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Mifir Review

Uncertain timelines, the sheer volume of changes, and post-Brexit divergence continue to create challenges for market participants
From payment for order flow to consolidated tape, developments in specific Mifir review areas will be watched with interest
As investor protection reviews and additions spark debate on both sides of the channel, market participants stress the impact of a retail mindset on wholesale markets
An audience poll at the AFME legal and compliance conference showed 100% support for a pre-trade consolidated tape from the outset
AFME report on EU sovereign bond trading data highlights the need for carefully calibrated post-trade deferrals, better quality data, and a flexible approach to transparency regulation
Post-trade risk reduction trades should be allowed outside the EU’s derivatives trading and clearing obligations
While the industry is against a derivatives consolidated tape, it may help banks with the internal models approach
A well-calibrated transparency regime that takes into account the nuances of each asset class is essential for the health of European fixed income markets