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By Philippe Lenges, Partner Audit Guillaume Brousse, Director Audit, Deloitte
MiFID II brings with it positive developments for ETFs. Currently ETFs are not MiFID instruments and there are no legal requirements to make trading volumes public. The introduction of MiFID II means that it will be easier to see the demand and liquidity within the European ETF market. MiFID II will require reporting of ETF trades for the first time. ETF issuers are one, of some might say, a small group of promoters who are looking forward to the implementation of the new post-trade disclosure rules. At the moment it is very hard to see the liquidity in European ETFs because the trading is done over the counter and trades do not hit the consolidated tape.
The...
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