Mifid II impact on energy liquidity sparks fiery debate

Regulators and industry clash over interpretation of Mifid II market-making rules at industry event

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Regulators and industry participants locked horns at a recent industry event over the potential impact the second Markets in Financial Instruments Directive (Mifid II) will have on market-making schemes that could, in turn, dry up liquidity in the energy markets.

"The issue with market-making is a very dangerous one," Matt Miller, head of European power at Icap, said during a panel discussion on the first day of the Emart trading energy conference, held in Amsterdam on November 3 and 4. "There a