MiFID II: the next step. Fiona Richardson and Mark Spiers November 2015
|
|
- Maryann Myra Black
- 5 years ago
- Views:
Transcription
1 MiFID II: the next step Fiona Richardson and Mark Spiers November 2015
2 What we are covering today 2
3 FCA Discussion Paper 26/3/15 FCA Market Issues Consultation Paper Due 12/15 FCA Conduct Consultation Paper Due 3/15 National Transposition Due 3/7/16 Legislation Level 1 entry into force 2/7/14 Level 2 Advice to EC 19/12/14 RTS to EC 28/09/15 Level 2 Adopted by EC Expected 14/12/15 ITS to EC Due by 3/1/16 Level 2 in OJ Expected 3/15 Where are we now? you are here MiFID II 3/1/17 3
4 FCA Authorisation No longer exempt? OTF? Data Provider? MIFID II Jan 2016 Authorisation process set out Q Forms available on FCA website Apr 2016 Pre application meetings Apr 2016 Gateway for draft applications open 3 Jul 2016 Deadline for applications 4
5 Recap on the levels of MiFID Level 1 Framework Legislation Recast MiFID MiFIR MiFID II Level 2 Implementing Measures Delegated and Implementing Acts Level 2.5 Technical Standards Implementing Technical Standards and Regulatory Technical Standards you are here Level 3 Regulatory convergence ESMA issue non-binding guidance on the meaning of the Levels 1 and 2 National regulators comply or explain Level 4 Enforcement of Directive Enforcement action by EC for failure to implement or inconsistent implementation 5
6 Technical Standards Technical Standard Topic Subject Technical Standard Topic Subject RTS 1 RTS 2 RTS 3 RTS 4 Transparency Equity Transparency Non- Equity Transparency Volume cap mechanism Derivative trading obligation RTS 17 RTS 18 ITS 19 Trading Venues Admission of financial instruments to trading on regulated markets Suspension and removal of financial instruments from trading Content and format of the description of MTFs and OTFs RTS 5 RTS 6 RTS 7 RTS 8 RTS 9 RTS 10 Microstructural Derivatives that have a direct, substantial and foreseeable effect in the EU Algorithmic trading, providing direct electronic access and acting as general clearing members Requirements on RMs, MTFs and OTFs enabling or allowing algorithmic trading through their systems Market making agreements and market making schemes Ratio of unexecuted orders to transactions Requirements to ensure co-location and fee structures are fair and non-discriminatory RTS 20 RTS 21 RTS 22 RTS 23 RTS 24 RTS 25 Commodity Derivatives Market Data Reporting Criteria for establishing when an activity is to be considered to be ancillary to the main business Methodology for the calculation and the application of position limits for commodity derivatives traded on trading venues and economically equivalent OTC contracts Transaction reporting obligations Financial instruments reference data Maintenance of relevant data relating to orders in financial instruments Clock synchronization RTS 11 RTS 12 RTS 13 RTS 14 RTS 15 Data Publication and Access Tick size regime Determination of a material market in terms of liquidity relating to trading halt notifications Authorisation, organisational requirements and the publication of transactions for data reporting services providers Data disaggregation Access in respect of central counterparties and trading venues RTS 26 RTS 27 RTS 28 Post Trading Issues Best Execution Obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing Quarterly report by Trading Venues, SIs, MMs and other liquidity providers Annual report by investment firms to clients (buy-side) RTS 16 Access in respect of benchmarks 6
7 Remember the hopper? Eligible Counterparties Suitability Best Execution Information to Clients Client Agreements Client Assets Advice Inducements Reporting Transaction Reporting Algo and HF Trading Appropriateness Product Intervention Fair, Clear and not Misleading Remuneration Product Governance Telephone Recording Underwriting and Placing Compliance Record Keeping Conflicts Complaints Trade Transparency Derivative Trading MiFID II 7
8 Best Execution Transaction Reporting Algo and High Frequency Trading
9 Best Execution RTS 27 RTS 28 Quarterly report by Trading Venues, SIs, MMs and other liquidity providers Annual report by investment firms to clients 9
10 Transaction Reporting RTS 22 Transaction reporting obligations RTS 23 RTS 24 RTS 25 Financial instruments reference data Maintenance of relevant data relating to orders in financial instruments Clock synchronization 10
11 Algo and HF Trading RTS 6 RTS 7 RTS 8 RTS 9 RTS 10 RTS 11 RTS 12 Algorithmic trading, providing direct electronic access and acting as general clearing members Requirements on RMs, MTFs and OTFs enabling or allowing algorithmic trading through their systems Market making agreements and schemes Ratio of unexecuted orders to transactions Fair and non-discriminatory co-location and fee structures Tick size regime Determination of a material market in terms of liquidity relating to trading halt notifications 11
12 Getting Compliant
13 Your project Have you started yet? There is a lot of content in MiFID II Analysis and planning read ascertain gaps develop solutions identify opportunities Implement change test train client contact Don t wait for FCA rules or even the final EU legislation 13
14 Approaching your project line by line What rules apply to my business? Have they changed from MiFID I? If so, do I need to take action? What exactly do I need to do, and what is the effort needed? Who is going to do it? How do I make them? 14
15 Critical success factors Management and business buy-in MiFID II is something you have to do yourself, not something that can be done to you by consultants You and the whole business must be prepared to embrace the change Senior Management must support achieving compliance Clear objectives and deliverables Proper project governance Clear understanding of what is compliance Each action needs to be clearly articulated Ownership and robust tracking of compliance Excellent reporting Expect questions from clients and regulators 15
16 Using Bovill to kick start your project Our ToolKit 16
17 Questions 17
MiFID II & MiFIR Update. Link`n Learn August 2016
MiFID II & MiFIR Update Link`n Learn 2016 11 August 2016 Speakers Manmeet Rana Director Risk Advisory Deloitte UK E: mrana@deloitte.co.uk T: +44 20 7303 8624 Ciara O Grady Manager Audit Deloitte Ireland
More informationMiFID II/MiFIR. Compliance Day. Directive 2014/65/EU and Regulation (EU) No 600/2014. Sabine Schönangerer
Directive 2014/65/EU and Regulation (EU) No 600/2014 MiFID II/MiFIR Compliance Day Sabine Schönangerer DG FISMA, Securities Markets Unit 6 October 2015 02/10/2015 Overview When? Timetable Why MiFid II/MiFIR?
More informationlucht probst associates gmbh MiFID II Index Contents
Contents Markets in Financial Instruments Directive (MiFID II) Directive No. 2014/65/EU... 2 Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No. 600/2014... 10 Overview of Level I,
More informationBrave New World: MiFID2 and MiFIR The changes facing the Financial Markets
Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets Charlotte Stalin February 2016 MiFID what? MiFID (Markets in Financial Instruments Directive) Sets out rules on what investment
More informationThe 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
More informationPreparing for MiFID II: Practical Implications
Tuesday 1 December 2015 Preparing for MiFID II: Practical Implications Sean Donovan-Smith, Partner Jacob Ghanty, Partner Andrew Massey, Special Counsel Philip Morgan, Partner Rodney Smyth, Consultant Copyright
More informationMiFID 2 GUIDE INSTRUMENT 2017
MiFID 2 GUIDE INSTRUMENT 2017 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise of the powers in section 139A (Power of the FCA to give guidance) of the Financial
More informationThe new EU regulatory framework for commodity derivatives & MiFiD II/MiFIR implementation Brussels, 20 September 2017
The new EU regulatory framework for commodity derivatives & MiFiD II/MiFIR implementation Brussels, 20 September 2017 DG FISMA Please note that this presentation does not constitute legal advice and is
More informationMiFID 2/MiFIR Articles relevant to article The top 10 things every commodities firm needs to know about MiFID 2
MiFID 2/MiFIR Articles relevant to article The top 10 things every commodities firm needs to know about MiFID 2 8. Is our ability to trade over the counter impacted by MiFID 2? EU Commission MiFIR legislative
More informationApex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017
Apex Supporting Clients/Asset Managers with MiFID II Challenges REGULATORY UPDATE: MARCH 2017 MiFID in a Nutshell The Markets in Financial Instruments Directive came into force in 2007 ( MiFID I ). Investor
More informationQuestions 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.
More informationMiFID II What to Expect and How to Prepare
MiFID II What to Expect and How to Prepare CHALLENGES TO MiFID II COMPLIANCE Pre-Trade Transparency Best Execution Research Data & Analytics Trade Reconstruction Post-Trade Transparency MiFID II Technology
More informationMiFID II Academy: Spotlight on markets and third country provisions Financial Services Team Norton Rose Fulbright LLP.
MiFID II Academy: Spotlight on markets and third country provisions Financial Services Team Norton Rose Fulbright LLP 2 November 2016 Agenda The trading environment of the future Critical issues that firms
More informationCountdown to MiFID II: Final rules for trading venues, participants and investment firms
Countdown to MiFID II: Final rules for trading venues, participants and investment firms On 31 March 2017, the Financial Conduct Authority (FCA) published its first policy statement (PS 17/5) on the implementation
More informationQuestions 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.
More informationNasdaq 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
More informationRTS 28: Draft regulatory technical standards on criteria for establishing when an activity is to be considered to be ancillary to the main business
CHAPTER 7: COMMODITY DERIVATIVES RTS 28: Draft regulatory technical standards on criteria for establishing when an activity is to be considered to be ancillary to the main business COMMISSION DELEGATED
More information- Regulation 600/2014 of 15 May 2014 on markets in financial instruments and amending Regulation 648/2012 (EMIR) EUOJ L 173/84 12/6/2014
MIFID II /MIFIR Reference documents: - Directive 2014/65/EU of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC (insurance mediation) and directive 2011/61/EU (AIFMD) EUOJ
More informationQuestions 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
More information16523/12 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
More informationQuestions 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.
More informationQuestions 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
More informationMiFID II Academy: proprietary trading and trading venues. Floortje Nagelkerke 7 December 2017
MiFID II Academy: proprietary trading and trading venues Floortje Nagelkerke 7 December 2017 The countdown to MiFID II / MiFIR implementation as of 8:30am this morning 27 DAYS 15 Hours 30 Minutes But if
More informationThe 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
More informationRegulatory reform of EU commodity derivatives markets
Regulatory reform of EU commodity derivatives markets 5th meeting of the Expert Group on agricultural commodity derivatives and spot markets Brussels, 14 February, 2014 The MiFID review: main objectives
More informationDelegated Acts/Level 2 another milestone is reached
www.pwc.lu/mifid 4 th MiFID II Breakfast Delegated Acts/Level 2 another milestone is reached Regulatory Advisory Services Table of Contents Section Overview Page 1 MiFID II Genesis 1 2 Update on Level
More informationMiFID 2/MiFIR Articles relevant to article The top 10 things every commodities firm needs to know about MiFID 2
MiFID 2/MiFIR Articles relevant to article The top 10 things every commodities firm needs to know about MiFID 2 9. At a high level, what else would be different under MiFID 2 and MiFIR for commodity firms?
More informationMiFID II 31 December MiFID II. Market infrastructure, trading venues and central counterparties
MiFID II 31 December 2016 1 MiFID II Market infrastructure, trading venues and central counterparties December 2016 MiFID II 31 December 2016 1 Market infrastructure Key Points Creation of a new category
More informationQuestions 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
More informationMiFID2 Extraterritorial Impact on FIs and AMIFs. Charlotte Stalin Jason Valoti
MiFID2 Extraterritorial Impact on FIs and AMIFs Charlotte Stalin Jason Valoti 15 March 2017 TIMING: EU LEGISLATIVE PROCESS LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 The European Parliament and European Council prepare
More informationTransposition of the Markets in Financial Instruments Directive II: response to the consultation
Transposition of the Markets in Financial Instruments Directive II: response to the consultation February 2017 Transposition of the Markets in Financial Instruments Directive II: response to the consultation
More informationMiFID 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
More informationCITI 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
More informationAn Introduction to MiFID II
An Introduction to MiFID II January 2017 2 Contents Overview 4 Background 5 Regulation of trading venues will be stepped up 7 Trading of standardised derivatives will move on-exchange 10 Commodity derivatives
More information16 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
More information10 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
More informationOrganised trading facilities (OTFs) Chapter 5A. Organised trading facilities (OTFs)
Organised trading Chapter Organised trading facilities (OTFs) MA : Organised trading Section.1 : Application.1 Application.1.1 Who and what? This chapter applies to: (1) a UK domestic firm which operates
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 25.4.2016 C(2016) 2398 final COMMISSION DELEGATED REGULATION (EU) /... of 25.4.2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards
More informationCoffee, you and MiFID 2!
Coffee, you and MiFID 2! Impact of MiFID 2 / MiFIR - Commodities Jonathan Melrose 19 February 2015 Commodity Derivatives Background to the changes under MiFID 2 Policy developments since MiFID 1 Communique
More informationLEI 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
More informationMiFID II/MiFIR Frequently Asked Questions
MiFID II/MiFIR Frequently Asked Questions FAQs cover: General Global Relationships Legal Entity Identifier Policies Consents Post Trade Reporting Client categorisation Research Systematic Internaliser
More informationProposal 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
More informationQ1. What is a systematic internaliser?
MiFID II/R: Systematic Internalisers A Q&A for bond markets July 2015 Q1. What is a systematic internaliser? A. A systematic internaliser (SI), under the EU MiFID regime, is an investment firm that deals
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR 2 of
More informationFinal 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...
More informationManagers 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
More informationChristos 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
More informationMiFID II / MiFIR seminar Break-out session 1 The Institutional Landscape
MiFID II / MiFIR seminar Break-out session 1 The Institutional Landscape Hannah Meakin, Partner Kennedy Masterton-Smith, Senior Associate Norton Rose Fulbright LLP 15 October 2014 Overview Do I need to
More informationMiFID II 31 December MiFID II. Commodity derivatives
MiFID II 31 December 2016 1 MiFID II Commodity derivatives December 2016 MiFID II 31 December 2016 1 Key Points An expanded range of commodity derivatives will be brought within the scope of regulation.
More informationQuestions 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.
More informationMarket conduct. Chapter 5. Multilateral trading facilities (MTFs)
Market conduct Chapter Multilateral trading facilities (MTFs) MA : Multilateral trading Section.1 : Application.1 Application.1.1 Who and what? This chapter applies to: (1) a UK domestic firm which operates
More informationCOMMISSION 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
More informationMiFID 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
More informationBest Execution and Client Order Handling Policy
Best Execution and Client Order Handling Policy Date : March 2018 Introduction and Purpose In order for Guy Butler Limited (GBL) to be compliant with the Markets in Financial Instruments Directive (2014/65/EU)
More informationQuestions 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
More informationQuestions 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
More informationManagers 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
More informationImpact of MiFID II for Non-European Based Firms
REUTERS/Danish Siddiqui Impact of MiFID II for Non-European Based Firms By John Mason, Global Head of Regulatory and Market Structure Propositions, Thomson Reuters MiFID II Matters As the January 3, 2018
More informationMIFID II LEAFLET CORPORATE INVESTMENT BANKING (SGCIB)
Since its implementation in November 2007, the Markets in Financial Instruments Directive ( MiFID I ) has been the cornerstone of capital markets regulation in Europe. MiFID I was recast by the Markets
More informationCOMMISSION 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
More informationQuestions 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...
More informationMIFID II LEAFLET CORPORATE INVESTMENT BANKING (SGCIB)
Since its implementation in November 2007, the Markets in Financial Instruments Directive ( MiFID I ) has been the cornerstone of capital markets regulation in Europe. MiFID I was recast by the Markets
More informationQuestions 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.
More informationExemption 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...
More information(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
More informationMiFID 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
More informationQuestions and Answers On MiFID II and MiFIR investor protection and intermediaries topics
Questions and Answers On MiFID II and MiFIR investor protection and intermediaries topics 12 July 2018 ESMA35-43-349 Date: 12 July 2018 ESMA35-43-349 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
More informationDraft Regulatory Technical Standards on transparency requirements in respect of bonds
MiFID II/R Draft Regulatory Technical Standards on transparency requirements in respect of bonds A briefing note: January 2016 Author: Andy Hill Overview Key objectives of MiFID II/R Objective of transparency
More informationUpdate on the new trading environment
Update on the new trading environment Jonathan Herbst Partner, Global Head of Financial Services Hannah Meakin Partner Tara Mokijewski Of Counsel 9 November 2015 Working with ambiguity and uncertainty
More informationReview of the Markets in Financial Instruments Directive. Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP The questionnaire takes as its starting point the Commission's proposals for MiFID/MiFIR 2 of 20 October 2011 (COM(2011)0652 and COM(2011)0656). All
More informationQuestions and Answers On MiFID II and MiFIR investor protection and intermediaries topics
Questions and Answers On MiFID II and MiFIR investor protection and intermediaries topics 18 December 2017 ESMA35-43-349 Date: 18 December 2017 ESMA35-43-349 ESMA CS 60747 103 rue de Grenelle 75345 Paris
More informationQuestions 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...
More information20 November InfoNet. MiFID II/R Seminar. Commodities. Sponsored by
20 November 2015 InfoNet MiFID II/R Seminar Commodities Sponsored by AGENDA 08.30-09.00 Registration 09.00-09.30 Presentation Chris Borg, Partner, Reed Smith 09.30-10.00 Presentation Paul Willis, Technical
More informationMiFID II: The Unbundling ISITC Meeting
MiFID II: The Unbundling ISITC Meeting Nick Philpott 18 September 2017 0 Salmon is illiquid ESMA December 2014 Consultation Paper on MiFID II / MiFIR, p. 141 https://www.esma.europa.eu/press-news/consultations/consultation-mifid-iimifir
More informationESMA'S final report and follow-up consultation paper
THE MIFID II REVIEW: SERIES THREE ESMA'S final report and follow-up consultation paper FINANCIAL REGULATION BRIEFING January 2015 Introduction In our MiFID Briefing No. 1 and MiFID Briefing No. 2, we explained
More informationResponse of Börse Stuttgart to the Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP
APPENDIX I Response of Börse Stuttgart to the Questionnaire on MiFID/MiFIR 2 by Markus Ferber MEP Review of the Markets in Financial Instruments Directive Questionnaire on MiFID/MiFIR 2 by Markus Ferber
More information40 Minute Briefing MiFID II: are we there yet?
40 Minute Briefing MiFID II: are we there yet? Jonathan Herbst - Partner Peter Snowdon - Partner Hannah Meakin - Partner Financial Services 6 November 2013 Our agenda for this morning s briefing 1. Big
More informationFinancial 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
More informationMiFID II/MiFIR and Fixed Income. August 2017
MiFID II/MiFIR and Fixed Income August 2017 Contents Introduction: key objectives of MiFID II/R page 3 The new market structure paradigm page 5 The Systematic Internaliser regime page 8 Pre- and post-trade
More informationOpinion 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...
More informationOfficial Journal of the European Union. (Non-legislative acts) REGULATIONS
17.6.2017 L 155/1 II (Non-legislative acts) REGULATIONS COMMISSION DELEGATED REGULATION (EU) 2017/1018 of 29 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on
More informationStand out for the right reasons Financial Services Risk and Regulation. MiFID II. Delegated Regulations give further detail
www.pwc.co.uk/fsrr May 2016 Stand out for the right reasons Financial Services Risk and Regulation MiFID II The MiFID II Delegated Acts were finalised by the European Commission with two Delegated Regulations.
More informationMiFID II: Political agreement reached on 14 January 2014
February 2014 MiFID II: Political agreement reached on 14 January 2014 Overview Political agreement on the European Commission s proposals for a new Market in Financial Instruments Directive ( MiFID II
More informationBrave New World: MiFID2 and MiFIR The changes facing the Financial Markets
Brave New World: MiFID2 and MiFIR The changes facing the Financial Markets Jason Valoti 13 July 2016 MiFID what? MiFID (Markets in Financial Instruments Directive) Sets out rules on what investment services
More informationMiFID II Market data reporting
2016 MiFID II Market data reporting Key Points MiFID I requires investment firms to report transactions to national competent authorities ( NCAs ) This transaction data allows NCAs to detect and investigate
More informationCBOE EUROPE RECOGNISED INVESTMENT EXCHANGE RULE BOOK
CBOE EUROPE RECOGNISED INVESTMENT EXCHANGE RULE BOOK 2 January 2018 VERSION 12 2 Contents 1. Definitions and Interpretations... 4 2. Participation... 12 3. Direct Electronic Access... 14 4. Cboe LIS...
More informationFlash 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
More informationSKANESTAS INVESTMENTS LIMITED PRODUCT GOVERNANCE POLICY
PRODUCT GOVERNANCE POLICY Updated on January 3, 2018 1. Definitions CySEC Directive : Directive DI 87-01 of the Cyprus Securities and Exchange Commission for the Safeguarding of Financial Instruments and
More informationTerritorial Scope of Reporting, Clearing and Trading
Regulatory reforms charting a new course Territorial Scope of Reporting, Clearing and Trading Chris Bates May 2014 EMIR and MiFID2/MiFIR: timeline 15 March 2013 Confirmations Daily valuation NFC+ reporting
More informationCOMMISSION DELEGATED REGULATION (EU) No /.. of [date]
RTS 29: Draft regulatory technical standards on methodology for calculating position limits for commodity derivatives traded on trading venues and economically equivalent OTC contracts COMMISSION DELEGATED
More informationKeynote Address. AFME European Compliance and Legal Conference London. Verena Ross Executive Director. Ladies and gentlemen,
20 September 2017 ESMA71-319-53 Keynote Address AFME European Compliance and Legal Conference London Verena Ross Executive Director Ladies and gentlemen, It is a pleasure for me to be here this morning
More informationATHEX & its Members in the process of bridging MiFID II
ATHEX & its Members in the process of bridging MiFID II Market Operation & Member Support Division Members Support Dpt General Scope of presentation: To provide the status of ATHEX s services & systems
More informationThe law of unintended consequences from current regulatory reform
15 October 2015 The law of unintended consequences from current regulatory reform Simon Puleston Jones Overview - The current wave of regulatory reform - Hedging issues - Capital Requirements reduced liquidity
More informationQuestions 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...
More informationQuestions 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...
More informationQuestions 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...
More informationVersion Tradeweb Europe Limited OTF Rulebook
Tradeweb Europe Limited OTF Rulebook Contents 1. The Rules, application and interpretation... 1 2. Capacity and status... 8 3. Participation on the OTF... 8 4. Authorised Users... 11 5. Trading rules...
More informationMIFID: Supporting European Harmonisation
MIFID: Supporting European Harmonisation Richard Young Manager Securities Market Reform PIMA/SWIFT Conference 27 th June 2006 Slide 1 The challenges for European harmonisation : EU Structural pressure
More informationMiFID II: Demystifying the challenges
MiFID II: Demystifying the challenges Contents 1 Background 3 2 Summary of Key Changes 5 2.1. Transparency 5 2.2. Advisory and Investment Protection 5 2.3. Trading 6 2.4. Compliance and Governance 7 3
More informationFinal 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
More information