Mark Hoban spoke to the International Options Market Association (IOMA) on the importance of the financial sector and the need for regulatory reform. He focused specifically on the shortcomings in transparency and management of counterparty credit risk in the OTC market and measures being taken to address these. He discussed the importance of EMIR and the changes to the Markets in Financial Instruments Directive (MiFID). He said the “bold” introduction of OTFs should let Europe bring a significant proportion of the OTC derivatives market onto regulated, organised venues. He said it is also important MiFID addresses changes in trading patterns such as high-frequency and automated trading. He moved on to discuss the Government’s concerns that no third country would meet MiFID’s current equivalence proposals, which would close the EU market to any third country firm until equivalence is obtained. He also commented that, while this is a concern, so is the proposed US Volcker Rule and any other third country legislation that would have the potential effect of restricting non-US banks in their ability to deal with US investors. (Source: Mark Hoban Speech to IOMA)