MiFID II brings in a host of regulatory changes and is an expansion on the original MiFID Directive that came into effect in 2007. The credit crunch and subsequent financial crisis highlighted the need for greater transparency and the requirement for robust legislation to ensure that best execution is achievable and, more importantly, demonstrable to clients.
With the introduction of MiFID II and accompanying legislation, trading venues are now required to provide a greater level of transparency in markets. Trading venues operating markets in asset classes such as FX options, interest rate derivatives, bond and structured products will now need to make public pre-trade data (price, depth of trading interests) and post-trade data (price, volume, trade time), subject to permitted waivers and deferrals.
New market data will bring greater visibility to the most liquid venues.
As the world’s largest interdealer broker, TP ICAP has great breadth and depth in venue linked execution coverage from our eleven trading venues – six Organised Trading Facilities (OTFs) and five Multilateral Trading Facility (MTFs) operated by our broking businesses, Tullett Prebon, ICAP and PVM.