I last looked at this in Oct 2015 in my article MiFID II and the Trading Obligation for Derivatives and now that a year has passed there is a new ESMA Consultation. The accompanying discussion paper is here and in this article I will review the key elements of the consultation. Background Once a class […]

Following on from my article on MiFID II and Transparency for Swaps, I wanted to look at Fixed Income Securities and specifically Bonds. Background The ESMA Final Report deals with Draft Regulatory Technical Standards (RTS) of which there are 28 and describes the consultation feedback received, the rationale behind ESMA’s proposals and details each RTS. While MiFID […]

Following on from my recent article on MiFID II and the Trading Obligation for Derivatives, I wanted to look into another key section in the ESMA Final Report; namely the requirements for Best Execution. There are two specific requirements, one for Trading venues and another for Investment Firms. MiFID II Background The Final Report deals with Draft Regulatory […]

Following on from my recent article on MiFID II and Transparency for Swaps, I wanted to look into another key item in the ESMA Final Report; namely the obligation for derivatives to only be transacted on a Trading Venue. Background The Final Report deals with Draft Regulatory Technical Standards (RTS) of which there are 28 and […]

Today ESMA published its Final Report on Regulatory Technical Standards for MiFID II. A process that started in May 2014 with a Discussion Paper and then two Consultation Papers, is now nearing completion. For this article I have read as many of the 577 pages as possible, to try and understand what MiFID II will mean […]