Clarifying MiFID II: Pre-trade transparency for non-equities

Miranda Morad and Jason Waight

Journal of Securities Operations & Custody, 2016, vol. 8, issue 3, 218-227

Abstract: The European credit markets are experiencing unprecedented market structure changes due in part to wide-reaching regulations. The Markets in Financial Instruments Directive (MiFID) II will bring new levels of pre- and post-trade transparency for non-equities as well as an increased scope of transaction reporting for all market participants. These changes will impact all areas of the trading life cycle, encompassing sales, trading, research and operations, and will have implications across the market including both investor and dealer firms. Miranda Morad, General Counsel, and Jason Waight, Head of Regulatory Affairs & Business Management, MarketAxess Europe and Trax, provide expert commentary on how these changes will potentially impact the European fixed income markets. Based on data from MarketAxess and Trax, the market data analysis conducted offers a truly unique view of the impact of regulatory change. Trax, a subsidiary of MarketAxess, estimates that it processes approximately 65 per cent of all fixed income transactions in Europe as part of its post-trade service offering.

Keywords: MiFID II; transparency; trade reporting; transaction reporting (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2016
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