Financial regulators across the European Union today introduced new rules covering the Markets in Financial Instruments Directive – version two. Running to over 1.7m paragraphs it has already cost asset managers and banks $2.1bn, according to Boston Consulting and HIS Markit. It includes such basic things as time stamping orders and recording voice over telephone instructions and deals. German regulator BaFin late last night has granted Deutsche Börse another 30 months to enforce new rules as to where futures contracts are traded and cleared, the Financial Times reports.
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