Vedder Thinking | News Sam Tyfield Addresses Adoption of MiFID II in Financial Times Article
Sam Tyfield, a Partner in Vedder Price's London office and member of the firm's Investment Services and Finance & Transactions practice groups, was quoted in a Financial Times article titled "EU Clampdown on 'Flash Boy' Traders Turns Technical." Highlighting the inefficiencies of current technology regulation, the article discusses the major reforms that the European Parliament has passed in order to better regulate high-frequency traders and the technologies they use to buy and sell assets in nanoseconds. The new legislation, known as the Markets in Financial Instruments Directive, or MiFID II, contains more rigid rules that apply to high-frequency trading as well as the trading of commodities and over-the-counter derivatives.
Commenting on how the European Securities and Markets Authority (ESMA) will handle these regulations, Mr. Tyfield states, "ESMA has a crucial and pivotal role to play in the implementation of the new MiFID II regime." He also notes, "In some provisions, ESMA has quite a lot of leeway to provide regulatory and technical flesh on the bones."
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