Countdown to MiFID II
This paper surveys the current state of play, and offers guidance on how European, UK and London-based financial institutions go about planning for the upcoming turmoil. Specifically, it looks at how a thoughtful approach to connectivity, hosting and cloud-based services can help firms optimise their response to the oncoming rigours of MiFID II against the confusion posed by Brexit and the Trump presidency.
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There are three key areas where action is required.
Some material changes have come out of ESMA’s review of algorithmic trading.
A consolidated tape will significantly improve transparency and create a level playing field.
AFME said there should be mandatory free data contribution to the consolidated tape.
The review is an opportunity to recalibrate MiFID II regulations post-Brexit.