EUROPEAN UNION: ESMA Updates MIFID II Q&AS on Transparency and Market Structures

Thursday November 16 2017

On the 15th of November the European Securities and Markets Authority (ESMA) updated its Q&As on transparency and market structure issues. The Q&A’s give guidance on procedures that are in force under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

In relation to the transparency the updates apply to the following:

• Pre- and post-trade transparency, and for equity and non-equity instruments;
• Systematic Internalisiers;
• Data reporting service providers; and
• Third country issues.

In comparison the updates to Market Structures concern:

• Tick size regime;
• Direct Electronic Access (DEA); and
• Multilateral systems;

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