US, HK and OZ join the MIFID 2 circle of trust

In another last-minute MiFID 2 fix, the EC yesterday adopted decisions recognising the equivalent status of securities exchanges in Australia, Hong Kong and the US. “It is important that European firms can trade shares on international markets. Access to major international trading venues will boost the EU’s competitive position as a financial center,” the EU executive’s vice president Valdis Dombrovskis said in a masterpiece of understatement. The US decision allows for continued access to 21 recognised exchanges and 33 dark pools, somewhat down from the 80 alternative exchanges that were proposed for equivalence. The EC has not yet reached a decision with respect to Japan, Switzerland and Singapore.