Mifid transparency battle pits dealers against non-banks

Dealers fight to preserve reporting exemptions, but prop traders want US-style regime

Swap dealers and non-bank market-makers are lining up on opposite sides of what is shaping up to be a contentious debate over reforming the European Union’s transparency rules for financial markets.

Banks are adamant that off-venue transactions should not be subject to the same transparency requirements as instruments traded on venues. Non-bank liquidity providers bristle at the notion that trades in standardised instruments should be treated differently to each other.

The International Swaps