The Battle of Paris: How Esma Fought to Save Mifid II

For four years, regulators had to face fierce objections from groups of market participants that were unhappy with new European rules.

Mifid tredline
Over the course of four years, several Mifid II provisions were challenged.

The Mifid II journey has not been an easy ride, either technically or politically, for both market participants and regulators. The job has been particularly tough for the European Securities and Markets Authority, a comparatively tiny regulator—its headcount and budget are dwarfed by the national regulators it technically oversees—which was nonetheless given the somewhat thankless task of fleshing out the package of rules via technical standards and official opinions.

It has faced opposition a

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