Banks weigh Mifid II pre-trade price publication venues
Anonymity will be key factor in final decision, say dealers
A lack of clarity in Europe’s electronic execution rules has made it difficult for dealers to decide where to publish the pre-trade derivatives quotes required by incoming legislation.
The revised Markets in Financial Instruments Directive (Mifid II), which comes into force on January 3, requires dealers above an instrument-specific market share threshold to publish offered, executable quotes for a “reasonable period of time” before a trade is completed.
However, the text does not specify
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