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Mixed reactions to Mifid review

Tuesday 13 July 2010 - by Luke Nelson


Nomura is extremely supportive of CESR’s three pronged approach, particularly the moves towards consistent interpretation of post-trade transparency rules in specific scenarios.

The consultation suggests that in terms of pre-trade transparency there should be a move away from a principles-based approach to a rule based one when applying waivers to the general regime.

Intesa Sanpaolo suggests that this proposal goes into the direction of establishing a single rule book for financial markets and will allow supervisors to implement rules coherently across member states.

Citigroup says it is important to provide the wider investing public with access to information on current opportunities to trade on a timely basis. It is equally important, it says, to ensure that liquidity on trading venues and elsewhere is not impaired as an unintended consequence of those obligations. Any impairment of liquidity will have an adverse impact to execution quality.


Fidelity welcomes the move to a rule-based approach, but states that it does not want to lose flexibility on its side to hide flow. Dark venues, it says, provide significant benefits to institutional clients whose flow tends to be large in size. It would be concerned, it says, if the Commission were to introduce rules which dictate that it needs to show its flow to lit venues.
CESR’s Mifid consultation has now closed. The Mifid review is ongoing and is due to be implemented in the first quarter of 2011.


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