Market participants believe the timing requirements for clearing present tech opportunities
Concerns over the new clearing landscape
under Europe's Mifir are not abating but another issue is
lurking amid uncertainty over who is responsible for ensuring
new timing rules are met.
A number of contentious issues remain in
Mifir’s clearing rules, with market participants
still unclear on who is set to be the gatekeeper for these
rules, certainty-to-trade rules, and when reporting
requirements exactly kick-in in the lifecycle of a trade.
But what does that mean for the market and
who is gatekeeping the requirements?
As prescribed by European Securities and
Markets Authority (Esma), all electronic derivatives trades
should be cleared within 60 seconds from the receipt of the
order by the trading venue.
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