Panellists warn that the costs associated with open access will be key
Debate continues at the FOW Regulation
2015 conference in London on Tuesday, with discussions turning
to the implications and complexities of open access, with
panellists agreeing that change is coming, and with it,
Open access into execution venues,
clearing houses and benchmarks is an integral part of the
European Securities and Markets Authority’s (Esma)
Markets in Financial Instruments Directive II (Mifid)
Nathaniel Lalone, partner at Katten Muchin
Rosenman, kicked off the panel, examining the definitions and
processes of open access and the requirements of
While the reforms have the potential to
support increased competition, the market has voiced concern
over the complex requirements within the rules, which could see
disparity and sweeping changes in how clearing and execution
services are monetised.
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