Transparency Obligation for Market Data under MiFIR
|
|
- Kerry Miles
- 6 years ago
- Views:
Transcription
1 Transparency Obligation for Market Data under MiFIR 3 January 2018 Contents Page 1. Regulatory Requirements for Market Data Provision Overview of Regulatory Requirements Legal Basis for the Provision of Real-time Data on a Reasonable Commercial Basis 3 2. Relevant Market Data Products and Scope of Description 4 3. General Cost Accounting Principles and applied Cost Allocation Methodology General Accounting Principles at Deutsche Börse Cost Accounting Methodology and Specific Principles Cost Allocation for Real-time Market Data 6
2 Transparency obligation for market data under MiFIR Deutsche Börse AG 2 1. Regulatory Requirements for Market Data Provision 1.1. Overview of Regulatory Requirements Based on the Regulation (EU) No 600/2014 ( MiFIR ) 1 supplemented by the Delegated Regulation (EU) 2017/ 567 ( RTS ) 2 additional obligations for trading venues and investment firms operating a trading venue and systematic internalisers for the publication of market data have become effective on 3 January As outlined in Recital (1) of MiFIR the key objective was to strengthen transparency: The financial crisis has exposed weaknesses in the transparency of financial markets which can contribute to harmful socioeconomic effects. Strengthening transparency is one of the shared principles to strengthen the financial system as confirmed by the G20 Leaders statement in London on 2 April In order to strengthen the transparency and improve the functioning of the internal market for financial instruments, a new framework establishing uniform requirements for the transparency of transactions in markets for financial instruments should be put in place. Already in the past, real-time market data from exchange venues provided for a precedent of highly reliable and transparent data. The regulation aims to make market data more easily and readily available to users by establishing a new transparency regime for non-equities and further strengthen and broaden the existing equity trade transparency regime. Provision of real-time market data With MiFIR data publication by trading venues (and systematic internalisers) falls under the new uniform transparency requirements. Under the new regime pre- and post-trade data shall be made available in a disaggregated form and unbundled from further services (MiFIR, Article 12, and RTS, Article 10 (1)). Further requirements are set out in MiFIR, Article 13 and RTS, Article 8 (obligation to provide market data on a non-discriminatory basis), and a new obligation in relation to per user fees (RTS, Article 9). Adherence to these requirements for the different trading venues within Deutsche Börse is reflected within the Market Data Price List of Deutsche Börse AG ( Deutsche Börse ), which is publicly available on the website. Data fees at reasonable commercial terms Amongst others, trading venues are also obliged to make the relevant pre- and post-trade data available on a reasonable commercial basis (MiFIR, Article 13). 1 REGULATION (EU) No 600/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012; see also section 1.2 of this paper for further regulatory details 2 COMMISSION DELEGATED REGULATION (EU) 2017/567 of 18 May 2016 supplementing Regulation 600/2014 of the European Parliament and the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions
3 Transparency obligation for market data under MiFIR Deutsche Börse AG 3 In line with RTS, Article 11 (2) (e), this document is providing information on how the price of market data is being set Legal Basis for the Provision of Real-time Data on a Reasonable Commercial Basis The core requirements to provide pre- and post-trade data on a reasonable commercial basis are outlined within MiFIR Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis 1. Market operators and investment firms operating a trading venue shall make the information published in accordance with Articles 3, 4 and 6 to 11 available to the public on a reasonable commercial basis and ensure non-discriminatory access to the information. Such information shall be made available free of charge 15 minutes after publication. 2. The Commission shall adopt delegated acts in accordance with Article 50 clarifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1. Further details have accordingly been provided in the RTS, in particular, Article 6, Obligation to provide market data on a reasonable commercial basis (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014) 1. For the purposes of making market data containing the information set out in Articles 3, 4, 6 to 11, 15 and 18 of Regulation (EU) No 600/2014 available to the public on a reasonable commercial basis, market operators and investment firms operating a trading venue and systematic internalisers shall, in accordance with Article 13(1), Article 15(1) and 18(8) of Regulation (EU) No 600/2014, comply with the obligations set out in Articles 7 to 11 of this Regulation. 2. Articles 7, 8(2), 9, 10(2) and 11 shall not apply to market operators or investment firms operating trading venues or to systematic internalisers that make market data available to the public free of charge. in combination with Article 7, Obligation to provide market data on the basis of cost (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014) 1. The price of market data shall be based on the cost of producing and disseminating such data and may include a reasonable margin. 2. The cost of producing and disseminating market data may include an appropriate share of joint costs for other services provided by market
4 Transparency obligation for market data under MiFIR Deutsche Börse AG 4 operators or investment firms operating a trading venue or by systematic internalisers. The RTS also provides for certain transparency obligations and in particular publication requirements: Article 11 Transparency obligation (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014) 1. Market operators and investment firms operating a trading venue and systematic internalisers shall disclose the price and other terms and conditions for the provision of the market data in a manner which is easily accessible to the public. 2. The disclosure shall include the following: (a) (e) information on how the price was set, including the cost accounting methodologies used and the specific principles according to which direct and variable joint costs are allocated and fixed joint costs are apportioned, between the production and dissemination of market data and other services provided by market operators and investment firms operating a trading venue or systematic internalisers. 2. Relevant Market Data Products and Scope of Description The core business of the Market Data + Services ( MD+S ) segment is the distribution of capital market information, technology and infrastructure services to clients worldwide. These services include real-time trading and market signals, as well as indices such as the EURO STOXX 50 and the DAX. Capital market participants subscribe to this information, or license it for their own use, processing, or dissemination. Data Services is one of the business areas of MD+S, which is providing real-time transparency and dissemination services for Deutsche Börse Group s own trading venues as well as third party trading venues (i.e., partner exchanges) or other data providers. As such, the Data Services business area mainly involves the distribution of licenses for real-time trading and market signals, and the provision of historical data to banks, trading firms, and fund management companies. The most important products in this respect are order book data from the cash and derivatives markets, as well as reference data of exchanges within Deutsche Börse Group and its partner exchanges. MiFIR applies to certain data products published by Deutsche Börse. Below, all MiFIR relevant products affected by the new transparency regime under MiFIR, provided by Deutsche Börse and for which Deutsche Börse have been tasked by Frankfurter Wertpapierbörse and Eurex Deutschland are being listed:
5 Transparency obligation for market data under MiFIR Deutsche Börse AG 5 Originating trading venue Frankfurter Wertpapierbörse Eurex Deutschland Data products Xetra Pre-Trade Xetra Post-Trade Börse Frankfurt Pre-Trade Börse Frankfurt Post-Trade Eurex Pre-Trade Eurex Post-Trade Comprehensive information on real-time market data products and the respective licensing agreements including a fully transparent overview on pricing is available on Deutsche Börse s websites ( and respectively). 3. General Cost Accounting Principles and applied Cost Allocation Methodology MD+S provides and disseminates the real-time market data on behalf of the trading venues subject to the requirements for MiFIR. In total, Deutsche Börse acts as both a manufacturer and a distributor of market data. The costs for each service consist of standard directly attributable costs and indirect costs. Prices for the relevant data packages are generally being defined based on costs as laid out below, and the value of the data to various customer groups, including the content of the data packages. Furthermore, pricing of similar services by other data providers are considered for validation. 3.1 General Accounting Principles at Deutsche Börse Deutsche Börse s financial statements are prepared in compliance with International Financial Reporting Standards (IFRS) and the related interpretations issued by the International Financial Reporting Standards Interpretation Committee (IFRSIC), as adopted by the European Union in accordance with Regulation 1606/2002 of the European Parliament and of the Council on the application of international accounting standards. 3.2 Cost Accounting Methodology and Specific Principles Prices charged for the real-time market data provided by trading venues belonging to Deutsche Börse Group are derived based on fair and reasonable terms to recover costs incurred for the whole process of creating and distributing market data, including the control of licensed third parties, plus a reasonable margin. In order to set fees for the provision of market data at a reasonable level Deutsche Börse considers in line with the requirements of MiFIR different contributions to the overall costs: a) Directly attributable costs for the dissemination of real-time data (but also for production, insofar as relevant), for example staff costs, marketing costs, costs for the
6 Transparency obligation for market data under MiFIR Deutsche Börse AG 6 real-time market data feed (CEF ) of Deutsche Börse (as technical infrastructure for dissemination of real-time market data), but also a relevant share of indirect costs from tax, accounting, legal and similar functions. These costs are incurred within the data business; b) Shares of joint costs for the production (but also for the dissemination, insofar as relevant), for example primary costs incurred by operators of the respective trading venues, amongst others their respective staff costs, costs for market supervision, IT costs for the trading platforms as well as the relevant share of costs from tax, accounting, legal and similar functions. These costs are primarily incurred in Xetra and Eurex as well as within Deutsche Börse directly (where applicable); and c) A reasonable margin both at the production and dissemination levels. Deutsche Börse concluded that an Activity Based Cost accounting solution is the most appropriate method for determining the cost allocation for the provision of market data and associated services in the context of assessing the reasonable commercial basis. 3.3 Cost Allocation for Real-time Market Data The determination of the relevant cost basis for the identification and assessment of the reasonable commercial basis of the fees set are the direct fixed and variable costs of the data business. As outlined above, those direct costs will be supplemented with attributable indirect costs and shared joint fixed and variable costs. Those allocations are implemented based on the following specific principles as follows: MD+S IT functions contribute to the cost base only when performing functions or services relevant to the production and dissemination of real-time market data, i.e. excluding those costs associated with clearing, asset servicing and settlement. MD+S business functions contribute to the cost base reflecting the increased awareness and efforts for regulatory controlled business. Costs incurred by the trading venues are adjusted for all clearing related activities. As a consequence, only the remaining trading related costs are taken into consideration only. Typical allocation keys are applied for the allocation of indirect costs both from corporate services as well as from other business areas are amongst others revenues, head count, and work space. In particular, for IT related costs a further set of refined allocation keys is applied.
COMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 18.5.2016 C(2016) 2860 final COMMISSION DELEGATED REGULATION (EU) /... of 18.5.2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council
The review of the Markets in Financial Instruments Directive
The review of the Markets in Financial Instruments Directive MIFID 2 Brussels, 11 June 2014 State of play - level 1 process Political agreement on the review of the Market in Financial Instruments Directive
Questions and Answers On MiFID II and MiFIR transparency topics
Questions and Answers On MiFID II and MiFIR transparency topics 18 November 2016 ESMA/2016/1424 Date: 18 November 2016 ESMA/2016/1424 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
COMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 28.8.2017 C(2017) 5812 final COMMISSION DELEGATED REGULATION (EU) /... of 28.8.2017 amending Delegated Regulation (EU) 2017/565 as regards the specification of the definition
Price List to the Market Data Dissemination Agreement of Deutsche Börse AG
Price List to the Market Data Dissemination Agreement of Deutsche Börse AG Effective as of 1 January 2018 Contents Page A General 2 B Distribution Licence Fees 3 B.1 Standard Fees 3 B.2 Special Fees /
Opinion Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1)
Opinion Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) 20 September 2018 ESMA70-156-769 Table of Contents 1 Legal Basis... 2 2 Background and Procedure... 2 3 Executive Summary...
Questions and Answers On MiFID II and MiFIR transparency topics
Questions and Answers On MiFID II and MiFIR transparency topics 19 December 2016 ESMA/2016/1424 Date: 19 December 2016 ESMA/2016/1424 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
Price List to the Market Data Dissemination Agreement of Deutsche Börse AG
Price List to the Market Data Dissemination Agreement of Deutsche Börse AG Effective as of 2 November 2018 Contents Page A General 2 B Distribution Licence Fees 3 B.1 Standard Fees 3 B.2 Special Fees /
Questions and Answers On MiFID II and MiFIR post trading topics
Questions and Answers On MiFID II and MiFIR post trading topics 14 December 2017 ESMA70-151-957 Date: 14 December 2017 ESMA70-151-957 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
(Text with EEA relevance)
L 87/174 COMMISSION DELEGATED REGULATION (EU) 2017/577 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard
Price List to the Non-Display Agreement of Deutsche Börse AG
Price List to the Non-Display Agreement of Deutsche Börse AG Effective as of 1 January 2018 Contents Page A General 2 B 3 B.1 Fees 4 C Contact 11 Price List to the Non-Display Agreement of Deutsche Börse
Questions and Answers. On the Benchmarks Regulation (BMR)
Questions and Answers On the Benchmarks Regulation (BMR) ESMA70-145-11 Version 4 Last updated on 14 December 2017 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
Questions and Answers. On the Benchmarks Regulation (BMR)
Questions and Answers On the Benchmarks Regulation (BMR) ESMA70-145-11 Version 6 Last updated on 22 March 2018 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
MiFID 2/MiFIR Articles relevant to article The top 10 things every investment banker should know about MiFID 2. EU Council MiFID 2 general approach
MiFID 2/MiFIR Articles relevant to article The top 10 things every investment banker should know about MiFID 2 3. What is an organised trading facility? EU Commission MiFID 2 legislative proposal Article
Price List to the Non-Display Agreement of Deutsche Börse AG
Price List to the Non-Display Agreement of Deutsche Börse AG Effective as of 2 November 2018 Contents Page A General 2 B 3 C Contact 11 Price List to the Non-Display Agreement of Deutsche Börse AG 2 A
MiFID II: What is new for buy side? Best Execution Topic 3
Global Market Structure Europe Execution Excellence November 24, 2016 MiFID II: What is new for buy side? Best Execution Topic 3 In our document on Topic 1 of this series looking at MiFID II, we examined
Questions and Answers. On the Benchmarks Regulation (BMR)
Questions and Answers On the Benchmarks Regulation (BMR) ESMA70-145-11 Version 3 Last updated on 08 November 2017 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
The impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal
The impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal MiFID II MiFIR: Necessary adjustments in the new environment HCMC conference Athens : 23 October 2017 MIFID
Questions and Answers. On the Benchmarks Regulation (BMR)
Questions and Answers On the Benchmarks Regulation (BMR) ESMA70-145-11 Version 5 Last updated on 05 February 2018 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
Questions and Answers. On the Benchmarks Regulation (BMR)
Questions and Answers On the Benchmarks Regulation (BMR) ESMA70-145-11 Version 8 Last updated on 17 July 2018 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
COMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 14.7.2016 C(2016) 4405 final COMMISSION DELEGATED REGULATION (EU) /... of 14.7.2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council
Final Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1)
Final Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) 26 March 2018 ESMA70-156-354 Table of Contents 1 Executive Summary... 3 2 Prices reflecting prevailing market conditions...
Questions and Answers. On the Market Abuse Regulation (MAR)
Questions and Answers On the Market Abuse Regulation (MAR) ESMA70-145-111 Version 10 Last updated on 14 December 2017 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
Questions and Answers. On the Benchmarks Regulation (BMR)
Questions and Answers On the Benchmarks Regulation (BMR) ESMA70-145-11 Version 2 Last updated on 29 September 2017 Table of Contents 1. Purpose and status... 3 2. Legislative references and abbreviations...
Managers will be prohibited from receiving any third-party inducements 1, unless an exception applies.
1. Inducements and research Managers will be prohibited from receiving any third-party inducements 1, unless an exception applies. There is an exception for minor nonmonetary benefits that both are capable
Deutsche Börse Group - Comments on ESMA Consultation Paper -
- Comments on ESMA Consultation Paper - Exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and
A8-0126/2. Amendment 2 Roberto Gualtieri on behalf of the Committee on Economic and Monetary Affairs
31.5.2016 A8-0126/2 Amendment 2 Roberto Gualtieri on behalf of the Committee on Economic and Monetary Affairs Report Markus Ferber Markets in financial instruments COM(2016)0056 C8-0026/2016 2016/0033(COD)
COMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 14.7.2016 C(2016) 4390 final COMMISSION DELEGATED REGULATION (EU) /... of 14.7.2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council
I) Background. Copyright 2017 by the International Swaps and Derivatives Association, Inc. and FIA, Inc
The International Swaps and Derivatives Association, Inc. ( ISDA ) has prepared this explanatory memorandum to provide a high-level, factual overview of the timeframes for the transfer of information for
16523/12 OM/mf 1 DGG 1
COUNCIL OF THE EUROPEAN UNION Brussels, 13 December 2012 Interinstitutional File: 2011/0296 (COD) 2011/0298 (COD) 16523/12 EF 270 ECOFIN 970 CODEC 2743 "I" ITEM NOTE from: to: Subject: Presidency Coreper
Transactions Concluded at Eurex Deutschland and Eurex Zürich
Chapter II of the Clearing Conditions of Eurex Clearing AG Transactions Concluded at Eurex Deutschland and Eurex Zürich (Eurex Exchanges) As of 11.12.2017 Page 2 **********************************************************************************
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Brussels, 10.2.2016 COM(2016) 57 final 2016/0034 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 600/2014 on markets in financial
Managers will be prohibited from receiving any third-party inducements 1, unless an exception applies.
1. Inducements and Research Managers will be prohibited from receiving any third-party inducements 1, unless an exception applies. There is an exception for minor nonmonetary benefits that both are capable
10 November InfoNet. MiFID II/R Seminar. Transparency. Sponsored by
10 November 2015 InfoNet MiFID II/R Seminar Transparency Sponsored by PRESENTATION Fabio Braga, Technical Specialist, Trading Venues Policy, FCA INFONET 10 November 2015 Transparency & Market Structure
Final Report CSDR Guidelines on Access by a CSD to the Transaction Feeds of a CCP or of a Trading Venue under Regulation (EU) No 909/2014
Final Report CSDR Guidelines on Access by a CSD to the Transaction Feeds of a CCP or of a Trading Venue under Regulation (EU) No 909/2014 23 March 2017 ESMA70-708036281-7 Table of Contents 1 Executive
Nasdaq Nordics Introduction to the main MiFID II requirements.
Nasdaq Nordics Introduction to the main MiFID II requirements. 13 November 2017 Table of Contents Background...3 Market structure...4 Trading obligation...5 Pre and post Trade Transparency...5 Organizational
ESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR
09 February 2016 ESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR 1. Introduction Pursuant to Article 52(12) of the Markets in Financial
Exemption of MiFIR access provisions for trading venues as regards exchange-traded derivatives Procedure / Policy
Exemption of MiFIR access provisions for trading venues as regards exchange-traded derivatives Procedure / Policy 15 September 2017 ESMA70-154-259 Table of Contents Document information and approval...
Market making agreements and schemes at WBAG RTS 8: Specifying the requirements on market making agreements and schemes
Market making agreements and schemes at WBAG RTS 8: Specifying the requirements on market making agreements and schemes Existing Market Maker regimes and MiFID II Today, market making programs are already
ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 27 November 2012
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 27 November 2012 on various draft regulatory and implementing technical standards submitted by the European Securities and Markets Authority to the
Questions and Answers On MiFID II and MiFIR market structures topics
Questions and Answers On MiFID II and MiFIR market structures topics 31 May 2017 ESMA70-872942901-38 Date: 31 May 2017 ESMA70-872942901-38 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France
(Text with EEA relevance) (OJ L 173, , p. 84)
02014R0600 EN 01.07.2016 001.002 1 This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions
Questions and Answers On MiFID II and MiFIR market structures topics
Questions and Answers On MiFID II and MiFIR market structures topics 15 November 2017 ESMA70-872942901-38 Date: 15 November 2017 ESMA70-872942901-38 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
INTERNAL DEALING PROCEDURE
UniCredit S.p.A. INTERNAL DEALING PROCEDURE August 2017 Edition Introduction The reporting duties and associated restrictions relating to certain transactions in listed shares and debt instruments 1 as
Financial Regulatory Alert
Financial Regulatory Alert August 10, 2017 UK Implementation of MiFID II (for and Other Managers) The release by the UK Financial Conduct Authority (FCA) on 3 July 2017 of its final rules on the implementation
COMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 29.6.2016 C(2016) 3944 final COMMISSION DELEGATED REGULATION (EU) /... of 29.6.2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council
COMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 14.7.2016 C(2016) 4389 final COMMISSION DELEGATED REGULATION (EU) /... of 14.7.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard
describe the main legal implications of different levels of segregation.
MORGAN STANLEY & CO. LLC DIRECT CLIENT DISCLOSURE STATEMENT REGARDING INDIRECT CLEARING In accordance with the provisions of Article 5(1) of the Indirect Clearing RTS, 1 this Direct Client Disclosure Statement
Flash News. ESMA releases its Final Technical Advice on MiFID II/MiFIR. Background. ESMA Final Technical Advice on investor protection topics
www.pwc.lu/mifid Flash News ESMA releases its Final Technical Advice on MiFID II/MiFIR 20 January 2015 On 19 December 2014, ESMA delivered its final Technical Advice (TA) regarding the implementation of
Deutsche Börse Group Response to European Securities and Markets Authority (ESMA) Consultation Paper ESMA/2012/236
Deutsche Börse Group Response to European Securities and Markets Authority (ESMA) Consultation Paper ESMA/2012/236 Call for Evidence of European Short Selling Regulation Frankfurt / Main, 15 March 2013
DEUTSCHE BÖRSE AG Standard Product Codes for Electronic Reporting - SUB-VENDORS
Xetra Order by Order Sub-Vendors Real-time XOBO2RTREV Xetra Order by Order Sub-Vendors Delayed XOBO2DREV XOBO2DP XOBO2AMVF Xetra Ultra Level 2 Sub-Vendors Real-time XTUL2RTREV Xetra Ultra Level 2 Sub-Vendors
Christos Gortsos Associate Professor of International Economic Law, Panteion University of Athens
ERA Conference The MIFID II Legislative Proposal Crucial changes in the reform of MiFID: : distinction between MiFID obligations and MiFIR requirements Christos Gortsos Associate Professor of International
Questions and Answers On ESMA s temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail
Questions and Answers On ESMA s temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients ESMA35-36-1262 Last updated on 09 November 2018
Price List to the Non-Display Agreement of Deutsche Börse AG
Price List to the Non-Display Agreement of Deutsche Börse AG Effective as of 29 September until 31 December 2017 Contents Page A 2 B General 5 C Contact 5 Price List to the Non-Display Agreement of Deutsche
Annual Reporting on the Quality of Execution Obtained
Annual Reporting on the Quality of Execution Obtained 2017 1 P a g e Introduction The Markets in Financial Instruments Directive 2014/65/EU (the MiFID II ), the Commission Delegated Regulation (EU) 2017/565
CITI MARKETS & SECURITIES SERVICES COMMERCIAL POLICY
CITI MARKETS & SECURITIES SERVICES COMMERCIAL POLICY ISSUE DATE: JANUARY 2018 VERSION: 1.0 2017 Citigroup Inc. TABLE OF CONTENTS 1 OVERVIEW 1 2 POLICY 2 APPENDIX A: GLOSSARY 5 1 OVERVIEW 1.1 PURPOSE OF
OPINION OF THE EUROPEAN CENTRAL BANK. of 22 September on the designation of Lietuvos bankas as a resolution authority (CON/2015/33)
EN OPINION OF THE EUROPEAN CENTRAL BANK of 22 September 2015 on the designation of Lietuvos bankas as a resolution authority (CON/2015/33) Introduction and legal basis On 13 August 2015, the European Central
MiFID II/MIFIR Readiness
MiFID II/MIFIR Readiness October 2017 Author: GLEIF 1 What is MiFID II/MiFIR and the LEI requirements? MiFID II and MiFIR were adopted by the European Parliament and the Council of the European Union and
MiFID II pre and post trade transparency. Damian Carolan and Sidika Ulker 12 October 2017
MiFID II pre and post trade transparency Damian Carolan and Sidika Ulker 12 October 2017 Allen & Overy 2017 Agenda 1 Overview of the MiFID II transparency regime 2 Extraterritorial considerations in respect
MiFID II: Impact on LME members
MiFID II: Impact on LME members THE LONDON METAL EXCHANGE 10 Finsbury Square, London EC2A 1AJ Tel +44 (0)20 7113 8888 Registered in England no 2128666. Registered office as above. LME.COM Table of Contents
COMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 26.9.2017 C(2017) 6337 final COMMISSION DELEGATED REGULATION (EU) /... of 26.9.2017 amending Commission Delegated Regulation (EU) 2017/571 supplementing Directive 2014/65/EU
eurexbondscircular 51/17
eurexbondscircular 51/17 Date: 18 September 2017 Recipients: All Trading Participants of Eurex Bonds and Vendors Authorised by: Gloria Pfaue MiFID II / MIFIR: Further information on the technical and functional
MiFID II for Non-EU Investment Banks, Brokers and Fund Managers
MiFID II for Non-EU Investment Banks, Brokers and Fund Managers Thomas Donegan, Barney Reynolds, Russell Sacks and Nathan Greene Partners, Shearman & Sterling LLP October 10, 2017 What is MiFID II? EU
Xetra Circular 091/17
Xetra Circular 091/17 To all Xetra Members and Vendors Recipients: Traders, Security Administrators, Nominated Persons, System Administrators, Technical Contacts, General Deutsche Börse AG Cash Market
COMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 13.6.2016 C(2016) 3523 final COMMISSION DELEGATED REGULATION (EU) /... of 13.6.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets
Q1/2016 Results Analyst and Investor Conference Call. 28 April 2016
Q1/2016 Results Analyst and Investor Conference Call 28 April 2016 Deutsche Börse Group 1 Highlights Q1/2016 Results Presentation First quarter 2016 results were driven by Eurex s best quarter ever; strong
MiFID II 31 December MiFID II. Third country access
MiFID II 31 December 2016 1 MiFID II Third country access December 2016 MiFID II 31 December 2016 1 Key Points MiFID II will allow third country (i.e. non-eu) firms to provide cross-border services in
Questions and Answers On MiFID II and MiFIR commodity derivatives topics
Questions and Answers On and MiFIR commodity derivatives topics 27 March 2018 ESMA70-872942901-36 Date: 27 March 2018 ESMA70-872942901-36 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
Questions and Answers On MiFID II and MiFIR transparency topics
Questions and Answers On MiFID II and MiFIR transparency topics 5 April 2017 ESMA70-872942901-35 Date: 5 April 2017 ESMA70-872942901-35 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
Opinion. 17 June 2016 ESMA/2016/982
Opinion Draft Implementing Technical Standards on the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information 17 June 2016 ESMA/2016/982
Analyst and Investor Conference Call Q4 and FY February 2012
Analyst and Investor Conference Call Q4 and FY 14 February 2012 Excellent Financial Performance In Sales revenue ( m) Total costs ( m) 1 Net income ( m) 1 2,106 +6% 2,233 1,147-1% 1,134 722 +15% 833 Proposed
EBA FINAL draft Regulatory Technical Standards
EBA/RTS/2016/05 27 July 2016 EBA FINAL draft Regulatory Technical Standards on separation of payment card schemes and processing entities under Article 7 (6) of Regulation (EU) 2015/751 Contents Abbreviations
OPINION OF THE EUROPEAN CENTRAL BANK
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 12 September 2014 on the implementation of the European Bank Recovery and Resolution Directive (CON/2014/67) Introduction and legal basis On 25 July
16 th November European Parliament and the Council, of 23 June 2016, that amends, among others, the previous Regulation.
16 th November 2017 The CNMV Secondary Markets Directorate has prepared a table, attached to this communication, which identifies the most relevant actions in relation with MiFID II 1 and MiFIR 2 (authorization
A Guide to the Implications of the Alternative Investment Fund Managers Directive (AIFMD) for Annual Reports of Alternative Investment Funds (AIFs)
A Guide to the Implications of the Alternative Investment Fund Managers Directive (AIFMD) for Annual Reports of Alternative Investment Funds (AIFs) Alternative Investment Fund Managers Directive For Annual
LEI requirements under MiFID II
LEI requirements under MiFID II Table of contents 1. Scope & deadlines 2. LEI requirements 3. Reporting scenarios Scope & deadlines Regime Entities concerned Application Market Abuse (secondary market
Public Consultation on the Review of the Markets in Financial Instruments Directive (MiFID)
European Commission DG MARKT Financial Services Policy and Financial Markets Submitted to markt-consultations-mifid@ec.europa.eu London, February 2 nd, 2011 Public Consultation on the Review of the Markets
Opinion On the European Commission s proposed amendments to SFTR reporting standards
Opinion On the European Commission s proposed amendments to SFTR reporting standards 4 September 2018 ESMA70-151-1651 4 September 2018 ESMA70-151-1651 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
decision-making process in accordance with Article 7 of Regulation (EU) No 2015/751
EUROPEAN COMMISSION Directorate General for Competition Directorate-General for Financial Stability, Financial Services and Capital Markets Union Director General Brussels, 5 January 2017 COMP/D 1/DF/lb
Deutsche Börse sets new record for revenue and earnings in 2007
Frankfurt/Main 19 February 2008 Deutsche Börse sets new record for revenue and earnings in Sales revenue up 18 percent to 2,185.2 million/ EBITA up 31 percent to 1,345.9 million/ EPS up by 40 percent to
a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories
C 385/10 EN Official Journal of the European Union 15.11.2017 OPINION OF THE EUROPEAN CENTRAL BANK of 11 October 2017 on a proposal for a regulation of the European Parliament and of the Council amending
SOCIÉTÉ GÉNÉRALE CORPORATE AND INVESTMENT BANKING SYSTEMATIC INTERNALISER PRE-TRADE COMMERCIAL POLICY UNDER MIFID II / MIFIR 3 JANUARY 2018
SOCIÉTÉ GÉNÉRALE CORPORATE AND INVESTMENT BANKING SYSTEMATIC INTERNALISER PRE-TRADE COMMERCIAL POLICY UNDER MIFID II / MIFIR 3 JANUARY 2018 Société Générale is a French credit institution (Bank - Investment
Guidelines On the Process for the Calculation of the Indicators to Determine the Most Relevant Currencies in which Settlement Takes Place
Guidelines On the Process for the Calculation of the Indicators to Determine the Most Relevant Currencies in which Settlement Takes Place 5 May 2017 70-708036281-66 Table of Contents I. Executive Summary...
AFME response to ESMA s Consultation Paper on amendments to Commission Delegated Regulation (EU) 2017/588 (RTS 11)
AFME response to ESMA s Consultation Paper on amendments to Commission Delegated Regulation (EU) 2017/588 (RTS 11) 7 September 2018 The Association for Financial Markets in Europe (AFME) welcomes the opportunity
Trade transparency and possible waivers and deferrals for non-equity instruments
27 June 2017 Trade transparency and possible waivers and deferrals for non-equity instruments The EU aims to promote trade transparency in the financial markets in Europe. With greater transparency, investors
CMC Europe position paper: proposed Benchmarks Regulation
CMC Europe position paper: proposed Benchmarks Regulation 1. CMC Europe considers it essential that the scope of the proposed Benchmarks Regulation is clear and understood and encourages policy makers
COMMISSION DELEGATED REGULATION (EU) /... of XXX
EUROPEAN COMMISSION Brussels, XXX [ ](2016) XXX draft COMMISSION DELEGATED REGULATION (EU) /... of XXX supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard
Frankfurt am Main, 23 March BVI s response to the ESA s consultation on EOS PRIIPs. General Comments
Frankfurt am Main, 23 March 2017 BVI s response to the ESA s consultation on EOS PRIIPs General Comments It is decisive that the rules for EOS PRIIPs ensure meaningful transparency for investors without
A8-0125/ Markets in financial instruments, market abuse and securities settlement
31.5.2016 A8-0125/ 001-001 AMDMT 001-001 by the Committee on Economic and Monetary Affairs Report Markus Ferber Markets in financial instruments, market abuse and securities settlement A8-0125/2016 Proposal
Questions and Answers On MiFID II and MiFIR commodity derivatives topics
Questions and Answers On and MiFIR commodity derivatives topics 15 December 2017 ESMA70-872942901-28 Date: 15 December 2017 ESMA70-872942901-28 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France
Annex A Application of the standstill direction to amendments made in Statutory Instruments and Exit Instruments amending technical standards
Annex A Application of the standstill direction to amendments made in Statutory Instruments and Exit Instruments amending technical standards In this Annex, terms in bold take the meaning as stipulated
Questions and Answers On MiFID II and MiFIR market structures topics
Questions and Answers On MiFID II and MiFIR market structures topics 28 March 2018 ESMA70-872942901-38 Date: 28 March 2018 ESMA70-872942901-38 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France
Questions and Answers On MiFID II and MiFIR transparency topics
Questions and Answers On MiFID II and MiFIR transparency topics 03 October 2017 ESMA70-872942901-35 Date: 03 October 2017 ESMA70-872942901-35 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France
ING Bank N.V. Commercial Policy for the ING Systematic Internaliser
ING Bank N.V. Commercial Policy for the ING Systematic Internaliser Effective as of 3 January 2018 1. Interpretation and definitions 1.1 Interpretation (a) References to times shall mean those times in
ING Bank N.V. Commercial Policy for the ING Systematic Internaliser
ING Bank N.V. Commercial Policy for the ING Systematic Internaliser Effective as of 1 September 2018 1 Interpretation and definitions 1.1 Interpretation (a) References to times shall mean those times in
A guide on client impacts
A guide on client impacts The CSD Regulation May 2016 The CSD Regulation A guide on client impacts 1 The Central Securities Depositories Regulation (CSDR) may look, at first glance, as a specific piece
THE INVESTMENT ASSOCIATION POSITION PAPER ON INTERNAL CROSSING BY ASSET MANAGERS
THE INVESTMENT ASSOCIATION POSITION PAPER ON INTERNAL CROSSING BY ASSET MANAGERS SUMMARY One of the key objectives of MiFIR/D II is to ensure that trading in financial instruments is carried out in so
Questions and Answers On MiFID II and MiFIR commodity derivatives topics
Questions and Answers On MiFID II and MiFIR commodity derivatives topics 14 November 2017 ESMA70-872942901-28 Date: 13 November 2017 ESMA70-872942901-28 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
Mahin Choudry Competition Division Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS
Mahin Choudry Competition Division Financial Conduct Authority 25 The North Colonnade Canary Wharf London E14 5HS Submitted via email to assetmanagementmarketstudy@fca.org.uk London, December 18 th 2015
ISDA commentary on Presidency MiFID2/MiFIR compromise texts as published on
1 11 September 2012 ISDA commentary on Presidency MiFID2/MiFIR compromise texts as published on 31.08.2012 1 This paper has been produced by the International Swaps and Derivatives Association (ISDA) in