Playing the field
Sorry. It's MiFID again. Europe's playing-field levellers are having another go. MiFID 1 made life on the markets rather too interesting, so here comes another attempt to achieve the European trading equivalent of living happily ever after - by order. We sent cub reporter David Dungay (who retained an inconvenient degree of youthful idealism) to face the Directive known as MiFID 2 and report back on its likely impact on European trading. David has returned, a sadder and wiser European Trading Correspondent, and this is what he has to say.
Two and a half years ago, we were promised a utopia. A newly minted Europe that knew no bounds. A level playing field transparent for all to see. A trading environment free of inefficiency and ill will, where costs were low and profit opportunities both multiple and various. Transparency in thought, word and TCA. The new continent was to be delivered and underpinned by a rather weighty piece of legislation called MiFID.
And now, just those two-plus short years later, MiFID has come to pass and we're all living happily ever after. Proof, if proof were needed, that market evolution can be dictated by central bureaucracy. Never again do we have to worry about devious counterparties, hidden costs, opacity, complexity......