New trading requirements for over-the-counter derivatives
must recognise the role of bespoke products, and not try to
force non-standard instruments onto the regular exchanges.
The latest proposal for amendments to the Markets in
Financial Instruments Directive (Mifid) picks up on ongoing
regulatory work to clear derivatives through central
clearinghouses, and tackles the question of how clearable
instruments should be traded.
The European Markets Infrastructure Regulation already
forces parties not to deal directly with one another on...