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ESMA issues new Q+As on MiFID II

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.


About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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