6 December 2018
ICMA has today published a report on the impacts and challenges of MiFID II/R for the international bond market in the year since the implementation date.
The introduction of the second Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) on 3 January 2018 was flagged as the most significant development to impact European bond markets in memory, with new requirements affecting everything from how new issues are marketed, to transaction reporting, trade transparency, secondary market structure, evidencing best execution, and even how fixed income research is distributed and consumed. Despite anxiety in the market in the lead-up to implementation about how the new rules should be interpreted and implemented, in the first weeks of January 2018 it became clear that for European bond markets it was business as usual, and the market continued to function with little or no visible impact on liquidity.
View the report.