Transparency vs clarity: the Mifid swaps conundrum

Participants want better OTC transparency, but say Esma’s efforts at clarity could muddy the picture

Sometimes you just can’t do right for doing wrong – and regulators are no exception. As the European Securities and Markets Authority discovered when it tried to clarify Europe’s labyrinthine rules on transparency for over-the-counter derivatives transactions back in 2017. In launching an opinion document that attempted to disambiguate the rules for OTC trade transparency in the second Markets in Financial Instruments Directive, Esma succeeded only in clouding the picture further.

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