Fat chance of delaying markets reform, EU watchdog tells City

The European markets watchdog has warned the City that a blanket change on trading rules will come into force no later than January, dashing any hopes it could be delayed as the City scrambles to prepare.

Asset managers, brokers and investment banks are racing to get ready for the strict new rules – known as the Markets in Financial Instruments directive, or Mifid II – despite already being given extra time.

With the launch date already set back by a year, the chair of the European Securities and Markets Authority (ESMA) Steven Maijoor said in London on Wednesday that “one delay has been enough for all concerned”.

“Contrary to some recent coverage and commentary, Mifid II will come into effect on January 3, 2018, there will be no further delay in its implementation,” he said, adding that firms have had enough time to adapt.

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