Article reports that the ECB’s decision to stop relying on a reworked version of Eonia and build a new alternative benchmark rate instead has caused concern among dealers who fret that the new rate won’t be ready in time for a full swap curve to develop by 2020. Article includes Euronia data from the European Venues and Intermediaries Association.
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Article reports that MiFID II has failed to increase competition as higher regulatory costs now act as a barrier to smaller firms, according to David Clark. Article includes comments from Alex McDonald on different regulatory agendas around the world and how MiFID II runs counter to the UK market’s focus on promoting competition.
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Article reports that Esma’s 30 month delay to the open access rules under MiFID II undermines the directive by increasing the chance that a central counterparty could fail and pose a systemic risk to financial markets, according to David Clark. Article includes comments from Clark advocating interoperability in tandem with open access, as well as comments from Alex McDonald on the interpretation of some MiFID II regulations by national regulators.
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Article reports on industry calls for a MiFID 2.5 to improve on the shortcomings of MiFID II. Article includes comments from Alex McDonald on the need for a MiFID 2.5 and a MiFID 3 to prevent the issues of MiFID II dragging on and to harmonise MiFID with other European regulations.
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