MiFID II / MiFIR consultation and review – key issues and timescales
Following a review of MiFID II and MiFIR, the European Commission has published a set of legislative amendment proposals, designed to a) improve transparency and availability of market data, b) improve the level playing field between execution venues, and c) ensure EU market infrastructures remain competitive internationally.
Some of the key takeaways from the proposals are as follows;
- ESMA would be required to create a process for selecting consolidated tape providers (CTPs)
- Changes would be made to the pre and post trade transparency regimes (for equities and non-equities)
- Changes would be made to the share and derivative trading obligations
- Order flow payments would be banned
Over the course of the coming weeks, we will drill down into each of the above plus some other topics to come out of the review to understand what this means for asset managers. If MiFID II/MiFIR amendments are on your radar, contact Investment Solutions Consultants (ISC) Ltd Solutions Consultants to see how we can assist you in delivering the necessary changes to ensure you remain compliant.