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A-Team Insight Blogs

ESMA Publishes Missing Pieces of Reference Data Crucial to MiFID II

To the relief of market participants subject to Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has published the last missing pieces of reference data crucial to trading under the regulation – MiFID II and Markets in Financial Instruments Regulation (MiFIR) transitional transparency calculations (TTC) for equity and bond instruments. The publication of the reference data completes TTC for all asset classes.

Steven Maijoor, ESMA chair, says: “Publication of the Transitional Transparency Calculations for bonds and equity completes the provision of data needed by financial market participants and their supervisors for the implementation of one of the key elements of the MiFID/MiFIR reforms – more transparent securities markets. All market participants in the European Union, and National Competent Authorities (NCAs), now have the final information needed to ensure a smooth transition to meeting their responsibilities under the new regime.”

Christian Voigt, senior regulatory adviser at Fidessa, comments: “This data is a crucial step on the way to MiFID II compliance. It clarifies Large in Scale (LIS) for every instrument and is essential information for trading.”

In a blog following the ESMA publication of the outstanding reference data, Voigt wrote: “The reference data allows you to work out what MiFID II really means at an instrument-by-instrument level and turn lofty principles written in MiFID II into something tangible.”

While the equity and bond reference data marks a turning point in MiFID II readiness for many firms, Voigt points out that further information is still needed from ESMA on how to deal with the double volume cap on Day 1 of MiFID II, and on which firms hold Organised Trading Facility (OTF) licenses, although this information is due to be published by ESMA on a daily basis from the 3 January 2018 compliance deadline.

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