MiFID (Directive)

Reinforced trading transparency can contribute to increased price efficiency, in certain cases, however, it can also jeopardise market efficiency. Limiting the trading of certain derivatives to trading venues restricts the freedom of market players and privileges trading venues for no obvious reason. The new investor protection rules promote fee-based consultation unilaterally. Position limits determined by trading venues help enhance the functionality of markets; if determined by the Commission they bear the risk of political opportunity.