Brussels, 16/01/2014 (Agence Europe) - The recent agreement on MiFID II that lays down rules for the financial instruments markets means that the focus of lobby groups is now shifting from the draft legislation to the preparation of implementation rules by the European Securities Markets Authority (ESMA).
“Much remains to be done and we call on them to make sure that the benefits are realised for society by delivering strong technical standards”, commented Finance Watch, which defends citizens' interests against the financial lobby. It is happy about the tighter controls on high frequency trading and the restrictions placed on speculating on the commodity markets (see EUROPE 10997).
While broadly satisfied with the legislation, apart from the cap on anonymous trading, the European Banking Federation “strongly encourages the co-legislators to give ESMA sufficient time to produce thorough impact assessments and to engage in adequate public consultation while preparing the technical standards. (…) It is also vital to allow enough time - a minimum of 12 months - between the finalisation of the rules and the implementation date so that investors, banks and market infrastructures can make and safely test what may need to be significant system changes”. (MB/transl.fl)