About a-team Marketing Services
The knowledge platform for the financial technology industry

A-Team Insight Blogs

MiFID II Response Depends On Organizing Data, Sticking To Exchanges

Subscribe to our newsletter

Transparency of financial market activity will be key to achieving compliance with MiFID II best execution provisions, states independent industry consultant Chris Pickles, who will be on a panel discussing data management under the European Union directive, at the Intelligent Trading Summit (ITS) to be hosted by A-Team Group in London on 2nd February.

“MiFID II is a fairly heavyweight tuning exercise,” says Pickles. “The regulators are gradually working their way through the learning process of what transparency is about.”

With the UK’s exit from the European Union proceeding, the UK will need to create regulations that are consistent with MiFID II as a directive — for UK markets to continue to transact cross-border trading with EU member countries. If Brexit had not proceeded, MiFID II’s related MiFIR regulation would have automatically applied to UK market activity.

“EU regulations are founded on an underlying belief that has built up over the last dozen years that trading must be done on an exchange for it to be transparent,” says Pickles, alluding to the approach that UK regulators will need to take to writing regulations consistent with MiFID II.

The European Securities and Markets Authority (ESMA) construction of its Financial Instruments Reference Data System (FIRDS) will inevitably generate more data output, as Pickles says. The ITS session is set to cover the topic of “Keeping up with the data management deluge.”

“ESMA will have to carry a super set of all instruments because they have to regulate every single financial institution across the EU,” says Pickles. “They have to be the superset of all the banks, all the exchanges and all the OTC trading venues. There’s a massive reference database there.”

Generating more data, and then getting an organized reference database of that data, can lead to “the degree of transparency that’s needed across [European] markets,” he adds. This will also set up the data operations and compliance climate for an eventual “MiFID III” update of the EU directive, according to Pickles.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Generative and Agentic AI in Financial Markets: What the Data Really Shows

Artificial intelligence is reshaping financial markets – but the reality on the ground is more nuanced, more uneven, and more instructive than the headlines suggest. A new A-Team Insight research programme, drawing on responses from senior AI decision-makers at buy-side and sell-side institutions across the USA, UK and Canada, reveals a market in transition: from...

BLOG

The Performance Gap: How Data and Automation Are Separating Fixed Income Winners and Laggards

By Eugene Grinberg, Co-Founder and CEO, SOLVE. For decades, fixed-income markets rewarded opacity. Firms with the right relationships, proprietary data, or pricing advantages could generate outsized returns on a small number of well-timed trades. That model is breaking down. Fee compression, regulatory transparency requirements, and an explosion in available data have changed the basis of...

EVENT

Alternative Data Conference, Fall NYC

Now in its 8th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

Regulatory Data Handbook 2026 – Fourteenth Edition

Welcome to the fourteenth edition of A-Team Group’s Regulatory Data Handbook. Supervisors increasingly expect firms to demonstrate which rules apply, which data supports each obligation, who owns the control and how exceptions are identified and resolved. Policies and implementation programmes must now be supported by records that can withstand regulatory scrutiny. This edition examines material...