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UK's Hoban warns on 'profound' EU policies

Thursday 18 November 2010 - by Will Henley

UK's Hoban warns on 'profound' EU policies

Any major revision to European MiFID directive must avoid market fragmentation and the "stifling of competition", the British government has warned.

In a wide-ranging speech to the City of London at Mansion House, financial secretary Mark Hoban claimed that upcoming EU legislation - including on OTC derivatives and capital requirements - could have a "profound impact" on the country's financial services.

"If we look at the case of the European Market Infrastructure Regulation, the clearing process of OTC Derivatives is of vital importance to the UK economy. Reform needs to be non-discriminatory, proportionate and consistent with our G20 obligations."

"Trying to separate markets by geography or currency zone would be deeply damaging to economic growth."

Hoban, speaking on Wednesday, urged the industry to engage with the government's EU lobbying efforts to ensure that legislation on MiFID, packaged retail investment products and CRD 4 does not disadvantage the UK.


"The upcoming review [of MiFID] needs to avoid so-called market fragmentation and the stifling of competition," he said.

The minister added: "Too often much of the industry lobbying we receive is based on rhetoric and high-level positions - we need more hard-headed analysis which we can then deploy with our European colleagues."


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