- 70% of traders think MiFID II has made trading more transparent
- But just one-in-four think dark liquidity will move to lit markets
- 86% of traders see reporting as the biggest concern post MiFID II rollout
Traders disagree over whether MiFID II has been successful, according to new research by SIX. A combined 70% of surveyed traders of the Swiss exchange believe that trading has become more transparent – a key goal of MiFID II.
Paradoxically, only 26% believe that dark liquidity will shift to lit markets, highlighting the failure of a key aspect of the regulation. Traders indicate that they are also divided as to where dark liquidity on capped stocks will shift instead of lit markets, with a relatively even spread between:
- Block Trading / LIS dark pools: 31%
- Systematic Internalisers: 23%
- Periodic auctions: 20%
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