Regulators split on implementation of Mifid swaps transparency
Esma and FCA divided over when participants must determine whether derivatives are trading on-venue
European Union regulators are split on the point at which over-the-counter derivatives are considered to be traded or admitted to trade on a venue – essential in determining whether an instrument is subject to upcoming pre- and post-trade transparency requirements. The dispute could further delay bank implementation efforts for the second Markets in Financial Instruments Directive (Mifid II), with just five months until the new rules take effect.
“There isn’t enough clarity in the Mifid II text
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Mifid
Esma guidance on swaps transparency still leaves questions
Volatile instrument attributes removed from transparency determination, but further issues remain
Mifid II research unbundling hits Japan’s asset managers
Japanese and European investors may face different payment models for investment research
Mifid’s great race to the bottom
If rules are unclear, regulators cannot prevent banks adopting the softest interpretations
Banks claim front-office content is safe from Mifid II
Work of ‘desk analysts’ is not research, banks argue; lawyers are not so sure
MTF bilateral trading protocol offers Mifid arbitrage
Nordic banks to use protocol to benefit from longer deferral period
Delay on EU pre-trade, commodity rules ‘risky’
Local authorities will apply key elements of Mifid II temporarily, owing to Esma backlog
Mifid II – The regulatory reporting challenges that lie ahead
Sponsored feature: NEX Regulatory Reporting
Mifid II position limits: Preparing, monitoring and reporting in the new regime
Sponsored webinar: FIS
