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MiFID II will drive business off of venues and out of Europe, diminishing overall regulatory oversight, according to a letter to the European Securities and Markets Authority
from several major EU debt market trading venues.
The Electronic Debt Markets Association (EDMA Europe) said current regulatory technical standards (RTS) “risk pushing many important market participants to trade outside
of regulation venues with the EEA (European Economic Area), or simply to move trading
outside of the EEA altogether; diminishing the strength and depth of the European
regulated trading venues.”
Fixed income venues warn MiFID
will “drive business out of EU”
A survey of asset managers based in North America has found just 43% expect European regulation MiFID II to have a direct impact on them.
The poll of 100 buy-siders - carried out by ITG - also found that despite this, 82% of
those surveyed plan to fully unbundle all of their brokers globally.
Less than half of US buy-side
expect direct impact from MiFID II