Own Goal: Mifid II Reduces Transparency in Some Markets
New rules replace voluntary arrangements in ETFs and Nordic bonds, fragmenting post-trade data.
So far, those hoping for more transparency in European Financial markets have little reason to celebrate the arrival of new trading rules, which promised to deliver just that. Investors and dealers in some markets may even be wishing the revised Markets in Financial Instruments Directive (Mifid II) had never come into existence.
In a classic case of unintended consequences, Mifid II has reduced—rather than increased—the availability of ready-to-use information on some Nordic bonds and exchange
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