Brexit Undermines MiFID Data Foundations

Even after Britain leaves the European Union, financial firms wanting to do business within the EU will need to comply with MIFID II. But removing the UK from EU markets could still derail new European trading and transparency rules. Samuel Wilkes investigates, with additional reporting by Philip Alexander

At the heart of this calibration process is the data underpinning MiFID II’s regulation of market structures and practices. If this crucial reference data set were to be altered dramatically, it would completely distort the functioning of many central planks of MiFID, including trading and transparency obligations for equity and non-equity instruments alike.

Enter Brexit. If the UK leaves the European Economic Area (EEA) single market without a post-Brexit special arrangement, trading activity

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