Press releases

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

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited.

Gillian Bishop
Deloitte LLP
+44 020 7303 0776
+44 075 4124 3999

Did you find this useful?