Row over transparency and competition rulings

Regulatory update

Under current regulations, firms that conduct trades off-exchange in the bilateral 'upstairs market' still have to report the trades via their local regulated market. Upstairs markets are used when firms find better prices by trading directly with other dealers on an over-the-counter basis or because they don't want to reveal their trading activity to the wider market.

The European Union adopted in mid-April its Markets in financial instruments directive, known as MiFiD or ISD2, in an effort to

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