European Swaps Trading 2017: Reforming the Jigsaw Puzzle
The UK vote to leave the European Union in June 2016 (Brexit) and the renewed focus on agreeing harmonization and equivalence with other jurisdictions have put the final structure of the European market on an even more extended timeline. Nevertheless, regulators and supervisory agencies have repeatedly assured us that there will be no delay to the projected January 2018 timeline for implementation of the Markets in Financial Instruments Directive and Regulation (MiFID II) measures that will reshape the execution landscape. That implementation date will necessarily mean that preliminary liquidity and transparency thresholds will be the initial standards markets rely on as they plot their implementation strategies.
This TABB Group report, “European Swaps Trading 2017: Reforming the Jigsaw Puzzle” assesses the way European swaps market rules have developed and fit in the global framework. Taking into account the liquidity, trading and transparency calculation exercises and thresholds, we assess the likely shape of trading in the preliminary implementation period.
- Fixed Income