How one word in the proposals could have signifcant implications across Europe.
Following the release of the Markets in Financial
Instruments Regulation (Mifir) last week, Deutsch Borse
released a statement welcoming the new regulations. It praised
the move to bring derivative trading onto organised trading
platforms as well as proposals to increase transparency of the
market. However, it is clear that the new rules are a double
edged sword for the exchange as its merger with NYSE Euronext
Notably absent from comment in the DB statement were
comments on the proposals to open up competition to clearing
and trading in the European derivatives markets. Two clauses in
particular, if passed, would be nothing short of a revolution
of competition in the market.
Added to the document since the draft of Mifir was leaked in
September, are clauses that would have turned the stomachs of
executives at DB and Liffe, NYSE Euronext’s
derivative exchange. While the leaked draft set out proposals
to open up clearing for competition, it did so only by barring
CCPs from preventing access to other
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