Tradeweb’s Mifid bilateral trading plans draw fire
New process will class privately executed trades as on-venue to satisfy trading obligation
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
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