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MiFID II – One Month In

The MiFID II Directive is here to stay. It is not the talking point in Europe it once was, but in North America there was a flurry of consternation on the part of futures brokers in the autumn. They were worried the European directive may impact the way they pay for specific services. One of the problems was the possibility that the Directive would require them to register as Commodity Trading Advisers (CTAs). To this end they asked the Futures Industry Association to seek clarity from the CFTC as to whether they were facing considerable additional costs. The CFTC published interpretative guidance...