The UK’s House of Lords published its report on MiFID today. The report, drafted by its sub-committee on EU affairs, will help to determine the UK’s position in Council leading up to the ECOFIN meeting on 9 Ooctober.
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Deregulation of equity, bonds and derivatives markets has undermined the primary objective of financial markets: to channel savings and capital to the most promising economic developments, while managing risk adequately.
Finance Watch gave evidence to the House of Lords Sub-committee on 29 May 2012.
In the conclusions to its final report, “MiFID II: Getting it Right for the City and EU Financial Services Industry”, the Lords were sympathetic to a number of issues raised by Finance Watch in its position paper “Investing not Betting”, including doubts about organised trading facilities (OTFs), the need for a consolidated tape, the need to distinguish between normal algorithmic and high-frequency trading, and support for a ban on sales inducements. However, they did not back other proposals, including for position limits on commodity derivatives trading.