European Securities and Markets Authority has increased granularity of COFIA and liquidity thresholds
After a couple of weeks
to digest the latest rendition of the Mifid II RTS, the
industry has welcomed what has been described as a pragmatic
approach from the European Securities and Markets Authority
(Esma) and the European Commission.
The industry will no
doubt have issued a collective sigh of relief on reading the
finalised RTS for pre-trade transparency. The proposals had
been almost universally criticised for the potential to hit
liquidity, forcing market participants out of the swap
centered on the waivers regulators granted for instruments
considered illiquid as well as the methods of determining an
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