Tag Archives: MIFIR

US MiFIR equivalence decision in OJEU

The decision to consider the legal and supervisory framework of the USA applicable to designated contract markets and swap execution facilities as equivalent to MiFIR standards  under MiFIR has been published in the OJEU. The Annex to the decision names over 20 markets which are equivalent to EU trading venues.

ESMA publishes MiFID II Q&A clarifying trading obligation for shares

ESMA has updated its MiFID II Q&As to clarify the application of the trading obligation for shares to trade certain instruments on-venue. ESMA confirms that all EU investment firms that are part of a chain of transmission should ensure that the ultimate execution of the order complies with the trading obligation requirements under article 23(1) […]

FCA publishes latest Market Watch

FCA’s latest Market Watch newsletter highlights: the fast approach of the deadline for ensuring all entities that need an LEI have one; ESMA’s reference data files that are available to download; the transitional arrangements FCA has put in place as it decommissions its MiFID transaction reporting system and moves to the new Market Data Processor […]

ESMA issues post-trading FAQs

ESMA has published a set of Q&As on post-trading issues under MiFID 2 and MiFIR. There is currently only one question, on rules for straight-through processing.

ESMA highlights importance of LEI

ESMA has published a briefing highlighting the importance of the LEI in an attempt to ensure market participants have done what they need to to comply with the LEI requirements under MiFID 2 by 3 January 2018. Its EMIR experience suggests reporting entities are likely to leave it to the last minute, which would cause […]

ESMA finalises MiFID 2 derivatives trading obligation

ESMA has published its final draft RTS implementing the trading obligation under MiFIR. The standards, part of the move to make OTC trading in liquid derivatives take place on organised venues, covers interest rate swaps and credit default swaps. ESMA has decided to make the following products subject to the trading obligation: Fixed-to-float interest rate […]

ESMA updates MiFID 2 FAQs

ESMA has updated its FAQs on MiFID 2 and MiFIR market structures.  The updates relate to access to CCPs and trading venues and address timings of notifications and applications for exemptions by trading venues.      

ESMA publishes guidelines on cooperation between authorities under the Central Securities Depositories Regulation

ESMA has today published guidelines (the Guidelines) to ensure that competent authorities (CAs) apply the Central Securities Depositories Regulation (CSDR) in a consistent, efficient and effective supervisory manner, which includes cooperating with each other. Under Article 14(1) of the CSDR, CAs and ESMA are expected to cooperate closely, including exchanging all relevant information applicable under the regulation.  […]

ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries topics

ESMA has today updated its Q&A topics on best execution and recording of telephone conversations and electronic communications. Best execution MiFID II requires investment firms to take all sufficient steps to obtain the best possible result for the client when executing orders.    It also requires trading venues to publish, without charge,  data on the quality of the […]

ESMA issues transparency calculations for non – equity instruments in readiness for MiFID2

MiFID 2 / MiFIR introduces transparency requirements for equity and non-equity instruments  and allows competent authorities to waive the obligation for market operators and investment firms operating a trading venue, to make public their pre trade information. Under RTS 2, competent authorities are to publish information on the liquidity classification of the different asset classes. The […]