Banks weigh Mifid II pre-trade price publication venues

Anonymity will be key factor in final decision, say dealers

Credit valuation adjustment
Decision whether to publish quotes on own websites or other platforms could come down to anonymity

A lack of clarity in Europe’s electronic execution rules has made it difficult for dealers to decide where to publish the pre-trade derivatives quotes required by incoming legislation.

The revised Markets in Financial Instruments Directive (Mifid II), which comes into force on January 3, requires dealers above an instrument-specific market share threshold to publish offered, executable quotes for a “reasonable period of time” before a trade is completed.

However, the text does not specify wher