Mifid II: LEI rule already sending issuers abroad

According to banks, trading venues and lawyers, a small detail in the new directive that requires all listed securities to have a legal entity identifier is already prompting regulatory arbitrage and sending non-EU issuers to exchanges in Hong Kong, Singapore and New York. But with the LEI initiative central to the global post-crisis drive towards transparency, they may not manage to circumvent the rule for long

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