Confusion reigns over Mifid transparency in forex
Esma deems forex products illiquid, but dealers must still provide quotes to clients upon request
A carve-out from Europe's new trading transparency regime for foreign exchange products has left dealers and end-users confused. Banks say they may still have to disclose quotes to clients upon request.
On September 28, the European Securities and Markets Authority (Esma), released the final level 2 regulatory technical standards (RTS) for the second Markets in Financial Instruments Directive, and its related regulation Mifir. The RTS deems forex products to be illiquid – reversing the stance
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