SLIB GPS: A Global Panorama of Securities - January 2014
- 04.03.2014 07:00 pm
We can truly say that, for European projects, the year 2014 started with a bang, obviously under the pressure of the electoral calendar.
As expected, the Trilogue came to an agreement on the Directive on Criminal Sanctions for Market Abuse (CSMAD), put to the vote at the plenary meeting of 4 February. However, the most striking development has been the Trilogue's agreement in principle on the text of the new Markets in Financial Instruments Directive known as MiFID II.
This agreement had been eagerly awaited especially following the long and turbulent discussions surrounding the MiFID revision since the launch of the Commission's consultation in 2010. Sensitive issues like the regulation of high-frequency trading and dark pools, the defining of OTFs (Organised Trading Facilities) and the extension of the scope of the Directive on commodities, greatly disrupted the initial calendar.