|The Mifid II train will arrive at
Compliance station on January 3
EU news has been dominated by the imminent arrival of
the new Markets in Financial Instruments Directive (Mifid II)
and all the lingering questions that its anticipated
implementation has attracted.
Chief among these is the traded on a trading venue (TOTV)
issue, which continues to cause head scratching pretty much
everywhere. The legislation requires that a financial
instrument is TOTV, reporting obligations are triggered. While
this provision will only apply to certain types of instruments,
the exact scope of this remains undetermined. A European
Securities and Markets Authority opinion says that if a
derivative shares certain aspects with another that is already
TOTV, then Mifid II provisions will be...