MiFiD Rules Highlight Need for Standards

ADMINISTRATION & MANAGEMENT

New European regulations covering the publication of off-exchange price quotes and trade data could be hampered by the lack of a standard, industry-wide symbology for firms to submit their quotes, industry participants say.

The European Commission's Markets in Financial Instruments Directive (MiFiD) aims to force firms that "systematically internalize" trades—those that trade clients' orders against their own trading books rather than submitting the orders to an exchange for execution—to act