European Securities and Markets Authority (Esma) chairman
Steven Maijoor has admitted that the regulator is still
grappling with definitions of what instruments should be
defined as illiquid or liquid.
Esma’s chairman on the difficulty of
The Markets in Financial Instruments Directive
(Mifid II), released for level one consultation on May 22, will result in
a new regime for pre- and post-trade transparency for a variety
of asset classes.
While Mifid I trade transparency only concerned
equities, Mifid II will extend the scope of transparency to
bonds, exchange-traded funds, and all classes of
Speaking at the International Capital Markets
Association’s AGM in Berlin yesterday, Maijoor
insisted that Mifid II intends to achieve this without harming