European Commission has also been tasked with drafting an additional tape proposal aimed at bridging the gap between opposing views put forward by the European Parliament and Council, The TRADE understands.
Following recent regulatory milestones in the UK and Europe, The TRADE explores Mifid II’s current state of play on either side of the channel.
Trade associations including EFAMA, BVI, EFSA and NSA have issued an open letter outlining their priorities for the Mifir/Mifid II review: warning against rising market data costs and recommending a suspension of the volume cap in Europe, along with the removal of some pre-trade transparency requirements.
The TRADE sits down with managing director of Susquehanna International Securities, John Keogh, to discuss the potential implications of the recent MiFIR draft report - warning that "ambiguity is the enemy of transparency".
A new draft report on Mifid II amendments confirms plans to ban payment for order flow (PFOF) in Europe, as well as removing dark pool caps and supporting a pre-trade consolidated tape, among others. The TRADE explores these legislative updates in detail to provide a comprehensive summary of the proposed changes.
Amid a slew of regulatory reviews over current pricing models, and with a consolidated tape on the cards in both the UK and the EU, Annabel Smith explores how and why the cost of market data is increasing, and what this means for both providers and participants on the buy- and sell-side.
The research found that competition for the provision of investment research has decreased due to MiFID II, with bulge-bracket providers dominating.
Commerzbank, Deutsche Bank and Macquarie have all restructured or exited the equities market as larger institutions maintained their grip on market share.
Several documents published by the UK government outlined major plans, including details on the sweeping changes to MiFID II requirements.
Analysis from the UK’s regulator has said that dark trading, which the EU has restricted under MiFID II rules, can reduce costs for investors.