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MiFID II Pre- and Post-Trade Transparency: Is There Light at the End of the Three-Year Tunnel?

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22 May 2013
Joséphine de Chazournes

Abstract

Review of the 2007 Markets in Financial Instruments Directive (MiFID) is still under way. Celent does not expect the implementation of MiFID/MiFIR to start before 2016.

In the report MiFID II Pre- and Post-Trade Transparency: Is There Light at the End of the Three-Year Tunnel? Celent focuses on the pre- and post-trade transparency requirements being tackled by the MiFID review. MiFID II is complicated, with a much wider scope and aim than the Financial Transaction Tax; hence the discussions relating to regulation are more contentious and are exacerbated by the economic environment. Should regulators put the MiFID review on hold? Would it be safer and less costly for the markets and investors as a result? Or should regulation be divided in smaller, simpler chunks that are more digestible

“Market participants should focus less on their specific interests and recognize the need to find common ground," says Joséphine de Chazournes, Senior Analyst with Celent’s Securities & Investments Group and author of the report. “Lobbying together at the regulator so the level 1 text is written as an overarching solution suits everybody’s interests.”

This report examines where the European regulation text stands and highlights the outstanding issues, underlining the impact of regulatory uncertainty on market participants. The report also tackles the impact that MiFID regulatory uncertainty has in terms of undesirable opportunity costs. This uncertainty prevents market players from investing in potential solutions, adapting a new framework, and integrating the new structure for their changing business models.”

This 24-page report contains five figures and two tables.

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