No 648/2012 on OTC derivatives, central counterparties and trade repositories. In March 2012, MEP Markus Ferber suggested amendments to the European Commission's proposals, intended to strengthen restrictions on high-frequency trading and commodity price manipulation. The Association for Financial Markets in Europe (AFME)'s formal response to Ferber particularly cited concern with the requirement that all algorithms run continuously as this would preclude the use of broker algorithms to execute client orders. The creation of the Organized Trading Facility (OTF) rules have also caused concern because of their proposed ban on proprietary trading in broker crossing networks, which would prevent brokers from using their pools to unwind risk on behalf of a client or the bank itself. Both MiFID 2 and Regulation (EU) No 600/2014 entered into force on 2 July 2014. MiFID 2 replaced MiFID 1, which in turn replaced Directive 93/22/EEC. MiFID 2 is complemented by Regulation (EU) No. 600/2014 on markets in financial instruments The initial date for implementation by the Member States was 3 January 2017, however, in February 2016 the European Commission delayed this until 3 January 2018 to allow for the building of IT systems to enable enforcement of the new package. Some banks and institutions advocated for a further delay to the implementations of MiFID 2, with smaller organisations not yet equipped for the additional demands. However, MiFID 2 came into force on the revised date of 3 January 2018. Some analysts believe the impact of MiFID 2 will lead to global investment research expenditures falling by as much as $1.5 billion annually when the rules come into force. Within days of coming into effect, Intercontinental Exchange announced plans to transfer trading in 245 energy futures contracts from London to the US, putting transactions under the oversight of US, rather than European, regulators. By 3 March 2021, the European Commission will need to present a report to the European Parliament and Council on the functioning of the directive. This will cover a broad range of issues, including the impact of requirements regarding algorithmic trading and the development in prices for pre and post trade transparency data. The European Securities and Markets Authority is to support the Commission with this exercise. See also Directive 2011/61/EU EU law European company law German company law Institutional investor Investment Company Act of 1940 Reg NMS (similar United States legislation to MiFID) Request for quote Stock market equivalence UK company