Investors and financial firms brace for Mifid II regulatory shake-up

Conservative MEP Kay Swinburne

He said: "Given its scope and the fundamental changes to market structure that it will promote in some areas, Mifid II is a hugely important regulatory development, and one that reaches beyond the European Union or EEA".

Sterling corporate bond volumes were 46 per cent lower than their 30-day average, with euro sovereign bond volumes 24 per cent lower and sterling sovereign bond volumes 11 per cent lower.

United Kingdom sovereign bond volumes were 11.4 per cent below their 30-day average, while sterling-denominated corporate bond volumes were 46.1 per cent below average.

One of the aims of the rules, known as the Markets in Financial Instruments Directive, or MiFID II, is to make it easier for people to choose where to clear the listed derivatives contracts they buy and sell.

Harps Sidhu, head of capital markets at consultants KPMG, said it would become clearer by the end of the week if transaction reporting was working properly. The rule changes were delayed by a year until 3 January to give market participants more time to prepare.

Harley-Davidson Target of Unusually High Options Trading (HOG)
After $0.40 actual EPS reported by Harley-Davidson, Inc. for the previous quarter, Wall Street now forecasts 20.00% EPS growth. Heritage Investors Management Corp sold 18,131 shares as the company's stock declined 7.57% while stock markets rallied.

Jeff Sprecher, CEO and chairman of ICE, has been an outspoken critic of MiFID II and open access, beliving the rules will stifle competition and favour only the incumbent clearing houses.

ICE and LME will not have to provide this level of access until the transitional period has ended in July 2020.

Maijoor said this would be a "one-off" waiver and the new requirements for clearing houses would come into effect in 2020.

Among the changes, asset managers will now have to pay for the research that prompts their investment decisions, as regulators clamp down on potential conflicts of interest which could harm investors.

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