Dutch Regulator Calls for Overhaul of MiFID II Fixed Income Transparency Rules – The Trade

“In general, we note that the overall sentiment is that MiFID II has not yet delivered on its goals in the fixed income markets and can still be considered a work in progress,” the AFM’s report stated. “The main finding is that MiFID II’s focus on transparency based on liquidity has proven to be counterproductive given the lack of liquidity in the fixed income markets where most instruments are tailor-made and not designed to be traded on a secondary market in the first place.”