Industry associations are concerned that the
European Securities Markets Authority’s (Esma)
far-reaching market infrastructure reforms could have
unintended consequences for Asia’s capital
Nearly a month after its release on December 19,
few Asian market participants have begun – let alone
finished –Esma’s 1600-plus page consultation on its Markets in
Financial Instruments Directive II (MiFID II).
But those that have studied the consultation have
expressed concerns about its broad application across the
capital markets. And it is becoming a focus in Asia; the Asia
Securities Industry and Financial Markets Association (Asifma)
recently introduced a MiFID II working group.
"On the most macro level, one of the challenges of
MiFID II is the breadth and scope, not only for the products
it’s covering, but also the market participants
impacted," said Rebecca Terner Lentchner, head of policy and
regulatory affairs at Asifma.
"From the Asia perspective in particular, one...