[ T I M E L I N E
22 February 2018 – Fidelity
Investments announces a reversal
of its decision to pass research
costs on to its investors through
a commission sharing agreement
and RPA model under MiFID II
unbundling rules, and will instead
absorb the cost of research into
its own P&L.
7 March 2018
ESMA publishes
the first round
of DVCs data
for dark pool
trading after
its delay in
early January.
A total of 744
instruments in
January and 643
in February 2018
hit either the 4%
or 8% threshold,
a combined total
representing
2.5% of all
equities ESMA
lists.
| T H E
F I R S T
5 0 0
D AY S
27 March 2018
ESMA announces
that it will enforce
the tick size regime
on SIs, stating that
market respondents
were supportive
of the decision
overall as it would
contribute to a
level playing field
between SIs and
exchanges.
21 March 2018
Trading data
under MiFID
II from
Thomson
Reuters finds
that dark pool
and large-in-
scale (LIS)
activity had
declined
under the
new regime,
while periodic
auctions
gained traction
among those
seeking to
avoid the
DVCs.
O F
M I F I D
I I ]
22 May 2018 – ESMA’s first
liquidity assessment of the
European bond market finds
that only 220 bonds were
considered to be sufficiently
liquid to be subject to
MiFID II’s real-time
transparency
requirements.
26 April 2018
Chairman of
the Autorité
des Marchés
Financiers,
Robert Ophéle,
calls out Cboe’s
European
periodic
auction venue,
expressing
concern around
surging volumes
and how
the industry
considers them
to be lit venues.
5 June 2018 - The
UK’s economic
secretary to the
Treasury and City
Minister, John
Glen, confirms that
there will be “no
bonfire of financial
regulation”,
including MiFID
II, once the
United Kingdom
completes its
departure the
European Union.
Issue 60 // TheTradeNews.com // 35