Questions remain on scope of Mifid extraterritoriality

Global firms confused about reach of trading obligation and best execution rules

Lack of direction: firms still confused about trading obligations beyond the EU’s shores

Global banking groups are still grappling with uncertainties surrounding the application of new European Union financial market rules on operations located outside the EU, a conference in London has heard.

“We haven’t been able to get a clear picture from the regulators. We have talked extensively with the Financial Conduct Authority and European authorities since go-live, and before then, and it still remains uncertain,” said Andrew Bowley, head of regulatory response and market structure