Mifid II liquidity data described as 'garbage'

Regulators have rejected requests to share underlying data set, critics claim

Esma headquarters

A crucial set of data that underpins proposed new European trading rules has been likened to "garbage" by one industry source, with others complaining their requests to review the data have been rejected by regulators.

The controversy surrounds proposals for an updated version of the Markets in Financial Instruments Directive, or Mifid II, which was published in draft form by the European Securities and Markets Authority (Esma) last December.

"Regulators went off, got their own data, did their

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