The New ISD

A symptom of excessive harmonisation in the implementation of the Lamfalussy approach?

Karel Lannoo. Centre for European Policy Studies (CEPS), Brussels

The new draft Investment Services Directive (ISD) saw the light after a long consultation process and a last minute row regarding the addition of an article regarding pre-trade transparency. In the meantime, it has been fairly quiet, which raises some questions: Are the markets in general happy with the text as it currently stands? Are they overwhelmed? Or is a counter-offensive in the making?