Transparency worries persist in post-Mifid era
The result has been a drop in overall transparency as trades may be double-counted on multiple venues, reported several days after execution, or not reported at all.
Mifid also mandated 'transaction reporting' to national regulators but there has been confusion over which regulator trades should be sent to in the case of dual-listed securities.
Mark Winter, head of dealing at London-based Insight Investment, said earlier this year that when analysing liquidity in a given stock, "we're basically
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