The European Union (EU) is seeking to set up vertically-integrated exchanges to competition under draft EU rules, Financial Times reports. The draft law proposed by the European Commission will toughen up and extend its markets in financial instruments directive (MiFID). The law is part of a review by Brussels of its four-year old MiFID. The draft legislation recommended that the suspension of share trading on one platform should initiate the sake on all platforms to avoid confusion when one venue is affected by a technical glitch. The draft legislation also seeks to include the European emissions trading scheme owing to alleged thefts of €30 million worth of carbon permits in January.
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