Bond Traders Warn MiFID II Will Drive Business From Europe
- Europe rules clash with Singapore, Hong Kong, New York: Group
- Firms request tweaks before rules come into force in January
RBS's Davies Sees 'Concentration' in Post-MiFID Market
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Bond trading firms are making a last-minute plea to regulators, warning that unless tweaks are made to Europe’s MiFID II rules, business will flee to other regions.
The firms, which included Michael Spencer’s NEX Group Plc, London Stock Exchange Group Plc unit MTS Markets, MarketAxess Holdings Inc. and Tradeweb Markets LLC said the European Union requirements for traders’ personal data clashes with practices in Singapore, Hong Kong and New York. The group sees a migration of capital markets activity away from regulated venues as a result.