The EU’s top financial markets watchdog is set to intervene in a row between retail-focused German trading venues and large market makers which accuse them of exploiting regulatory ambiguity to masquerade as stock exchanges.
The European Securities and Markets Authority is preparing new guidance on part of its MiFID II rulebook to address concerns that retail brokers are giving select market makers exclusive access to orders on trading venues despite efforts to curb the practice, people familiar with the matter told Financial News.
