Are we still fighting for a truly integrated Pan-European market?

The harmonisation and consolidation of European markets was truly a hugely successful project for European financial markets within the last few years. We enjoyed massive innovation, growth and new opportunities. Think about it, without MiFID, Chi-X, BATS, European Multilateral Clearing Facility (EMCF), and the Fragulator we would still have to pay ridiculous high exchange fees and consider interoperability as some unrealistic academic fantasy and count from 1 to 10 while waiting... Read More

Another kind of movie night

Let’s face it, a meeting of the Committee on Economic and Monetary Affairs (European Parliament) regarding MIFID II and EMIR is hardly a topic suitable for a movie night. So I wasn’t really that excited to watch their latest discussions on Monday evening in Strasbourg via the internet. However, after seeing the new MiFID movie poster, I was inclined to tune in and watch some Eurocrats in action. Who knows, I wondered, this might be more entertaining than expected and could... Read More

Make your mind up!

According to The Trade yesterday the European Parliament (EP) is considering forcing broker crossing networks to become systematic internalisers (SIs) or multilateral trading facilities (MTFs) due to fears of excessive fragmentation. The EP may limit the organised trading facility (OTF) category to non-equity instruments only. Since the October 2011 publication of the MiFID II draft legislation included proposals for the new type of trading venue, firms have argued that the new... Read More

Down with opacity and shady deals!

Following the MiFID II roadmap a significant milestone was reached in Brussels last week with the final text of EMIR (European Market Infrastructure Regulation) agreed on 9th February. After 2 years of European Parliament debate this will bring to an end “the era of opacity and shady deals”, according to Michel Bernier the EU commissioner! EMIR is one part of the history-making global effort to reduce systemic risk, through increased transparency of the OTC derivatives... Read More

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