Mark Spanbroek, general secretary at the FIA European Principal Traders Association, has voiced concerns about how proposals in European countries, particularly Germany, will work with the revised Markets in Financial Instruments Directive. "It's a shame that European countries are moving ahead with their own national legislation on market structure, when we have worked so hard on MiFID II," Spanbroek says. "The German proposals are sensible, but this independent action undermines MiFID II. It's going to be very hard for the [European Securities and Markets Authority] to control the market effectively when there are different rules across Europe."

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