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.
Related policy area
Financial markets
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.
Get our monthly newsletter with the most important news delivered to your email inbox - and occasional one-off emails with new cartoons, events and other materials about our work.