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Vedder Thinking | News Sam Tyfield Quoted in Futures & Options World Article

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Sam Tyfield, a London-based Partner in Vedder Price's Investment Services and Finance & Transactions practice groups, was recently quoted in Futures & Options World's article, "Lawyers Wary of MiFID II as Deadline Passes." The piece discusses the concerns European lawyers have after the deadline for MiFID II industry feedback for the European Securities and Markets Authority (ESMA) review expired earlier this week.

Now that the consultation period for the latest MiFID II draft has passed, ESMA will review and analyze the industry feedback before it submits technical standards to the European Commission in June. The MiFID II reform contains rigid rules that apply to high frequency trading as well as the trading of commodities and over-the-counter derivatives. European lawyers and trading professionals alike hoped that the latest legislation draft would contain a clearer picture of what the future holds for the trading industry; however that doesn’t appear to be the case. According to Mr. Tyfield, the latest draft provides "a significant amount of detail on which the industry could comment," however, "there were a number of areas in which the industry felt the comments they made in summer 2014 had not been taken on board or where detail had not been provided."

Another issue that has many concerned is ESMA's inability to concretely define high frequency trading. Mr. Tyfield commented on this issue as well, stating that ESMA has not yet "determined which definition of 'high frequency trading' it would propose to the Commission and, in fact, had expanded the potential metrics to determine whether a firm was 'HFT' or not. It is now in the hands of the Commission to make that determination."

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Sam Tyfield