Matt Levine, Columnist

MiFID II Rules Might Mean Less Email

Also free bond underwriting, state tax arbitrage, crypto-venture capital, and tech sex parties.

January 3, 2018 at 2:59 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Happy MiFID II Day.

The European Commission's Markets in Financial Instruments Directive II went into effect today, with a bunch of new rules including limits on dark pools, increased pre- and post-trade price transparency and changes to fund marketing and research costs. So far so quiet -- "trading volumes slumped ahead of the changes, according to two brokers with knowledge of the matter, with client business at one major brokerage in Europe almost non-existent as the rules were poised to take effect Wednesday" -- though to be fair it is the first week of January.