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Survey reveals buy-side disconnect with changes to MiFID II
ESMA has made several recommendations in its report on the MiFID II review , but a poll from Rosenblatt Securities suggests the buy-side is not quite on the same page as the regulator .
Buy-side market participants
hold conflicting views on sweeping changes to MiFID II that were proposed by the EU markets regulator earlier this month , according to a recent snap poll from Rosenblatt Securities .
Results from the survey showed that the majority of buy-side market participants supported certain changes to MiFID II under the review , but the European Securities and Markets Authority ( ESMA ) has proposed amendments that seemingly contradict the wishes of the buy-side .
Dark trading has been at the forefront of ESMA ’ s Mi- FID II review , with the regulator suggesting extensive changes to the double volume cap ( DVC ) mechanism , which aims to restrict dark trading activity , as part of an industry consultation on the review launched in February .
Following the consultation , ESMA has proposed the 4 % cap be removed and the 8 % market-wide cap be reduced to 7 %, alongside restricting use of reference
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