While we await further news on when we can expect clarity on MiFID II, there has been some further criticism in the ongoing debate on the rules.
This article on the Reuters web site reports on comments made by Tracey McDermott, acting chief executive of the FCA on the position limits rules. Under MiFID II, most commodity derivative contracts traded on a venue will need to have limits set on sit by National Competent Authorities(NCA). This is in contrast to other rules, such as the Dodd Frank Act, where only a sub selection of contracts will have position limits. The push back is that for some less significant contracts, the overhead of setting them will be significant, compared to the benefit of such a limit.
This article on The Trade News reports on comments made by Jeff Sprecher, the CEO of ICE. A concern is shared that the many new reporting and best execution rules will fragment the markets, making it harder for the buy side to obtain quality data from one source.
The debate on MiFID II is likely to continue right until there is clarity on the final rules.