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Can you see clearly now?
19 December 2006
MiFID is scheduled to come into force on 1 November 2007.
Yet given its scope and impact, and scepticism in many
quarters about how much benefit will in fact result from
the sizable implementation and ongoing compliance costs,
it remains a contentious initiative. Paul Allen reports.
The debate continues to rage, with particular focus now on whether or not the pre- and post-trade transparency provisions for the Markets in Financial Instruments Directive (MiFID) should be extended to non-equity markets. Under Article 65(1) of the directive, the European Commission has been charged with compiling a report on the subject, due at the end of next year, and it issued a call for evidence inviting industry reaction to the question. The responses were certainly mixed, but the baseline view that emerges is of opposition to a mandatory transparency regime for non-equity instruments.
"The overriding argument for not doing anything now in respect of having pre- and post-trade transparency is to do with timing," says Stephen Fisher, financial markets adviser with the European Banking Federation (EBF), which represents more than 4,500 European banks from 29 national banking associations. Although the Commission is duty bound to conduct the review now,...
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