Forcing over-the-counter (OTC) derivative trades onto regulated exchanges could be “the thin end of the wedge”, warned speakers at an industry conference in Zurich this week. Simpler financial products may be at risk too.
“Regulators are tackling derivatives first,” said Martin Scheck, chief executive at the International Capital Markets Association (ICMA), at the organisation’s review of potential changes to the Markets in Financial Instruments Directive (Mifid).
“This is the most opaque end of...