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

A-Team Insight Blogs

ESMA Updates Information on MiFID II & MiFIR Transparency

Subscribe to our newsletter

The European Securities and Markets Authority (ESMA) in April updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

The new Q&As provide clarification on topics including the determination of the turnover to be used for the average value of transactions (AVT) calculation; money market instruments (MMIs); the impact for systematic internalisers of an instrument changing liquidity status in between the systematic internaliser determination dates; the reporting of prime brokerage transactions; the quoting obligation for systematic internalisers in non-equity financial instruments; branches of third country firms operating as SI in the EU; and third-country trading venues’ access to an EU CCP.

ESMA also reviewed its published Q&As on market structures topics and deleted/amended four topics addressing issues pertaining to January 3, 2018, and the following 12 months. These included the identification and authorisation of HFT and algorithmic trading; the timing of notification for transitional arrangements under Article 35(5) of MiFIR; the timing and procedure of notification for temporary opt out under Article 36(5) of MiFIR; and the timing of application for transitional arrangements under Article 54(2) of MiFIR.

In addition, the Q&A clarifying how tick sizes should be determined for non-EU instruments was also deleted.

ESMA will continue to develop these Q&As in the coming months, and will review and update where required.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Solving the operations talent crisis

With financial services in the grip of the Great Resignation, operations – a function which has always found recruitment and retention of talent difficult – is facing challenging times. Business growth is a must, but with scaling comes the cost and complexity of additional headcount. How can you ensure that these constraints don’t hold your...

BLOG

ACA Updates ESG Platform with Greater Private Market Capabilities

Governance, risk and compliance advisory firm ACA Group has updated its ESG data management platform to provide more flexibility to its private investment clients. The New York-based company has retooled the ACA Vantage for ESG platform it launched in 2022 after acquiring ESG data specialist Ethos. The new iteration enables greater configuration of data and...

EVENT

TradingTech Summit MENA

The inaugural TradingTech Summit MENA takes place in November and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions in the region.

GUIDE

Enterprise Data Management, 2009 Edition

This year has truly been a year of change for the data management community. Regulators and industry participants alike have been keenly focused on the importance of data with regards to compliance and risk management considerations. The UK Financial Services Authority’s fining of Barclays for transaction reporting failures as a result of inconsistent underlying reference...