The European Securities and Markets Authority’s final technical standards on MiFID II
28 September 2015
Clifford Smout, Partner in Deloitte’s EMEA Centre for Regulatory Strategy, said:
“The release by ESMA of the regulatory technical standards is a significant step on the road towards implementation. Clarity has been provided in a number of key areas, including pre-trade and post-trade transparency, algorithmic trading and transaction reporting. Significantly, ESMA has opted to calculate liquidity on a bond-by-bond basis, providing more precision as to which instruments are classified as liquid. However, the delegated acts are not expected until November, and it will only be then that industry will get greater clarity on issues, such as the unbundling of research from trading commissions.”
Notes to editors
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