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European Commission Adopts US Equivalence for MiFID II

The European Commission has adopted a decision that recognises certain US venues as “equivalent” in regulatory terms with EU law. The decision document can be found here. The decision recognises that SEFs (Swap Execution Facilities) and DCMs (Designated Contract Markets) fulfil the 4 conditions found in MiFIR Article 28(4) and are therefore recognised as equivalent  from  the perspective of the trading obligation, which requires investment firms to execute the more liquid financial instruments on either an EU or equivalent trading venue.

This article on the Bloomberg web site also examines this issue.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on energy and commodity regulation. He has more than 20 years of experience in energy and commodity trading, credit, risk and financial technology. He has delivered a series of trading, credit and risk solutions to a wide variety of oil majors, power and gas companies and investment banks. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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