Mifid II sets up clash between voice trading and transparency
Europe’s revised Markets in Financial Instruments Directive appears to leave the door open for derivatives trading platforms to offer voice trading – but rules on transparency may slam the door shut. By Joe Rennison
It took the Group of 20 (G-20) nations fewer than 100 words to unleash a sweeping – and speedy – overhaul of the over-the-counter derivatives market in the statement that followed the group’s Pittsburgh meeting in September 2009. Some of the G-20’s demands were unequivocal – the call for derivatives to be reported to trade repositories, for example, or for non-cleared trades to be subject to higher capital requirements – while others were relatively vague, such as the requirement to trade
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