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BRUSHING UP ON THE ESSENTIALS
With every document from the European Securities and Markets Authority ( ESMA ), firms have struggled to grasp a clear view of their requirements under the second Markets in Financial Instruments Directive ( MiFID II ).
Consultations , updates and the release of subsequent delegated acts have further muddied the picture .
The team at The Trade has spent the first six months of the year researching the most common issues affecting market participants across Europe .
Live events in Frankfurt , London and Stockholm have informed our view of which themes are the most important to the market right now .
These themes have been further developed through interviews with traders , analysts , technologists and researchers .
The result is the first MiFID handbook that aims to provide an update on how the market is responding to the requirements laid out to date .
The checklists from the two recent delegated acts also give pointers – in the broadest terms – of what will be expected come the 2018 deadline .
Our team have found frustration and confusion in equal measure in the research for this publication and it is clear that MiFID II is ever evolving with the market expecting further updates from Europe on numerous issues .
This will be documented and added to the The Trade ’ s MiFID II microsite which has been launched as an accompaniment to this handbook . It can be reached through The Trade ’ s main website – www . thetradenews . com .
There are also plans for a second handbook at the end of 2016 which will cover the remaining areas which have yet to be clarified in time for this edition .
In the meantime , we hope that you find our presentation of the key themes palatable and that this whistle-stop tour through the regulatory essentials is helpful .
Joe McGrath Editor , The Trade
www . thetradenews . com THE TRADE MiFID II HANDBOOK | 5