Mifid delays cause frustration in OTC markets

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Market participants pressing for clarity on the European Union's review of the Markets in Financial Instruments Directive (Mifid) remain frustrated after the Council of the European Union failed to reach agreement on the new trading rules before the end of the current term of Cyprus in the rotating presidency.

While the European Commission and European Parliament have both made their decisions on the rules, which will require sweeping changes to trading practices in over-the-counter derivatives