Key Mifid (Markets in Financial Instruments Directive) II vote delayed by European Parliament’s Committee

Based on Tim Cave and Michelle Price from Financial News, A key vote due to take place next week on Mifid II, one of Europe’s most far-reaching pieces of securities reform to date, has been postponed until at least September, in a sign of the political wrangling that continues to dog the revised directive.

The European Parliament’s Committee on Economic and Monetary Affairs, known as Econ and the body responsible for penning Mifid II, had been due to vote on the revised text at its monthly meeting in Brussels next Tuesday. However, this vote has now been removed from the meeting’s agenda, according to a timetable released yesterday and seen by Financial News.

The vote will take place at Econ’s next meeting on September 3, at the earliest, following the European Parliament’s summer recess.

The result of the meeting was being eagerly anticipated by market practitioners, as a positive vote would have signalled a broad agreement among European politicians to the terms of the revised text.

Mifid II is the second iteration of the EU’s 2007 markets in financial instruments directive, and is set to transform the way a range of asset classes are traded in Europe, forcing much greater transparency onto a number of markets.

The most contentious issues includes the creation of a new type of regulated and transparent trading platform for OTC derivatives, known as an organised trading facility, measures to limit high-frequency trading and position limits on commodities trading.

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