It will take months and years to determine how Europe’s revised Markets in Financial Instruments Directive (MiFID II) will affect financial markets, said SIFMA President and CEO Kenneth E. Bentsen, Jr. in an interview on “Bloomberg Markets.”

Speaking with Mark Barton and Vonnie Quinn, Bentsen noted the extraterritorial nature of this massive legislation. “We’re very thankful that the SEC led by Chairman Clayton took steps to make sure that cross-border execution would not be in conflict with U.S. law when it comes to things like [alternative trading systems] or the unbundling of research.” (Source: BloombergTV)