LONDON, Oct 13 (IFR) - Four of the biggest electronic fixed
income trading venues have set up a new trade association to
build a dialogue with regulators, with the introduction of MiFID
II regulations just over two years away.
BrokerTec, MarketAxess, MTS and Tradeweb on Thursday founded
the Electronic Debt Markets Association Europe, or EDMA Europe,
to represent the interests of regulated e-trading venues.
Tradeweb is part-owned by Thomson Reuters, IFR's parent.
Post-crisis regulation and capital requirements have forced
banks to retreat from traditional dealing, reducing liquidity in
the fixed income market and leading to the growth of e-trading
venues that claim their technology can improve the matching of
buyers and sellers.
Multilateral trading venues in a "heavily regulated
industry" have historically had limited organised
representation, said Simon Maisey, managing director and global
head of business development at Tradeweb, who will be the
"With MiFID II deadlines fast approaching, it has become
imperative that trading venues are able to have an active
dialogue with regulators," he said in a statement.
MiFID II, a European Commission directive due to take effect
from January 3, 2018, will impose strict new communication,
disclosure and transparency rules on venues where financial
instruments are traded.
EDMA Europe said in its statement that membership was open
to "all market participants that meet the established minimum
membership criteria", without elaborating on those criteria.
(Reporting by Tom Porter)