Mifid’s pre-trade transparency is ‘a failed experiment’

Market participants say benefits of altering pre-trade transparency rules are small

Failure

Market participants fear Europe’s rules on how large dealers and venues disclose pre-trade quotes might not be worth salvaging as part of an upcoming review of regulation.

A European trading venue source labels pre-trade transparency as a “failed experiment” and warns that trying to improve it would bring regulators and legislators to a “dead end”.

The European Union’s second Markets in Financial Instruments Directive (Mifid II), which came into force in January 2018, included rules to

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