Fall Aim for Mifid II Agreement

"The discussions are still ongoing, currently, but the Irish presidency is very ambitious in its timetable," said Jasper Jorritsma, a policy officer at the EC, DG Internal Market and Services. "The timetable we have is that we'll actually finish the Mifid discussions, not just within the Council, but also within the Parliament, at the end of this summer."

A representative from the European Securities and Markets Authority (ESMA), for his part, added that the agency wasn't able to engage in its level-two activities and more specific rulewriting until it had guidance from policymakers. ESMA itself, while it often gives its opinion, has no direct part in the talks, as policy is politically controlled in the European Union. Under the structure of the EU, the EC writes the draft policies, which are then sent to the Council and Parliament for debate and ratification. Mifid II has so far been plagued by internecine conflict over its wide-ranging provisions, which seek to close loopholes introduced in the first iteration of the directive, and adapt to new market circumstances, such as algorithmic trading.

As a directive of the European Council and Parliament, rather than a regulation, national authorities will be responsible for implementing the rules while reaching a common outcome. Attendees at the conference from exchanges, vendors and buy-side firms expressed skepticism that the target would be met.