Banks underwhelmed by post-trade disclosure relief for packages
Esma’s RTS grant a delay in post-trade transparency for multi-instrument trades but a pre-trade waiver would require changes to Mifid II text
New rules enabling so-called package trades to partially escape Europe's incoming transparency regime have fallen short of the banking industry's expectations: regulators will allow a delay in reporting the price and size of an executed trade, but they have kept the requirement for dealers to reveal bids and offers before that trade is put on.
The second Markets in Financial Instruments Directive (Mifid II) subjects liquid trades to the transparency provision from 2017. However, regulators had
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