Evasion concerns hamper Mifid package trade fix
Market participants are lobbying Esma to exempt illiquid package trades from Mifid’s trading and transparency obligations.
European transparency rules could spell the end for popular package trades comprised of liquid and illiquid legs, market participants warn - but regulators worry the industry's proposed solution will make it easier to evade the regime's disclosure requirements.
The European Securities and Markets Authority (Esma) is currently calibrating liquidity definitions for the second Markets in Financial Instruments Directive (Mifid II) - a process that will ultimately determine whether certain
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