EU trading venue definition could crush innovation, fear bank execs

Widening scope of regulated firms could undo progress in fixed income electronification and increase costs

And old-fashioned telephone

In late January, Europe’s markets regulator published its opinion on the definition of a multilateral system and asked for comment from the industry. The consultation lays out the European Securities and Markets Authority’s ideas on what constitutes such a trading venue and the firms that would need to seek authorisation.

Banks are worried that if Esma’s definition is too broad and captures a wide net of vendors, it could ratchet up the cost of trading, stifle innovation in fixed income and

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