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MiFID II is the key piece of regulation that is set to transform the way a range of instruments are traded in Europe. It aims to update and build on the reforms introduced by the 2007 EU Directive.
Sharon Bowles MEP said:
"If Europe wants to demonstrate that it is serious about competition and growth, it needs to take steps now in legislation such as MiFID. If we do not act carefully to ensure competition, openness and innovation in financial services as we legislate, then the G20 would be quite right to raise an eyebrow to the eurozone's claims to be getting to grips with the euro crisis.
"Among others, Germany, France, Italy and Spain have all been recommended by the Commission to open up their services sector and increase competition in financial services.
"The CME group and ICE, which both operate vertical silos, have just been designated systemically important and too big to fail by US regulators. I do not think we want the same for our institutions in Europe. We do not want taxpayers to be on the hook for bailing them out 10 years down the line, just as they are today for banks.
"Europe will be speaking with forked tongue on growth if it insists on promoting 'national' or 'European champions' over the principle of an 'open market economy with free competition' which is embedded in the Treaty."