Institutions from both the buy and sell side will leave
Europe altogether to avoid being caught by complicated new
rules on reporting, according to market participants.
When implemented the Markets in Financial Instruments
Directive (Mifid) II will significantly expand the scope of
trade and transaction reporting obligations. And as January 3
2018 approaches, there are entire reams of the legislation that
large sections of the industry are still struggling to get to
"You’d think 1500 pages would be enough detail,
but it’s not," said Elisa Menardo, director of
public affairs and policy at Credit Suisse at an industry event
in London. "Though at least we [the UK] have the consultations,
I’m not aware of that in many of the other 27
One of the areas that the industry is wrestling with is new
rules governing pre- and post-trade transparency. Pre-trade
rules require venues to publish information on...