Light at the End of the Tunnel, But Will Mifid Dark Pool Rules Add Up?

Esma has released the first figures to support Mifid II’s caps on the percentage of equities trading that can be transacted on dark pools. However, critics warn that although the delay has given Esma more time to validate data and clean up queries, the absence of a consolidated tape will remain an obstacle. By Philip Alexander

Though part of the new iteration of the Markets in Financial Instruments Directive (Mifid II) and its associated regulation, Mifir, which became law on January 3, Esma had delayed the implementation of the DVC until March because of “data quality and completeness issues,” but published its first set of data for January and February on March 7—albeit for significantly fewer instruments than expected.

Dark pools have never liked the rules, which can suspend dark trading of any stock that exceeds

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