The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Week I of Mifid II: No light yet in dark pools

Some of the blips thrown up by the launch of the new regime look like more than just teething problems.

MB banner 660px

The launch of Mifid II on January 3 went about as smoothly as any mid-week, year-end, market-transforming imposition of thousands of pages of new securities regulations might be expected to do.

Bond volumes cratered, participants struggled to access data and by the end of the first week two crucial parts of the new regulation’s transparency drive had been put on hold.

In the context of grand financial market regulatory projects, therefore, not a total disaster and perhaps even something of a success.

Some individual regimes were certainly keen to trumpet their own efficiency. France’s market regulator, the AMF, noted its pride that its new platform had processed more than one million trades from 50 firms, representing the first day’s trading under Mifid II and filed by midnight.

“The volumes processed demonstrate the marketplace’s overall good state of preparedness, even if further efforts must be made by some firms.”

One small point, though: on the day of launch, exemptions were granted to ICE Futures Europe and the London Metal Exchange from the UK’s Financial Conduct Authority, and to Eurex from Germany’s BaFin, that allow them not to comply with open access requirements until 2020.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree