The Tabb Group, a strategic advisory and research firm, is introducing an eight-part series of commentaries based on the public consultation on the review of the Markets in Financial Instruments Directive (MiFID) published on 8 December 2010 by the European Commission (EC).
The review attempts to fix some of the gaps in the initial MiFID document and takes on the challenges of key market issues: market fragmentation; pre- and post-trade transparency; market-data aggregation; actionable indications of interest (IOIs); dark pools; high frequency trading; and, in conjunction with the European Markets Infrastructure Regulation (EMIR), over-the-counter (OTC) derivatives regulation.
The review, according to Tabb Group founder and chief executive (CEO) Larry Tabb, is one of the most significant regulatory initiatives undertaken by the EC. “The consultation paper on the review, referred to as MiFID II, contains a vast number of proposals packed into its 83 pages. Like it or hate it, whether you’re an investor, broker, exchange or pensioner, implementation of these proposals will have an impact on the way you invest, trade, broke or match buyers with sellers in the European marketplace.”
The ramifications of these proposals, he added, are so extensive that they will have an impact across asset classes and on market participants within the EU as well as the global markets. “We believe that other regulators will look to copy, cherry pick or avoid similar rules. As a result, if you’re an investor, bank, broker or exchange, you will need to realign your offerings to either comply – or avoid – huge changes in how the financial markets will operate across Europe.”
Over a period of weeks, Tabb Group analysts will issue their comments on the eight areas they see as carrying the greatest significance for the financial industry. The commentaries will be serialised and published on first on TabbFORUM, the online community focussed primarily on current ‘hot-button’ issues affecting the capital markets, an industry site tracked daily by more than 6,500 buy-side and sell-side market participants, hedge funds, exchanges, regulators, academics, consultants, vendors and over 250 media around the financial markets. Upon their completion of the series, the commentaries will be combined in a single publication and made available to Tabb Group’s Research Alliance clients through the website.
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