Asian corporates and banks have less than nine months to
prepare for the new regime introduced by the Markets in
Financial Instruments Directive (Mifid) II, which is slated to
take effect on January 3 2018. But counsel have voiced
clients’ worries on the new framework's
extraterritorial nature particularly in areas such as the
trading of derivatives and commodities positions.
"It is too early to say what the exact impact of the new
rules on liquidity will be, but there are clearly worries
around liquidity for dual-listed securities," said
Owen Lysak, senior associate at Clifford Chance in London.
He added that such concerns are growing particularly as EU
firms continue to work through how the new trading obligations
work in practice and what it will mean for their booking
Mifid II was initially due to come into force in January
2017 but there was widespread hope for a delay to...