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Update on MIFID II

Nearly two years after it was first proposed, MIFID II remains stalled.  EU President Ireland is attempting to break the deadlock with its 10th compromise proposal to date, published on 11 June 2013. The proposal covers three main areas of contention:

  • Clearing houses/trading venues.  “Open access” – allowing clearing houses to clear on any venue.  Opposed by Germany, supported by Britain.  The compromise recommends a review which will assess delaying open access for up to three years.
  • Dark trading. Previously an area of concern for France.  The compromise proposes a 4% cap per platform and an 8% cap across the EU.
  • Proprietary trading. Proposed that own-account trading will only be permitted on Organised Trading Facilities to facilitate customer orders concerning illiquid sovereign debt.
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