Mifid II Sets Up Clash Between Voice Trading and Transparency
By Joe Rennison
Published December 8 2011 Risk
It took the Group of 20 (G-20) nations fewer than 100 words to unleash a sweeping – and speedy – overhaul of the over-the-counter derivatives market in the statement that followed the group’s Pittsburgh meeting in September 2009. Some of the G-20’s demands were unequivocal – the call for derivatives to be reported to trade repositories, for example, or for non-cleared trades to be subject to higher capital requirements – while others were relatively vague, such as the requirement to trade standardised contracts on exchanges or electronic trading platforms “where appropriate”.
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