[ T I M E L I N E
| T H E
F I R S T
5 0 0
D AY S
O F
M I F I D
I I ]
TIMELINE:
THE FIRST 500
DAYS OF MIFID II
The TRADE presents a comprehensive timeline of the major incidents,
developments, statistics and talking points that have occurred during
the first 500 days of the MiFID II regulatory regime, a milestone that
occurred on 18 May 2019, including data delays, the rise of periodic
auctions and systematic internalisers, and inevitable demands
3 January 2018
MiFID II
comes into
force across
Europe after a one-
year delay. While
markets are largely
unaffected on the day
itself, several major
European exchanges
– ICE Futures
Europe, London
Metal Exchange and
Eurex – are granted
last-minute reprieves
from complying with
the open access regime
until later in the year
to ensure “orderly
functioning of the
trading venues.”
9 January 2018
The first problems of
the MiFID II regime
appear as ESMA delays
the implementation of
the double volume caps
(DVCs) on dark pool
trading due to “insufficient
data” from trading venues.
18 January 2018 – US
broker Evercore ISI
shutters its European
trading operations
in London just two
weeks after MiFID II
comes into force.
10 January 2018
$300 million
was
wiped off the market for European
equity research after the MiFID
II’s rules on unbundling payments
for investment research and
execution fees, according to a
study from Greenwich Associates,
which finds that research and
advisory budgets had fallen on
average by 20% compared to 2017.
34 // TheTrade // Summer 2019
7 February
2018 – Major
exchange groups
call on ESMA to
include systematic
internalisers
(SIs) under the
regulation’s tick
size regime,
claiming it would
create a competitive
disadvantage for
trading venues
if only on-venue
orders and
quotes have to
comply with
the minimum
tick size
regime, resulting
in volumes
currently traded
on-exchange
migrating towards
OTC execution.