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ESMA Q&A Update – MiFID II and MiFIR Market Structures

Topic

MiFID II and MiFIR commodity derivatives

Date:

16 December 2022

Regulations

Level of significance of change

Minor

Main points

An investment firm acting as a single liquidity provider (LP) on a Regulated Market (RM) and/or a Multilateral Trading Facility (MTF), is able to operate a System Internaliser (SI) only if the two activities are fully separated. This is due to potential conflict of interest when the investment firm have access to order book information when acting as an LP.

How does this change my reporting?

There is no impact on trade reporting.

What do I need to do?

No reporting changes necessary.

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Quinn Perrott

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Quinn Perrott

Quinn is co-CEO and founder of TRAction and focuses on assisting clients in Europe, Asia and Australia to meet their regulatory requirements with trade and transaction reporting solutions as well as development of the best execution platform. With a background in IT, Quinn started in the financial markets as IT Manager for City Index. He then co-founded and worked as a General Manager at one of Australia’s largest margin FX and CFD providers. Quinn has provided educational sessions to Australia’s regulatory bodies in relation to operational aspects of derivatives and trading platforms.