Mifid II transparency rules shake up bank commodity desks

Role of voice set to dwindle, while e-trading sparks worries of predatory algos

In the wake of the 2008 crisis, transparency was touted as a solution for many of the ills that plagued the global financial system. By shedding light on trading in over-the-counter derivatives, the argument went, hidden sources of systemic risk would be exposed and the markets would become fairer for everyone.

Or, at least, that was the theory. In practice, critics say some of the transparency rules that have emerged out of post-crisis financial reform legislation will end up hurting the end