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insights – TRADERS´ Talk<br />
www.tradersonline-mag.com 04.2014<br />
Guy Simpkin<br />
Head of Business Develop. BATS Chi-X Europe<br />
TRADERS´ Talk<br />
How MiFID Will Affect the Way Clearing Operates in the Future<br />
With barely a month since the ink dried on the new MiFID II text, European market<br />
participants are now working through the details as they seek to derive further<br />
understanding of how European markets could look by the end of the decade. We sit<br />
down with Guy Simpkin, Head of Business Development for BATS Chi-X Europe, to<br />
discuss the latest developments in European clearing.<br />
» TRADERS´: What can we expect from the final,<br />
agreed draft of MiFID II<br />
Simpkin: Many of the measures – like dark pool caps,<br />
or commercially reasonable data costs – that are<br />
contained in the final text made headlines in the many<br />
months beforehand and have remained largely unaltered<br />
since. But in a final twist, the dialogue – comprising the<br />
European Commission, Council and Parliament – agreed<br />
to open up access to derivatives clearing in a last minute<br />
compromise. If implemented in a manner that allows<br />
venues and CCPs to compete with each other it would<br />
deliver long-term benefits to Europe’s capital markets.<br />
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