Financial Services partner Nathaniel Lalone spoke with Financial News on the lack of live reporting by bonds as part of the revised Markets in Financial Instruments Directive (MiFID II). The European Securities and Markets Authority (ESMA) indicated that less than 1 percent of bonds were liquid enough to trigger reporting rules. Nate stated, "There was already a general expectation that the universe of bonds that would be found to be liquid would be quite small. The 0.3 percent number is, however, even smaller than that." He added, "Given that these calculations are done on a rolling basis, it could very well be that the next round of calculations has more complete data and so the calculations are more in line with what ESMA expected." ("Poor Quality Bond Data Hits Live Reporting Under MiFID II," May 2, 2018)