Mifid II price tiering guidance unlikely, say dealers

Banks argue the "commercial policy" safe harbour is "like the Rorschach test" and needs clarification

No guidance expected on price tiering
Banks want greater clarity on tiered pricing

A vague but crucial safe harbour in Europe's incoming trade execution rules that allows banks to give better prices to favoured clients is "like the Rorschach test", according to one critic - but dealers are not expecting it to be clarified this month.

The draft Markets in Financial Instruments Regulation (Mifir), which together with the related directive makes up the Mifid II package, classes dealers as a systematic internaliser if they cross a market share threshold in certain bilaterally

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