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.
Regulatory reporting is an important part of MiFID II.
Notional outstanding in interest rate swaps grew 26%.
A briefing paper supports alignment of the clearing obligation under the EMIR and MiFID II.
UK divergences from EU in its wholesale market review.
AFME said MiFIR review should prioritise improvements in regulatory data definitions and collection.