‘Improving’ Mifid post-trade transparency splits markets

Mooted changes to Europe’s transparency regime are dividing markets – largely along functional lines

It’s uncontroversial to say that financial markets transparency in Europe has so far failed. Launched in 2018, the current transparency regime has created fixed income and derivatives trade data that is mostly unusable, say participants.

But while everyone agrees the regime must be improved, no-one agrees on how. The thorniest issue now splintering the market is whether to alter the timing of post-trade publication.

Hedge funds and data vendors see advantage in recalibrating the regime so more