Banks split on Mifid II pre-trade compliance

Esma promises guidance, but some say ‘firm, executable’ quotes are impossible

With six months to go until Europe’s revised securities trading rules come into force, banks are still unsure how to comply with the requirement to broadcast firm, executable quotes before a trade is completed. Their questions are basic: for how long should the price be available, can quotes be anonymised, and can they be adjusted for counterparty risk?

While the European Securities and Markets Authority tells it plans to issue guidance around some of these areas, a spokesperson

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