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WorldJuly 1 2013

European Council leaves buy-side in the dark

A compromise proposal brokered by the Irish government would limit the proportion of EU equities traded in unlit venues. But critics say it is unnecessary and unworkable.
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What’s happening?

The European Commission proposed texts for the second Markets in Financial Instruments Directive (MiFID2) in October 2011. The European Parliament voted through its amendments to the texts a year later. Following disagreements among member state governments, in May 2013, the Irish government – which holds the rotating EU Council presidency until June 30, 2013 – presented a compromise text.

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