MiFID Level 2 text on the table

BRUSSELS – In early February, the European Commission tabled formal draft proposals for the Markets in Financial Instruments Directive (MiFID) Level 2 text, detailing new trade reporting and transparency requirements for securities industry participants.

However, experts continue to warn of large costs and problems to come in the lead-up to MiFID.

The proposed 'Level 2' implementing measures have been submitted to the European Parliament and the European Securities Committee (ESC) for approval, but according to Chris Pickles, manager, industry relations of financial e-commerce company BT Radianz, "the estimates that analysts have made that this may cost billions of euros are not over-estimating the costs involved". He says costs could be as high

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