Tradeweb’s Mifid bilateral trading plans draw fire

New process will class privately executed trades as on-venue to satisfy trading obligation

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Planned protocols will make it easier for firms to comply with the new rules, says Tradeweb

Platform operator Tradeweb is developing a process that will allow market participants to continue executing over-the-counter derivatives bilaterally once Europe’s new trading rules come into force next year. Non-bank market-maker Citadel, however, believes the plans exploit a loophole that circumvents international efforts to move trading of standardised derivatives onto trading venues.

The Markets in Financial Instruments Regulation (Mifir), which along with its associated directive (Mifid II