There is one week until the start of MiFID II. ESMA released a few updates in the run up to the holiday, including an revised “market sizes” document relating to the ancillary activity test, which can be found here. The update appears to be a disclaimer at the end relating to EEA and EFTA data rather than new numbers.

ESMA release several other updates, including an updated CFI validation document here, and also updated transparency calculations here. These follow several other updates over the past week (see here).

The issue of OTC-ISINS is causing some controversy, as reported in this article on the Finops Report site. Last week’s temporary equivalence granted to Switzerland (see here) has generated some controversy, as reported in this further article also on the Reuters site.

It would appear that not everyone will be having a restful end of year, as we mentioned last week.