EU trading venue definition could crush innovation, say bank execs

Firms worry that regulating a broader net of firms could unravel progress in fixed income electronification and raise costs for market participants

And old-fashioned telephone

In late January, Europe’s markets regulator published its opinion on the definition of multilateral systems, asking for comment from the industry. The consultation lays out the European Securities and Markets Authority’s ideas on what constitutes such a trading venue and the firms that would need to seek authorization.

Banks are worried that if Esma’s definition is too broad and captures a wide net of vendors, it could ratchet up the cost of trading, stifle innovation in fixed income, and quash

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