ESMA rules out further delay on MIFID II implementation
January 2018 final deadline for all stakeholders
The European Union's markets watchdog has ruled out further delays to the bloc's sweeping reform of securities trading rules which are due to come into effect in January.
The "MiFID II" law injects more transparency into stock, bond and commodities markets, and requires more derivatives to be traded on a platform, rather than privately between banks, to apply lessons from the 2007-09 financial crisis.
The start date has already been delayed by a year to 2018 to give banks, markets and customers more time to prepare, and the European Securities and Markets Authority (ESMA) said the new deadline must be met.
"Contrary to some recent coverage and commentary, MiFID 2/MiFIR will come into effect on 3 January 2018, there will be no further delay in its implementation," ESMA Chairman Steven Maijoor told a Futures Industry Association conference on Wednesday.
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