EU regulators said an overhaul of the Markets in Financial Instruments Directive will focus on improving pricing transparency in off-exchange trades rather than draconian curbs to the sector's activities. Alexander Justham of the Committee of European Securities Regulators said the review will zero in on tougher disclosure requirements for the over-the-counter sector. "I don't think MiFID was designed to completely annihilate the OTC market," Justham said. "The area we feel MiFID could be significantly improved is in post-trade transparency in OTC. We see that as the next area of focus."