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MiFID II/MiFIR

Revised Markets in Financial Instruments Directive (MiFID II/MiFIR)

The revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR) regulate the provision of investment services in a multitude of financial instruments at regulated trading venues as well as in over-the-counter OTC trading.

Objective

The new Directive and Regulation will fundamentally transform the European securities market by expanding transparency provisions, strengthening the stability and integrity of the financial market infrastructure, revising the markets’ microstructure (market making, algorithmic trading, requirements regarding the security mechanisms of trading venues and market participants, tick sizes) and improving the quality and availability of market data.

Time line

The Directive and Regulation (Level 1) entered into force on 1 July 2014. The provisions must be transposed into national law by 3 July 2017, while their application is planned for 3 January 2018.

MiFID II/MiFIR: the highlighted parts of the value chain are affected

MiFID II: what about security mechanisms?

Getting MiFID II-ready is quite the challenge. Read the third in a series of articles on how Deutsche Börse Group is helping its customers get prepared: this time with a focus on security mechanisms.

ESMA: three updated Q&As

The ESMA has published updates on Market Structure, Transparency and Investor Protection to the following Q&A on MiFID II and MiFIR market structures topics, including direct electronic access, tick size regime and systemic internalizers.

Deutsche Börse offers MiFID II/MiFIR reporting solutions

Deutsche Börse Group

The Second Financial Market Amendment Act (2nd FiMaNoG) was published on 23 June 2017, transposing MiFID II and adapting MiFIR into German law. With its Regulatory Reporting Hub, Deutsche Börse will offer comprehensive solutions to meet the obligations under MiFID II/MiFIR.

Implementation of MiFID II within Deutsche Börse’s data offering

The Data Services business area explains how data disaggregation and transparency requirements will be implemented within its data offering.

MiFID II: a reform, not a review

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The white paper maps out the key changes and elements of MiFID II. The most immediate point is the demand upon information gathering.

MiFID II solutions

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Our services help our clients to match the transparency and reporting requirements, some of which are highly complex and span regulations, via one Regulatory Reporting Hub.

EEX Group responds to ESMA on MiFID II

In its response, EEX Group expresses its concerns about the upcoming obligation for trading venues to obtain International Securities Identification Number (ISIN) codes at series level.

360T: MiFID II update on own account dealing exemption

Currency FX

The MiFID II own account dealing exemption has been amended to allow non-financial corporate users to be members or have direct access to trading venues.

Videos and webcasts on regulatory topics

Deutsche Börse has developed a series of informative videos and webcasts that provide useful information about the regulatory process.

MiFID II and MiFIR

Trading floor

We provide you with information on the changes to the transparency requirements for pre-trading and post-trading.

ESMA consults on transparency rules for package orders under MiFID II

Bull & bear

ESMA has opened a public consultation on draft regulatory technical standards (RTS) regarding the treatment of package orders under MiFID II/(MiFIR). ESMA invites comments on its draft RTS by 3 January 2017 and will use the feedback received to finalise the standards by February 2017.

Fit for MiFID? Workshop slides now online!

Fit for MiFID

In case you couldn’t join our events across Europe and the US, here are our workshop slides to keep you up to date.

Legal basis

Find the most recent legal text on this regulation here.

Further information