Regulators split on implementation of Mifid swaps transparency

Esma and FCA divided over when participants must determine whether derivatives are trading on-venue

Opposing views: the dispute could further delay bank implementation efforts for Mifid II

European Union regulators are split on the point at which over-the-counter derivatives are considered to be traded or admitted to trade on a venue – essential in determining whether an instrument is subject to upcoming pre- and post-trade transparency requirements. The dispute could further delay bank implementation efforts for the second Markets in Financial Instruments Directive (Mifid II), with just five months until the new rules take effect.

“There isn’t enough clarity in the Mifid II text

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