The transparency rules contained in a sweeping set of European trading regulations known as Mifid II were meant to be a gift to investors. But, over seven months into this new information age, it is a gift that keeps on failing to give.
The newly required trading data is hard to access and hard to use. Another, deeper problem lies in a web of practices that mean the transparency requirements do not even apply to as many financial instruments as they realistically should – largely because too
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