agreement by member states the President of the European Union has announced
that the proposals for the Markets in Financial Instruments Directive (MiFID)
and Regulation (MiFIR) will now move to the next stage of the European
Parliament finalising the legislation.
The legislation will lead to:
- Enhanced transparency: member states have decided to limit ‘dark pool’ trading and introduce a new trade transparency regime for non-equities markets
- More robust and efficient market structures with the introduction of a new type of trading venue, the Organised Trading Facility (OTF)
- Specific support to facilitate better access to capital markets for small- and- medium sized enterprises.
- Non-discriminatory open access to trading venues and central counterparties
- New safeguards to take account of technological developments such as algorithmic trading or high speed trading
- Stronger investor protection
- New rules on corporate governance and managers' responsibility
- An enhanced framework for derivatives market