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Will Europe Delay MiFID II?
With the newly proposed MiFID II compliance mandate, European lawmakers have issued new rules governing dark pools, derivatives and high-frequency traders. Given the turmoil across the Atlantic -- Greece and Italy on the verge of default -- will the new rules be delayed? In an upcoming Advanced Trading cover story on MiFID II, I asked two industry observers for the chances that the new laws might arrive later than 2013.
Robin Strong
Where do we stand with MiFID II? Will the EU delay it as Greece and Italy melt down?
Robin Strong:
Director of buy side market strategy, Fidessa
Having read the text and seeing the ambiguity of will Europe survive and will the euro survive -- there are more pressing issues.
When will it be ratified? When will MiFID II commence?
Strong:
Andrew Stoltmann
Will high-speed traders go to other markets where MiFID does not have much of an impact?
Andrew Stoltmann:
Chicago-based Securities Attorney
And good luck. Have at it. Where else are you going to go besides Europe and America? Is it possible? Traders have been using that threat for years and I think it's hollow.
To play Devil's advocate, there are global markets out there, South America and China. They can go there, right?
Stoltmann:
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For more on MiFID II, check out the December 2011 edition of Advanced Trading, which should be posted by November 15, 2011.
Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining Advanced Trading, he served as editor of Waters, a monthly trade journal ... View Full Bio