ESMA has issued two new sets of Questions and Answers on MiFID II:
- Market Transparency (here) – Including items on pre-trade transparency and systematic internalisers.
- Market Structures (here) – including items on multilateral systems.
There are some items of note, including an answer which states that in many cases off order book trades are exempt from systematic internaliser assessments, which is discussed in this article on The Trade News. The market structures Q+A contains an answer on page 16 which states that operators of MTFs may not also act as a member of it from the same legal entity.