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Biggest white elephant in history: ESMA gives up as the political lobying against the FX industry did not work, we prospered, they ended up with expensive administration. FinanceFeeds speaks to key FX industry executives to get their perspective on why ESMA backtracked
Good news or bad news?
Could it be that the bungling European regulators are so disorganized that they would waste an absolute fortune in designing and implementing an incredibly bureaucratic and vague framework aimed at costing OTC derivatives and regulated exchanges an equally absolute fortune in redesigning their entire trading topography and technological infrastructure and then abandon some important key tenets of said bureaucratic and vague framework?
Or could it be that after a fraught start, some aspects of MiFID II have become a millstone around everyone’s neck including the bogged-down European Securities and Markets Authority (ESMA) that it’s own orchestrator is looking to hang parts of it up forever?
Either way, the bizarre potential U-turn that is being considered by ESMA – namely the possible cancellation of MiFID II’s ‘Best Execution’ policies and retraction of RTS27 and RTS28 reporting procedure, all of which are little understood by regulator and brokerage alike.
The Brussels bureaucrats, many …
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