As another week starts, the industry is “getting used” to MiFID II, although there have been some updates from ESMA, for example the updated “venues” list which can be found here, as well as several interesting pieces of news since our last update.

As this article on the S&P Global web site reports, many are still  struggling to implement the rules. The article discusses the “Damascus” moment where market participants realise what it is the that regulator actually wishes. This has not yet occurred in some cases. It also discusses how the year long delay to the start of MiFID II caused some to “take their foot off the pedal”.

Regulators have in the past shown that they will show some leniency to firms who expended best efforts to comply, but are behind. This article on the Handelsblatt web site shows BaFIN taking a similar stance. Not all are happy about this: This podcast on Bloomberg features Gina Miller co founder of SCM Private continuing to state  that the FCA should take a tougher view in order to be fair to those who have already complied. This follows a similar statement last week (see here).

As the market settles down, some are taking the view that the “peak” of regulation for the last few years has passed, and are looking to focus on more revenue generating activities. This article on the Consultancy UK web site summarises an EY report which supports this shift. never the less, as rules bed down, they continue to change, and in the energy and commodities industry the focus on best practice and anti abuse activity continues, as highlighted in our opening post of the year (see here).