The head of the EU securities regulator Steven Maijoor has said that the incoming Markets in Financial Instruments Directive (Mifid) II is necessary to reduce regulatory fragmentation within the bloc.
Speaking at the International Capital Market Association’s annual conference in Luxembourg yesterday, the regulator also confirmed that the existing deadline of January 3 2018 – one year later than initially planned – will be met.
“We know not all regulation is greeted with applause, but inconsistencies in approach result in greater costs,” said Maijoor, chair of the European Securities and Markets Authority (Esma). “Getting to a common system is felt as a burden for individuals but it is worth it for the benefits that come from the single market.”
He added that for bond markets in particular, better transparency was needed as until recently, securities regulators have effectively...