ISDA has welcomed the publication of the Commission’s MiFID 2 proposals (see FReD 21 October 2011), but is concerned it has in places gone too far. ISDA supports changes that increase the integration, competition and efficiency of EU markets, including the introduction of a well-calibrated post-trade transparency regime for OTC derivatives. But ISDA thinks the proposals go far beyond the G20 commitment that OTC derivative contracts should be traded on exchanges or electronic trading platforms, where appropriate. It is particularly worried the proposals would place restrictions on Organised Trading Facilities, which will hurt end-user choice and market liquidity by limiting the types of trade that can be transacted on single dealer platforms. ISDA says this would adversely affect the ability of firms to effectively manage their risks. (Source: ISDA Worried About MiFID 2 Consequences)