There will be no further delay to the revised Markets in Financial Instruments Directive (MiFID II) legislation that is due to come into force in January 2018, according to the chair of an EU financial regulator.08 Jun 2017
Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA) has promised an end to delays in a speech reported by the Financial Times.
The deadline for the new rules was delayed for a year to allow technical work to be finished in time. The delay took account of the implementation challenges faced by regulators and financial firms, the European Commission said at the time.
Under MiFID II ESMA has to collect data from about 300 trading venues on about 15 million financial instruments, working closely with national competent authorities and the trading venues.
"Contrary to some recent coverage and commentary … there will be no further delay in its implementation. One delay has been enough for all concerned," Maijoor said, according to the Financial Times.
Maijoor also said that ESMA will soon publish a consultation paper on derivatives trades, some of which will now have to be traded electronically via a trading venue rather than privately between banks. The industry will have six weeks to respond.