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Mifid, Uncategorized

ESMA tries to shut down MiFID II SI loophole

Yesterday ESMA issued this letter to the European Commission accompanied by this press release, urging that the Commission cooperate in the closing down of a “loophole” that some are alleged in being used to circumvent obligations under MiFID II. It is alleged that certain brokers are running networks of systematic internalisers (SIs) rather than setting up as multilateral venues under the MiFID II rules, thus avoiding the more onerous requirements that arise from operating a venue. The Commission are urged to support a strengthening of the definition of the boundaries between an SI and multilateral venue via Q+As and other means. This article on The Trade News further examines the issue.

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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