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EU watchdog says MiFID market rules off to smooth start

“What we can see for our part, is no glitches so far,” Steven Maijoor, chairman of the European Securities and Markets Authority (ESMA), told reporters.

But given the complexity and size of the reform, ESMA could not Rule out glitches in coming days or weeks, Maijoor said.

The new rules, known as Markets in Financial Instruments Directive II (MiFID II), were delayed by a year to Wednesday to give banks, asset managers and exchanges time to get ready.

Regulators in Britain and Germany intervened just hours before the rollout began to give three Clearing Houses an exemption until July 2020 from opening themselves up to more competition.

Maijoor said this would be a “one-off” waiver and the new requirements for clearing houses would come into effect in 2020.

READ MORE (Reuters)

  • Mifid II: the new rules aimed at avoiding another crashBBC News
  • A slew of new financial rules could make the big European firms even biggerQuartz
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  • What is Mifid II? Europe introduces 'seismic' financial reformsCNBC
  • Mifid II launch overshadowed by futures delayFinancial Times
  • Fears that new European rules could drain bond market liquidityThe Australian Financial Review
  • Mifid II: What does it mean and why has the EU brought in the legislation?
  • Major European clearing houses have been let off the hook as MiFID II rules ...Business Insider

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EU watchdog says MiFID market rules off to smooth start


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