Tag Archives: MiFID 2

ESMA uploads MiFID 2 lists

ESMA has published several lists of documents and information relating to MiFID 2.  It has published: a public register of derivative contracts subject to the MiFIR trading obligation a list of trading venues temporarily exempted from open access under MiFIR and a first set of position management controls for commodity derivatives. It has also decided […]

MiFID 2 implementation day

MiFID 2 implementation date has finally arrived.  We have written an article to remind firms of the key changes and action points. FCA has also published a series of updates covering: transitional arrangements for trading venues, which confirms FCA has agreed a transitional arrangement for ICE Futures Europe and LME, such that the open access […]

Commission publishes Swiss exchange MiFID 2 equivalence

The Commission has ruled the Swiss Exchange AG and BX Swiss AG as equivalent to regulated markets under MiFID 2.

UK Finance publishes MiFID 2 guidelines

UK Finance has published guidance for firms on product governance and retail costs and charges under MiFID 2. The guidelines on product governance look at the “target market” criteria, which include recommendations on information exchange between manufacturers and distributors. UK Finance notes that MiFID 2 will have the effect of creating industry-wide renegotiations and has […]

Commission adopts MiFID 2 trading equivalence decisions

The Commission has recognised a number of trading venues in the US, Australia and Hong Kong as equivalent for the purposes of the MiFID 2/ MiFIR share trading obligation. This follows publication in the OJEU of the decision of equivalence in relation to certain US swaps markets.

FCA writes to CEOs on PFOF

FCA has written a Dear CEO letter, expressing its concerns on the continued practice of “payment for order flow”. Despite FCA having criticised the practice in the past, it is aware that many brokers are still doing it, and are devising strategies to get round the even stricter MiFID 2 restrictions. FCA warns firms that […]

FCA highlights transaction reporting and MAR issues

The latest edition of Market Watch looks at: a reminder that an investment firm’s transaction report must reflect the transaction from its own perspective, reporting its immediate counterparty or client (whether or not subject to MiFIR). Whether to report at block or allocation level depends on what the immediate counterparty confirms as “executions” a reminder […]

FCA makes new rules

At FCA’s Board meeting on & December, it made several new rule instruments, covering (among other things), several changes to take effect from 3 January 2018: minor changes relating to MiFID 2 implementation, including a new definition of “high frequency algorithmic trading technique”, amending various definitions relating to derivatives to ensure they reflect changes to […]

FCA speaks on financial advice

Megan Butler has spoken on assessing the value of financial advice.  She spoke of the growing importance of financial advice as increasing numbers of people need help making “sense” of their choices.  Recent FCA studies have shown that, in 2015, 93.1% of advice on investments, pension accumulation and retirement outcomes was suitable. This figure was […]

ESMA updates MiFID 2 FAQs

ESMA has issued: a further update to its FAQs on market structure issues under MiFID 2, including on DEA and tick sizes an update to its transparency FAQs, including new questions on a range of pre- and post-trade transparency issues and on third countries; and an update to its FAQs on MiFIR data reporting.