At FOW Regulation 2015, panel said cost of compliance could force firms to leave EU
New rules under the
EU’s Markets in Financial Instruments Directive II
(Mifid II) covering algorithmic and high frequency trading
(HFT) could force proprietary trading firms to abandon the
market, according to industry experts.
FOW’s Regulation 2015 event in London, Gary Spiro,
CEO of GS Trading, said the costs of becoming regulated under
Mifid II could force smaller and medium sized proprietary
trading firms to leave the EU.
"Under Mifid II we are
going to need to be regulated, which would stop us trading
European exchanges, we just can’t see the cost
benefit of doing that. So there is plenty of exchanges around
the world where we carry on doing what we’re
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