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Esma’s Maijoor calls for swift resolution to Mifid uncertainty 

December 17, 2015

Jim Brunsden and Philip Stafford, The Financial Times

Europe’s top markets supervisor has urged Brussels to move swiftly to set a new timetable for rolling out a landmark overhaul of trading rules after policymakers conceded that a planned January 2017 “Big Bang” is logistically impossible.

Speaking to the FT, Steven Maijoor, chairman of the European Securities and Markets Authority (Esma), said the new schedule needed to be locked down quickly. The key is to have “one date and to stick to the new date”, he said.

The admission last month by the European Commission that the groundbreaking measures, known as Mifid II, could not be implemented on time, was a vindication for Esma’s concerns. Along with banks, infrastructure providers, Esma and national regulators, it had warned policymakers that the original deadline was challenging given the scale of ambition of the plans.

Although there is widespread acceptance of a year-long delay from all parties in the decision-making process, a formal proposal amending the legislation has yet to emerge. At the same time, advocates of market reform fear that extra time could expose the legislation to relentless attacks by financial services lobbyists determined to water down key measures. Read more

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