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Policymakers at the European Commission, the executive arm of the EU, are examining targeted technical changes on issues such as the cost and distribution of market data, investor protection rules and research for small companies. Its move comes in response to continued criticism of the vast MiFID legislation, which contains more than 1.7m paragraphs of text and took seven years to come into effect. It was designed to offer more protections for investors, and greater transparency and competition in Europe’s biggest capital markets.
An extensive review of the MiFID II legislation published in June by the German finance ministry, is thought to have been particularly influential in the commission’s thinking. The report said there was “no need for a comprehensive review” but called for “a near-term correction of minor, mainly technical deficiencies within the coming months”. Among the commission’s priorities is the overall cost of market data, as banks, high-frequency traders and asset managers have complained of double-digit increases in fees from exchanges since the rules came into force.
Full article on Financial Times (subscription required)