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9 October 2018 – In the first round of data
performance indicators published by ESMA,
Goldman Sachs, Liquidnet and Bloomberg
among those firms called out for a high
number of incomplete data submissions
relating to the dark pool DVCs.
18 June 2018 – The
FCA reveals it will
undertake a review
of MiFID II’s rules
around research
payments and
corporate access in
asset management,
raising concerns
that there have been
misinterpretations
of the rules
and their
implementation.
22 June 2018 - Steven
Maijoor, chair of
ESMA, announces
that the watchdog
will carry out a “fact-
finding” exercise on
periodic auctions and
SIs after volumes surge
across the new venue
types under MiFID II.
Maijoor also outlined
several areas where
improvements to the
implementation of
MiFID II would be
required, including
escalating market
data costs imposed by
exchange operators.
20 June 2018 – ESMA
confirms it will not
provide a grace period
for MiFID II’s legal
entity identifier (LEI)
reporting requirements.
36 // TheTrade // Summer 2019
13 July 2018
With Brexit
looming
closer, ESMA
announces it
is considering
enforcing
MiFID II’s tick
size regime
for countries
outside of
the European
Union, meaning
all third-country
instruments
would be obliged
to comply with
the regulation.
12 July 2018 – ESMA
delays the implementation
of the systematic
internaliser (SI) regime for
derivatives to 2019, due to
“incomplete and inadequate
data” that had not yet
reached a level where
ESMA was able to conduct a
complete analysis.
19 July 2018 –
Research from
TABB Group
finds that SIs
run by market
makers traded
close to ¤30
billion in the
first quarter of
2018.
18 September
2018 - MiFID
II author and
member of
the European
Parliament,
Kay Swinburne,
says that MiFID
III is “further
away than
people think”
in response to
growing calls for
sweeping changes
to the regulation,
highlighting that
any refinements
to the regime
would most
likely be
relatively minor
compared to the
introduction of
MiFID II.
27 September
2018 – ESMA
announces it is to
publish two new
data completeness
indicators for
trading venues
charting the
performance of
delivery of data for
DVCs and bond
liquidity, increasing
pressure on trading
venues to improve
their provision
of “timely and
complete data”.
21 September 2018
The European Commission agrees
to ESMA’s proposal to extend the
tick size regime to SIs, under the
condition that the regime is limited
to shares and depositary receipts
only, to address concerns over
efficient price formation.
8 November 2018 – Brexit
will be the “single biggest
driver” of a review of the
MiFID II regime, according
to MEP Kay Swinburne,
who said that although
MiFID III was “a reality”,
it was more likely to be
formed through a series of
reviews to existing MiFID
II standards that would
be heavily influenced by
political developments.
9 November – ESMA
calls for industry
evidence to assess
whether, and to which
extent, periodic auction
systems can evade
MiFID II transparency
requirements such as
the DVCs.
Issue 60 // TheTradeNews.com // 37