- July 4, 2016
- Posted by: David Tabaka
- Category: Compliance, Credit, Exchange, Fraud, Market Data, Media, News, Risk
Britain’s decision to leave the EU is expected to have little effect on the implementation and application of MiFID 2 on the UK markets. However, it may distract the industry from the fundamental problems that still exist within the text of the regulation. Inside Market Data looks at what impact Brexit may have on market data vendors.
In the immediate aftermath of Britain’s decision to leave the European Union (EU), there were questions over what the result could mean for the applicability of European financial regulation to the UK market. Might the UK no longer need to comply with MiFID 2? Or would UK firms still have to adhere to the regulation in order to trade with European market participants covered by the regulation? The UK’s financial regulator, the Financial Conducted Authority, nipped this speculation in the bud almost immediately with a statement issued on June 24, the day after the Brexit vote.