Identity crisis: venues still struggle with Mifid designations

Lack of clarity on multilateral and matched principal definitions leaves market participants guessing

SI rules men in suits
Mark Long, NB Illustration

In the run-up to Christmas 2014, when the 1,000-plus pages of consultations on new trading rules were generously gifted to European financial firms, the first big questions were about how they would fit their business into one of the categories of authorised trading venues. But with the go-live date now just around the corner, for many, the answers are still elusive.

The new Markets in Financial Instruments Directive (Mifid II), which goes into effect in January 2018, requires firms to

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