1. Determining when to publish trade data pre-execution
  2. Post-trade publication timing and format
  3. Access rights for different client types
  4. Systematic internaliser reporting obligations
  5. Aggregation and anonymization of trade data
  6. Handling large-in-scale and size-of-market trades
  7. Exemptions from transparency requirements
  8. Calculation of LIS thresholds
  9. Publication of volume and notional benchmarks
  10. Managing data distribution via APAs
  11. Compliance with data retention rules
  12. Audit readiness for transparency controls
Module 6. Transaction Cost Analysis (TCA) Reporting
Structure TCA outputs that meet MiFID II standards and serve as trusted inputs for client reviews.
12 chapters in this module
  1. Regulatory requirements for TCA under Article 17
  2. Scope of TCA: pre-trade, execution, post-trade
  3. Client-tiered reporting obligations
  4. Benchmarking execution against VWAP and implementation shortfall
  5. Adjusting for market impact and volatility
  6. Segmenting analysis by asset class and strategy
  7. Reporting frequency: periodic vs on-demand
  8. Client communication templates for TCA
  9. Internal validation of TCA models
  10. Handling stale or incomplete data inputs
  11. Documentation for external audit
  12. Automation of TCA report generation
Module 7. Compliance Integration with Trading Systems
Bridge the gap between compliance rules and live trading infrastructure.
12 chapters in this module
  1. Embedding compliance checks in trade gateways
  2. Rule-based pre-trade filters for large orders
  3. Automated trade classification workflows
  4. Real-time limits monitoring for algo strategies
  5. Handling compliance exceptions in production
  6. Alerting hierarchies for out-of-bound trades
  7. Version control for compliance logic updates
  8. Integration with market surveillance platforms
  9. Data flow between trading and compliance systems
  10. Latency constraints in compliance checks
  11. Testing compliance logic in staging environments
  12. Documentation for control assertions
Module 8. Regulatory Audit Preparation
Produce audit-ready trade packages that withstand regulator scrutiny.
12 chapters in this module
  1. Common focus areas in MiFID II audits
  2. Preparing trade data extracts for review
  3. Organizing evidence by control objective
  4. Best practices for trade narrative documentation
  5. Handling sample requests from regulators
  6. Versioning compliance artifacts
  7. Preparing cross-functional response teams
  8. Simulating on-site audit scenarios
  9. Responding to follow-up information requests
  10. Document retention policies and schedules
  11. Lessons from recent enforcement actions
  12. Building a compliance knowledge base
Module 9. Client Reporting Under MiFID II
Generate clear, actionable disclosures for clients on execution quality and costs.
12 chapters in this module
  1. Disclosure requirements for execution quality
  2. Client segmentation under MiFID II
  3. Content and format of execution reports
  4. Frequency of client reporting
  5. Handling aggregated vs individual client data
  6. Translating TCA into client-facing language
  7. Customization for institutional vs retail clients
  8. Obtaining client feedback on reports
  9. Version control for report templates
  10. Audit trail for client communications
  11. Addressing client inquiries on execution
  12. Archiving client reporting records
Module 10. Control Framework Design for Program Trading
Build a sustainable compliance control framework tailored to automated trading.
12 chapters in this module
  1. Mapping MiFID II requirements to control points
  2. Designing preventive vs detective controls
  3. Control ownership and accountability
  4. Key risk indicators for program trading
  5. Threshold setting for automated controls
  6. Control testing frequency and methodology
  7. Documentation standards for control design
  8. Linking controls to audit frameworks
  9. Maintaining control inventories
  10. Updating controls for strategy changes
  11. Integration with firm-wide GRC platforms
  12. Reporting control status to senior management
Module 11. Change Management for Regulatory Updates
Stay ahead of MiFID II revisions and guidance with structured update workflows.
12 chapters in this module
  1. Tracking regulatory publications from ESMA and FCA
  2. Assessing impact of new guidelines on trading
  3. Engaging legal and compliance on interpretation
  4. Updating internal policies and procedures
  5. Communicating changes to trading desks
  6. Testing updated logic in non-production
  7. Training teams on revised requirements
  8. Documenting implementation timelines
  9. Audit trail for policy updates
  10. Engaging external auditors on changes
  11. Managing version conflicts across desks
  12. Lessons from recent RTS and RTD updates
Module 12. Leadership in Trade Compliance
Position yourself as the go-to expert on compliant program trading practices.
12 chapters in this module
  1. Building credibility through consistent output
  2. Presenting compliance insights to leadership
  3. Mentoring junior traders on regulatory expectations
  4. Collaborating with legal and risk teams
  5. Contributing to firm-wide policy design
  6. Representing trading in cross-functional forums
  7. Developing reusable templates and playbooks
  8. Documenting lessons from compliance cycles
  9. Creating a personal brand as a trusted operator
  10. Setting standards for team-level compliance
  11. Balancing innovation with regulatory rigor
  12. Preparing for promotion to senior oversight roles

How this maps to your situation

  • MiFID II compliance in program trading
  • Trade reporting and transparency obligations
  • Best execution analysis and documentation
  • Regulatory audit and review preparedness

Before vs. after

Before
Producing trade compliance artifacts that require rework and lack visibility to senior stakeholders
After
Confidently delivering regulator-ready trade oversight packages with executive visibility and minimal rework

What's included with your purchase

  • 12 modules with 12 chapters each (144 chapters)
  • Downloadable templates and worked examples for every module
  • Hand-built implementation playbook delivered alongside course access
  • 30-day money-back guarantee

Delivery and format

  • Course and learning environment access provisioned within 24 hours of purchase
  • Hand-built implementation playbook delivered alongside course access

Format: Text-based modules and chapters in the Art of Service learning environment, plus downloadable templates and worked examples for every chapter, plus the hand-built implementation playbook delivered alongside course access.

Time investment: Approximately 90 minutes per module, designed for completion over 4-6 weeks with weekend study.

If nothing changes
Continuing with ad-hoc compliance workflows risks increased scrutiny, rework cycles, and missed opportunities to lead in trade governance roles.

How this compares to the alternatives

Unlike generic MiFID II overviews, this course is built specifically for program traders, with actionable templates, real-world trade scenarios, and compliance workflows that align with actual desk responsibilities.

Frequently asked

Is this course relevant for traders outside the EU?
Yes. MiFID II standards influence global regulatory expectations, and Macquarie's operations require adherence regardless of location.
How is the course structured?
12 modules, each containing 12 chapters (144 chapters total).
Will this help me get promoted?
By mastering compliance-critical workflows, you’ll position yourself as a trusted operator, increasing visibility to senior leaders and eligibility for expanded roles.
$199 one-time. Approximately 90 minutes per module, designed for completion over 4-6 weeks with weekend study..

Within 24 hours your account in the learning environment is provisioned and the tailored implementation playbook is delivered alongside it.

30-day money-back guarantee· 144 chapters· Hand-built playbook included· Account access within 24 hours
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