MiFID II and MiFIR become law today following their publication in the Official Journal of the EU (OJ). This sets the seal on the legislative phase, while technical consultation with ESMA and the EBA is ongoing, as outlined in an earlier post. Importantly, publication in the OJ cements the date for the final application of […]

Signalling the next step in the protracted implementation of MiFID II/ MiFIR, the European Commission has published its request to the EBA (dated 16th May) for technical advice regarding intervention powers for structured deposits. This follows a 23rd April Mandate to ESMA for technical advice, as summarised in our earlier blog post. As MiFIR establishes a […]

MiFID II’s journey of a thousand miles has taken another small technical step. The Council has asked the Permanent Representatives Committee (COREPER), for confirmation of its agreement to the MiFID II\MiFIR proposals adopted by the Parliament on 15th April 2014. Subject to the Council’s confirmation (exceedingly likely), the legislation will be formally adopted and signed […]

The European Parliament has published its formal request to ESMA, asking for technical advice on the delegated and implementing acts of MiFIR and MiFID II. The request delineates which areas the technical advice will relate to: definition of derivatives contracts, conduct of business rules, organisational requirements, best execution, client order handling, and position management. The […]

On 24 April 2014, the EU Council published information notes regarding the outcome of the EU Parliament’s vote on 15 April 2014 on MiFID II, the Single Resolution Mechanism and the Bank Recovery and Resolution Directive. In all cases, the Council has concluded that the Parliament’s position reflects what has previously been agreed with the […]

The European Parliament yesterday approved the April draft of MiFid II, effectively ending the political phase of its gestation. ESMA will now (officially) begin the mammoth task of crafting the all-important detail, the following (to be done by) time line has now begun: ·         The Commission formally requests ESMA’s advice on Level 2 measures- delegated […]

Financial blogs and more mainstream media have been burning with comment over the last few days, though little light has been shed. Whether defending the liquidity-enhancing virtues of HFT or damning it as the rise of the machine, the fire’s accelerant is the click-bait publication of Michael Lewis’ formulaic “Flash Boys”, the actual fuel is […]

On 25 February 2014, the European Securities and Markets Association (ESMA) published a speech by Verena Ross, Executive Director at ESMA, on new financial market regulation. Ms Voss touched upon such subjects as the concept of “liquidity” in the context of bond and derivative markets, micro-structural issues such as mechanisms to manage volatility and the […]

The trilogue participants have finally handed over compromise text of  MiFID II/MiFIR II for legislative drafting. A scant two years behind schedule, the negotiations have taken four years to reach this point. Though very few people have read the 464 page document in sufficient detail to be certain, it is clear that the compromise is […]