Derivatives markets are being simultaneously reshaped by two forces. On one side, MiFID's long-planned extension into derivatives has been given additional impetus by a global regulatory agenda that aims to reduce systemic risk, especially in the over- the-counter derivatives space. On the other side, technology is empowering new liq- uidity venues and faster trading styles and providing new tools to navigate the resultant big data swamp. The opportunity for market participants is to understand how they can step through these changes and create sustainable competitive advantage. The alternative is to simply comply with the rules. But this means committing to a never- ending game of catch-up that just adds cost to an already strained business model.
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